Oriana Financial Group of Canada Ltd.

Mortgage News From Oriana Financial

Bank of Canada raises interest rates for first time in 7 years.

The bank raised its overnight lending rate to 0.75 per cent from 0.5 per cent Wednesday,  citing "bolstered" confidence that the Canadian economy has finally turned the corner after years of sputtering growth. What does this mean for the mortgage market? The benchmark rate is now .75 and prime is 2.95%. For those looking to buy in the near-term, now is the time to lock in a mortgage rate, which financial institutions generally do for between 90 and 120 days. But for homeowners ... Read More

Most consumers consider mortgage professionals important.

There is a growing acceptance of using technology to arrange a mortgage but face-to-face meetings with mortgage professionals are still important to most consumers. CMHC's annual Mortgage Consumer Survey for 2017 shows that almost half would feel comfortable using more technology to arrange their home loan and 40 per cent would be comfortable arranging their entire mortgage online using secure tools without meeting with a mortgage professional. However, most consumers said it was ... Read More

The Home Capital effect: Mortgage rates spike for riskier borrowers

The Home Capital effect: Mortgage rates spike for riskier borrowersGlobe and Mail ~ June 4th, 2017It was just six weeks ago that investors feared Home Capital Group Inc. – Canada’s biggest non-prime mortgage lender – was going out of business. That turned the alternative-lending market on its head, and one of the consequences is now being seen: Mortgages have become more expensive for the many Canadians who can least afford it.The situation at Home Capital has stabilized ... Read More

Terence Corcoran: Home Capital Group didn’t just fall from the edge of a cliff — it was pushed

Financial Post ~ May 2nd, 2017 By now most Canadians have likely seen the Home Capital Group Inc. stock graph, a Rocky Mountain plunge that began April 19 at $22 before hitting bottom a few days later at $6, wiping more than $1 billion off the value of one of Canada’s most successful non-bank mortgage lending enterprises.     In the inevitable media aftermath, Home Capital has morphed from an alleged local corporate scandal into a potential trip wire for a major meltdown in ... Read More

Mortgage rates continue to defy expectations as Trump runup fizzles

Globe and Mail ~ April 26th, 2017Here’s the least surprising news you’ll hear all day: Interest rates are not doing what most experts predicted.Mortgage rates blasted off after Donald Trump’s presidential win last November. The narrative back then was that he’d trigger higher inflation and borrowing demand and potentially exacerbate credit risk – all of which are rocket fuel for interest rates.But since then it’s been anti-climactic. The Trump-inspired runup ... Read More

Wynne lays out plans to cool Ontario's sizzling housing market

CBC ~ April 20th, 2017The province introduced plans this morning aimed at cooling Ontario's surging real estate and rental market, with the goal of making housing "fairer and more affordable."Premier Kathleen Wynne said it's hoped the 16 measures will curb housing costs that are rising "way faster than people's paycheques.""It's about helping people to be able to buy a home, to be able to rent a home or to stay in the rental home they're in," she said.Many of the measures were reported earlier ... Read More

Ontario hints at measures to cool real estate market in the budget

Mortgage Broker News ~ March 27th, 2017Ontario hints at measures to cool real estate market in the budget Finance Minister Charles Sousa says the upcoming spring budget will include a package of measures dealing with housing affordability.The Liberal government has promised measures to help curb rising home prices in some markets, particularly in the Greater Toronto and Hamilton Area.Speculative investing in the real estate market _ buying a home in the hope of turning a profit rather than to ... Read More

Mortgage gap created by the posted rate leaves homebuyers with a decision to make

Financial Post ~ March 22nd, 2017Call it the gap between what you have to pay and what you can afford to pay — it’s going to be considerable when you qualify for your next mortgage. Now the question is what should you do with that money?Ottawa tightened mortgage rules in October and the one requirement that has disrupted the lending world is the stipulation that consumers qualify based on the Bank of Canada posted rate for a five-year fixed-rate mortgage.That rate — it’s ... Read More

Millennials: Is buying a home in your 5 year plan?

Financial Post ~ February 24th, 2017Buying a home is one of the largest and most important investments you’ll make in your lifetime; home ownership is still the single largest source of savings for Canadian households, as every payment you make builds equity. If you’re hoping to purchase a home in the next five years, or sooner, there are some key steps you should take to ensure you’ll be able to reach your goal of home ownership.Know your current credit score and improve ... Read More

When it comes to your mortgage, don't forget to consider the term

BNN ~ February 20th, 2017OTTAWA -- You shopped around for the best deal on your mortgage and weighed the pros and cons of going with a fixed-rate or a variable-rate loan, but another key factor to consider is the term.A majority of borrowers opt for a five-year mortgage -- about 54 per cent according to Mortgage Professionals Canada -- but experts say homebuyers need to consider how long they want to commit to when it comes to their loan.James Laird, co-founder of interest rate-comparison ... Read More

