Understanding 5-Year Fixed Mortgage Rates: Your Complete Guide Introduction What Are 5-Year Fixed Mortgage Rates? A 5-year fixed mortgage rate is a loan with a fixed interest rate for the first five years. After this period, the rate can either reset to current market rates or convert to a variable rate, depending on the terms of your mortgage. This type of mortgage provides stability in your monthly payments, as the rate remains unchanged for a significant period. Why This... [read more]

The new mortgage stress test rules are out. With these rules, it will be more difficult for new and renewing mortgage borrowers to be eligible for their home loan commencing June 1st, 2021. The “stress test” now looks at a higher threshold. The Introduction to Stress Test A mortgage stress test was introduced in 2018 for all Canadian homebuyers. This catered to validating whether they can make a down payment of 20% or more on a home. Additionally, new mortgage stress test... [read more]

Calculating Your Downpayment for Condo In Toronto Making plans to buy a brand new property is a reason to celebrate. However, it can be challenging to determine the exact down payment needed for a condo in Toronto. At The Toronto Condo Team, we have created an outline of down payments for condos so you have all the information and can pay for your new home. What Is The Cost Of A Condo Downpayment? The typical down payment for Condos in Toronto could go down to as little as 5%.... [read more]

  Last month, the Toronto Real Estate market experienced its steepest monthly sales decline in a year. The city’s realtor board is of the opinion that the revised mortgage rules are the culprit behind the decline in sales and need to be reviewed before they keep more buyers on the sidelines. According to reports by the Toronto Real Estate Board on Tuesday, sales fell 7.7 per cent to 6,212. Benchmark prices, which vary from home type to home type, climbed 0.8 per cent from the... [read more]

Bond yields are not going to fluctuate, so there is no rise expected in fixed rates. However, as money lenders and banks will now adjust pricing to live up to new regulations announced on 1st of Jan, 2017, many borrowers will end up paying extra for their next mortgage. During the last month, yields were retracted partially. Mortgage rates also accompanied bonds higher, but partially. Therefore, unless there is a drop in bond yields, there is no scope for the mortgage rate to increase even a... [read more]