Oriana Financial Group of Canada Ltd.

Mortgage News From Oriana Financial

Everyone’s mortgage is about to get more expensive

MACLEAN'S ~ January 17th, 2018Get ready for a rate shock adjustment that is expected to accelerate in 2019. The Bank of Canada raised its benchmark interest rate to 1.25 per cent Wednesday and signalled that, barring certain risks, more hikes are likely in the rest of the year. That’s creating an unusual situation for Canadians: for the first time in years, those renewing mortgages will be faced with higher rates and an increase in payments.Even before Wednesday’s decision, five of ... Read More

Canada's advisers reveal their best suggestions for managing your money in 2018

Globe and Mail ~ January 2nd, 2018The people who have seen you naked, financially speaking, have some ideas about how you can better manage your money in 2018.Financial planners and investment advisers in my LinkedIn network were asked a few weeks ago to complete this thought: "If I could change one thing about how Canadians manage money, it would be to…" Here are some highlights from 199 comments covering a great range of topics, starting off with overspending and undersaving.Note the ... Read More

10 questions you probably have about buying a home

MoneySense ~ November 22nd, 2017If it’s your first time buying, here’s some clarityThinking about buying a home? It can feel like an intimidating process and you probably have about a million and one questions about this big step. Here are 10 helpful queries we’ve answered recently that might help you on your journey to homeownership.1. Is this the right time to be buying a house?So you want to buy a house but fear the market is going to crash any second? The market’s ... Read More

5 reasons to house-hunt this winter

Homeownership.caMove over, summer real estate market: An increasing number of Canadians, including first-time homebuyers, are turning to winter house hunting. Here are five reasons why the off-season may be the most magical time of the year…to buy your first home!1. There’s less competitionBetween travel, holiday planning, end-of-year demands at work and a natural urge to cocoon at home, people are less likely to launch a house hunt in December.This means you’re less likely ... Read More

Canadian home sales edge up in October, but prices fall amid mortgage rule changes

Financial Post ~ November 15th, 2017OTTAWA — Resales of Canadian homes rose 0.9 per cent in October from September, but prices declined in the month and tighter mortgage rules will likely put more pressure on Canada’s once-booming housing market, separate reports showed on Wednesday.The Canadian Real Estate Association said resales edged higher for a third straight month in October as the market stabilized after a series of mortgage rule changes and a foreign buyers’ tax in ... Read More

Ten ways the new mortgage rules will shake up the lending market

Globe and Mail ~ October 17th, 2017T-minus 76 days and counting until Canada's banking regulator launches its controversial mortgage stress test. It'll be squarely aimed at people with heavier debt loads and at least 20 per cent equity – and it will be a tide turner.Given where Canada's home prices and debt levels are at, this is easily the most potent mortgage rule change of all time. Here are 10 ways it's going to shake up Canada's mortgage market for years to come:1. It's like a ... Read More

OSFI is reinforcing a strong and prudent regulatory regime for residential mortgage underwriting

OTTAWA - October 17, 2017 - Office of the Superintendent of Financial Institutions Canada Today the Office of the Superintendent of Financial Institutions Canada (OSFI) published the final version of Guideline B-20 - Residential Mortgage Underwriting Practices and Procedures. The revised Guideline, which comes into effect on January 1, 2018, applies to all federally regulated financial institutions. The changes to Guideline B-20 reinforce OSFI’s expectation that federally regulated ... Read More

As Mortgage Market Tightens, Private Lending Is a Growing Opportunity

Mortgage Broker News ~ September 27th, 2017Canada’s housing market is red hot, but securing a suitable mortgage is becoming harder than ever before. Stricter lending requirements, new government controls and rising home values have made it more difficult for individuals and families to qualify for a loan. Although these new measures are intended to keep unqualified buyers from obtaining a mortgage, they are also impacting sound borrowers who may not have the equity or employment history ... Read More

What you need to know about the Equifax data breach

Associated Press ~ September 9th, 2017Equifax, one of the three main credit reporting companies, said this week that a major data breach exposed Social Security numbers and other important information of millions of people.The breach affected about 143 million in the United States, as well as some people in Canada and the United Kingdom, but Equifax didn't provide a number. Hackers had access to the data between May and July, Equifax said. The company discovered the hack on July 29 and publicly ... Read More

Bank of Canada hikes rate. What does it mean for your mortgage?

The Bank of Canada has increased its benchmark interest rate for the second time this year, a sign that the economy is improving enough to allow borrowing costs to rise from historic lows reached in the aftermath of the global financial crisis. The overnight lending rate was raised to 1 per cent from 0.75 per cent. When the Bank of Canada changes its benchmark rate, the move ripples through to other interest rates, including those of mortgages. With that in mind, here is a guide to how the ... Read More

Mortgage rule changes are cooling housing market: Morneau

Globe and Mail ~ August 22ndFinance Minister Bill Morneau says last October's sweeping mortgage rule changes aimed at cooling Canada's housing market have successfully dampened high-risk borrowing.But despite a report urging Ottawa to look at ways of boosting support for Canadians entering the housing market, the Minister ruled out any new measures along those lines, expressing concern that such an approach would encourage higher house prices.The comments are part of a recent letter from Mr. ... Read More

Too much tightening?

Mortgage Broker News ~ July 26th, 2017One big bank is sounding the alarm about recent and future mortgage policies.“Let’s be clear. A soft landing that eases Ontario and BC house prices and mortgage growth would be welcome news for macroeconomic stability,” CIBC Chief Economist Avery Shenfeld said in his latest report. “But nobody can be too sure of what kind of landing we’re now in. Better to carefully phase in further changes in rates and regulatory policy to ... Read More

Too much tightening?Mortgage Broker News ~ July 26th, 2017One big bank is sounding the alarm about recent and future mortgage policies.“Let’s be clear. A soft landing that eases Ontario and BC house prices and mortgage growth would be welcome news for macroeconomic stability,” CIBC Chief Economist Avery Shenfeld said in his latest report. “But nobody can be too sure of what kind of landing we’re now in. Better to carefully phase in further changes in rates and ... Read More

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

CURRENT RATES

2 YEAR 2.94%

3 YEAR 3.09%

4 YEAR 3.29%

5 YEAR 3.24%

5 YEAR Variable 2.65%*

Updated January 22nd, 2018
*Special conditions apply. Interest rates are provided for information purposes only and are subject to change without notice.

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