Richards Mortgage Group Blog | Mortgage News & Updates

Mortgage Rate Increases are Stressfull, photo by Zachary Kadolph

Managing Your Next Mortgage Renewal in a Higher Interest Rate Environment

Many newer mortgage borrowers in Canada have never seen mortgage interest rates with any rate starting at 4% or higher. For others, you might recall when mortgage interest rates hit a staggering 21% in the early 1980s. This article is directed to anyone who has a mortgage renewal coming up in the next 18 months and is worried about how much higher their replacement mortgage payments will be, plus strategies to reduce the payment and to manage the stress.

Some exemptions to Canada's two-year ban on Non-Canadian purchases of Residential Real Estate

Last updated May 2, 2024 Effective January 1, 2023, the Canadian Government enacted a temporary two-year ban (2023-2024) on non-Canadian purchase of residential real estate, which was extended a further two-years (2025-2026) in the 2024 federal budget to at least the end of 2026. It's called the “Prohibition on the Purchase of Residential Property by Non-Canadians Act”, and the legislation link is here. Please visit the link to see if the Act applies to you.

What's the Best Mortgage Rate?

My phone rings, chat bubble bubbles, or my email dings ... "what's your best interest rate?" asks the caller. I scratch my head, as at this point I know nothing about my caller, the property or their needs. This article's aim is to shine a light on this question from the mortgage-lending side of the fence and delve into what it takes for a mortgage professional to be able to accurately answer your question.

The Best Canadian Cities to Invest In?

Three-part series on best Canadian cities to invest in

Canadian Mortgage Qualification Rules Change ... Again

Canada's banking regulator has once again updated its "B20" guidelines for residential mortgage underwriting, this time to include a financial stress test for buyers who don't need CMHC-mortgage insurance. OSFI (the Office of the Superintendent of Financial Institutions) said today that the changes will come into force the first day of January 2018 and will "reinforce a strong and prudent regulatory regime for residential mortgage underwriting in Canada."

Does the Bank of Canada set Mortgage Interest Rates?

Lately, in the news there has been considerable discussion about rising interest rates, our economy, inflation and references to the Bank of Canada and their role in increasing rates. How it all fits together can be confusing. The short answer is, rates go up and down as our economy heats and cools. If you want more detail, read on!

Richards Mortgage Group Articles

A wealth of information for anyone looking to apply for a mortgage to purchase or refinance a property. Subscribe to get updates.