Homeowners will no longer need to do stress test when switching mortgage providers

Homeowners will no longer need to do stress test when switching mortgage providers

The national banking regulator says it will no longer require borrowers with uninsured mortgages to undergo a stress test when switching providers. The Office of the Superintendent of Financial Institutions says it will end the policy for lenders to apply the minimum qualifying rate to straight switches when uninsured mortgages are renewed at a different institution … Read more

Equifax says mortgage-holders in B.C., Ontario, increasingly missed payments during Q4

Equifax says mortgage-holders in B.C., Ontario, increasingly missed payments during Q4

Consumers in Ontario and British Columbia increasingly missed payments on mortgages and credit cards in the fourth quarter of 2023, Equifax Canada said. The fourth quarter saw a continuation of what’s been happening for a while now as the impacts of higher interest rates and inflation continue to weigh on consumers, said Rebecca Oakes, vice-president … Read more