Canadian Debt Reaches 8-Year High
Debt Repayment / Economic News / Personal Finance News

Canadian Debt Reaches 8-Year High

Bank of Canada Governor Mark Carney has repeatedly warned Canadians to simmer down on their borrowing costs – but that hasn’t stopped us from racking up a new 8-year record high debt level. According to credit bureau TransUnion, average Canadian debt levels (excluding mortgages) reached $26,221 in the second quarter – an increase of $192. Continue reading »

OSFI Relaxes Proposed Changes to Mortgage Renewal and HELOC Guidelines
Mortgage News / Mortgages

OSFI Relaxes Proposed Changes to Mortgage Renewal and HELOC Guidelines

Great news for homeowners! OSFI has revised proposed changes made in March to mortgage renewal and HELOC guidelines. The changes, which would have subjected home owners to a new credit risk check upon renewal, as well as imposed an amortization rate on home equity line of credit, were revised in light of criticism that they would cause more harm than good to the Canadian housing market. Continue reading »