Mortgage Rates Are Trending Up - Should You Worr

Forbes ~ February 14th, 2017Unless you plan to buy your home with cash (lucky you!), it's important to know what's going on with mortgage rates these days. The bad news is that they are rising. The good news is that they have been at historic lows since the housing market crashed nearly 10 years ago — and they are still low. But since they probably won't stay this way forever, let's take a moment to learn what rate hikes could mean to you.Should you hurry to buy a home?When rates start to ... Read More

Mortgage Rates Are Trending Up - Should You Worr

Forbes ~ February 14th, 2017Unless you plan to buy your home with cash (lucky you!), it's important to know what's going on with mortgage rates these days. The bad news is that they are rising. The good news is that they have been at historic lows since the housing market crashed nearly 10 years ago — and they are still low. But since they probably won't stay this way forever, let's take a moment to learn what rate hikes could mean to you.Should you hurry to buy a home?When rates start to ... Read More

Mortgage Rates Are Trending Up - Should You Worr

Forbes ~ February 14th, 2017Unless you plan to buy your home with cash (lucky you!), it's important to know what's going on with mortgage rates these days. The bad news is that they are rising. The good news is that they have been at historic lows since the housing market crashed nearly 10 years ago — and they are still low. But since they probably won't stay this way forever, let's take a moment to learn what rate hikes could mean to you.Should you hurry to buy a home?When rates start to ... Read More

Hang on tight: Your finances will face dramatic Trump-led uncertainty

Hang on tight: Your finances will face dramatic Trump-led uncertainty Globe and Mail ~ January 19th, 2017It’s Inauguration Day Friday for one of the biggest influencers in Canadian personal finance, U.S. president-elect Donald Trump.In 2017, your financial well-being will be driven to an unprecedented extent by factors outside Canada. Mr. Trump is the most notable, but also keep your eyes on Europe. Troubled banks, struggling economies and political instability could upset financial ... Read More

Higher mortgage rates? They’re already here, and they hurt

Higher mortgage rates? They’re already here, and they hurt Globe and Mail ~ January 12th, 2017We’re starting to get a picture of what mortgage rate increases do to household budgets.If you’re buying an average-priced home in Vancouver, the increase in five-year fixed-rate mortgage costs over the past two months could add up to something like an extra $1,824 a year; in Toronto, you’re looking at $1,584. In a small market like Saint John, the extra cost would be close to ... Read More

Canadians focus on paying down debt in 2017 rather than home purchase

Mortgage Broker News ~ January 3rd, 2017Despite the collective growth in Canadian household debt, most people say they did not take on any new debt in 2016.A poll by CIBC found that 70 per cent of respondents said they did not increase their debt but among the 28 per cent that did, almost a third did so to keep on top of household expenses.Reducing debt is a priority for nearly 30 per cent in 2017, the highest level in the lender’s poll since 2010. Credit card and line of credit debts are ... Read More

First-time buyers stressed by the new mortgage ‘stress test’

   First-time buyers stressed by the new mortgage ‘stress test’ Globe and Mail ~ November 29th, 2016When Sarah Webb and her boyfriend, Jon Evans, began the hunt for their first house in their native Saskatoon this year, they saw some places they liked and many others they didn’t. Both aged 23 and unsure of exactly what they wanted in a new home, they figured they weren’t in any rush and decided to stop looking for a while.The couple started the search again in ... Read More

RBC hikes some fixed mortgage rates as bond yields spike

Globe and Mail ~ November 15th, 2016Royal Bank of Canada is boosting its five-year mortgage rate, a move that follows rival Toronto-Dominion Bank and responds to spiking bond yields as well as Ottawa’s tighter mortgage rules.Starting November 17, a new RBC five-year mortgage with an amortization period of 25 years or less will cost 2.94 per cent, up from 2.64 per cent. The bank also increased its three-year and four-year rates for these mortgages to 2.69 per cent and 2.79 per cent, ... Read More

Ontario offers 1st-time homebuyers bigger tax break

CBC ~ November 14th, 2016Rising house prices will boost land transfer tax revenues by 15% this year, province says. The Ontario government is moving to double the maximum tax rebate offered to first-time homebuyers while boosting the land-transfer tax on house purchases above $2 million.Finance Minister Charles Sousa made the announcements in his fall economic statement, delivered in the provincial legislature on Monday afternoon. The changes are to take effect on Jan.1, 2017. "Purchasing your ... Read More

CURRENT RATES

2 YEAR 2.24%

3 YEAR 2.34%

4 YEAR 2.69%

5 YEAR 2.79%*

5 YEAR Variable 2.20%*

Updated July 21st, 2017
*Special conditions apply. Interest rates are provided for information purposes only and are subject to change without notice.

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