Greg Lemoine, Mortgage Agent

3 of the big banks have lowered their 5 year posted rate over the weekend. We expect the stress test to drop 15 basis points to 4.79% this week...

Some interesting thoughts on the impact of Covid-19 on Ottawa's long term real estate market. https://ottawacitizen.com//ac42f8d4-ac66-4164-8bcb-666fac/

Great news for borrowers - Genworth and Canada Guaranty confirm they will not follow CMHC's lead in toughening borrowing requirements. https://www.canadianmortgagetrends.com//genworth-and-cana/

The 5% down program is safe for now, but qualifying for an insured mortgage through CMHC will be tougher for homebuyers after July 1st. - At least one borrower on the application will need a minimum credit score of 680 -The maximum debt ratios used to determine eligibility will be reduced to 42%/35% from the current 44%/39% of total income (an approx 12% reduction) -No more opportunity to borrow money to be put towards a down payment, all must be saved or gi...fted. https://www.cmhc-schl.gc.ca//cmhc-reviews-underwriting-cri

Big CMHC announcement coming. Lots of speculation right now, but qualifying standards are about to get tougher for home buyers. Stay tuned.

BoC qualifying rate drops to 4.94% today, making qualifying for your mortgage a bit easier. https://www.mortgagebrokernews.ca//bank-of-canada-to-drop-

BoC eases rates in effort to stabilize the Canadian economy due to Covid19 crisis. Additional funds for small business loans also announced by finance minister. https://www.bankofcanada.ca//bank-of-canada-lowers-overni/

BoC lowers the overnight lending rate this morning. Bond yields are also approaching all-time lows which should continue to ease mortgage rates down heading into spring. https://globalnews.ca//bank-of-canada-0-5-interest-rate-c/

Do you have questions about how the changes to the stress test will affect you or your clients? Please feel free to reach out and we can review how much more buying power this could give you. https://www.canadianmortgagetrends.com//department-of-fin/

Despite all the drops among central banks worldwide, Canada holds firm in 2019. https://www.canadianmortgagetrends.com//2019-closes-witho/

Not a strategy that most mortgage professionals are very keen on, but it's becoming a popular option for those on a fixed income in retirement... https://betterdwelling.com/canadas-cash-strapped-boomers-/

https://business.financialpost.com//mortgage-stress-test-f A little insight into the mortgage stress test and what borrowers can do to plan for it...

CMHC updates Canadian housing outlook for 2020 https://www.livabl.com//canadian-housing-market-trends-202

CMHCs new First Time Homebuyer Incentive comes into effect Sept 2nd. Please feel free to reach out with any questions. https://dailyhive.com//canada-first-time-homebuyers-incent

Shouldn't be too hard to guess where Ottawa falls...

Great news for homebuyers, BoC stress test eases 1/4% down to 5.19% https://www.theglobeandmail.com//article-canadas-mortgage/

https://www.placetocallhome.ca//first-time-homebuyer-incen Details of the new first-time homebuyer inventive shed more light on CMHC’s upcoming program roll-out.

CIBC and JP Morgan are forecasting 2019 rate cut by the BOC... https://www.canadianmortgagetrends.com//next-rate-move-wi/

Rates continue to drop, here's why... https://www.cbc.ca//canadian-mortgage-rates-analysis-1.516

Another reason to love Ottawa in the summer! https://www.narcity.com//ottawas-capital-pop-up-cinema-is-

Consumers are turning their backs on variable rate terms, here's why... https://www.theglobeandmail.com//article-goodbye-variabl/

https://www.cbc.ca//rbc-customer-out-of-pocket-after-e-tra

If you live in the Hunt Club area and will be having a garage sale this year, consider participating in Hunt Club Cares in support of Interval House Women's Shelter. www.huntclubcares.ca

Latest Ottawa Real Estate Board news shows average home prices continuing to rise. #ottawarealestate

BoC says outside of the energy sector the economy is still growing.

https://www.fxstreet.com//bank-of-canada-to-hold-rates-unt Variable rate terms still make sense for some borrowers, be sure to know the benefits and risks before making a decision for your own mortgage.

https://www.livabl.com//ottawa-canadas-hottest-housing-mar Some global recognition of Ottawa's red hot housing market. If you are on the fence about listing, now is the time to talk to a realtor!

More insight into the new CMHC program announced in the budget... https://www.canadianmortgagetrends.com//update-on-cmhcs-f/

This article was originally published in 2012, but in today's hot Ottawa Real Estate market it's a great refresher. https://www.theglobeandmail.com//top-10-wa/article4559578/

Rates continue to drop, great sign for borrowers this spring... https://www.cbc.ca/news/business/mortgage-rates-1.5070332

2019 Federal Budget includes a increase to the first time homebuyer RRSP withdrawal along with a new CMHC program aimed to help first time buyers. https://www.cbc.ca//busi/budget-cmhc-home-buyers-1.5063204

https://www.livabl.com//4-problems-canadas-mortgage-stress