Is the mortgage approval process different now than it was ‘back in the day’? Yes, definitely yes. Here is a list of some of the key regulatory changes that have occurred in the Canadian mortgage industry since 2006. 2006 Introduction of the first set of guidelines for federally regulated financial institutions, known as the “Guideline B-20,” by the Office of… Read More »

For the second meeting in a row, the Bank of Canada (BoC) announced it is holding the overnight Prime lending rate unchanged for the next 6 weeks. The BoC’s overnight lending rate is currently at 4.5%, which means that most banks are calculating their consumer Prime Rate as 6.70%. In its announcement, the BoC indicated that they continue to assess… Read More »