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Mortgage Professionals Canada recommendations include letting first-time homebuyers get mortgage terms of up to 30 years A group representing Canada’s mortgage industry said Monday that the federal government has failed to address Canada’s housing affordability problem and urged policy-makers to consider a series of recommendations that would help first-time home buyers in particular. Mortgage Professionals…

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank’s extraordinary forward guidance on the path for the overnight rate is being maintained. The Bank is continuing its reinvestment…

The Office of the Superintendent of Financial Institutions (OSFI) confirmed that the minimum qualifying rate for uninsured mortgages will remain the greater of the mortgage contract rate plus 2 percent or 5.25 percent. In an environment characterized by increased household indebtedness and low interest rates, it is essential that lenders test their borrowers to ensure…