Stress Test Causing National Housing Slump: CREA

The Canadian Real Estate Association (CREA) blames the mortgage stress test introduced in January for slow activity across the nation in April. The housing market has cooled in all respects from April of last year, when the market peaked: the average sale price declined by 11.3 per cent to $495,000, and home sales by 2.9…

Variable Rate War Heating Up

Mortgage shoppers looking to get a variable rate are in luck. The country’s biggest banks are currently slashing rates and clamouring for their business. A week after BMO announced its 2.45% variable mortgage rate promo (prime – 1.00%) for new and existing clients, TD responded by matching the rate at a discount of prime –…