Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents).
Reader note: RateSpy’s mortgage news is now at → RATESDOTCA.
- Singh calls for wartime era-like housing push and a return to 30-year mortgages (Kamloops This Week)
- Regarding Singh’s plan, which is going nowhere fast: Re-introducing 30-year amortizations on insured mortgages would certainly give people a buying power boost initially, but that boost would also drive up home prices, eventually negating much of the benefit.
- More Homes, Please (BMO Economics)
- OSFI could have been more aggressive in their qualifying rate (BNN Bloomberg)
- Several countries have stricter mortgage stress tests than Canada. The U.K.’s affordability test, for example, makes mortgagors prove they can afford rates that are 300 basis points above a bank’s standard lending rate.
- Big city rental markets turned corner in May and experts expect prices will rise (The Globe & Mail – Subscription)