In days gone by, I never would have written about this. Posted rate changes were no big deal. Government regulations now force most Canadians to prove they can afford much higher rates before getting approved for a mortgage. This "stress testing," as it's called, makes RBC's seemingly insignificant rate change quite consequential indeed.
January must be right around the corner because, once again, Canadians are facing a momentous change in mortgage policy. It's almost a tradition that Canada's mortgage czars clamp down on housing in the new year. This year is no exception with the federal Office of the Superintendent of Financial Institutions (OSFI) enacting the big kahuna of credit regulation, the uninsured mortgage "stress test." For some homeowners, this portends a slew of changes in 2018.
Once upon a time, 25 years was the standard amortization on a Canadian mortgage. Today, no less than 63 per cent of new low-ratio mortgages by value, have amortizations over 25 years. That's a surge of 11 percentage points in just two years. Meanwhile, six in 10 Canadians consider longer amortization periods "bad debt practice," according to a recent survey by Manulife Bank.
The fate of NAFTA sounds like a boogeyman for rates (if you listen to economists). But even if @realDonaldTrump tears up NAFTA, that doesn’t mean:
* Free trade is dead
* Hefty tariffs on most Canadian goods
* Canada won’t benefit from America's rising economic tide
Seeing today’s rate updates confirms one thing loud and clear:
@FinanceCanada's default insurance changes have ***devastated*** many non-bank lenders' ability to compete on shorter-term fixed mortgages, especially if they're refis.
"..Fixed rate borrowers that are refinancing over the next year are currently paying mtg rates of 3%, on average"
"..Borrowers refinancing their mortgages in 2021-2022...face the largest [potential] 'payment shock' [their rates are in the 2.5%-2.7% range]"
—National Bank Fncl.
Muck Rack makes it simple to find people, tweets, or articles that mention any name, keyword, company, hashtag etc. We've compiled this guide to help you make the most of your search.
Selecting a term
Start searching tweets, articles from media outlets, articles mentioned in tweets, journalists'
names, titles and bios with some suggested searches:
Companies or Topics (e.g. iPhone, Microsoft)
Phrases (e.g. "cloud computing") — use quotes to keep the terms together
Twitter handles (e.g. @username) — returns those who have mentioned or replied to
Names (e.g. "David Pogue")
Hashtags (e.g. #sxsw, #london2012)
Bio details (e.g. vegan, Olympics, father)
Muck Rack's Advanced Search allows for many boolean operators.
Find results that mention multiple specified terms, use AND or
+. For example, ensure each result contains both Elon Musk and Mark Zuckerberg by
searching Musk AND Zuckerberg or Musk + Zuckerberg.
Use the operators OR or , to broaden your search when you'd like either of
multiple terms to appear in results. (This is the default behavior of our search when no operators
are used). For example, results will contain either cake or cookie by searching cake OR cookie or cake,cookie
Use NOT or - to subtract results from your search. For
example, searching Disney will yield results about the Walt Disney Company as well as Walt Disney
World Resort. To exclude mentions of Disney World, search for Disney -World or Disney
When using one of these operators with a phrase, enclose it in quotation marks. For example, you can
find results about smartphones excluding Apple's iPhone 4S by searching smartphone -"iPhone
Exact case matching or punctuation
If you're searching for a brand name or keyword that relies on specific punctuation marks or capitalization, you can
find results that match your exact query by adding matchcase: before the keyword you're searching for, like matchcase:E*TRADE .
Use parentheses to separate multiple
boolean phrases. For example, to find journalists talking about having fun in Disney World or
Disneyland, search for ("disney world" OR disneyland) AND fun.
An asterisk can be used to search for any variation of a root word truncated by the asterisk. For example, searching for admin* will return results for administrator, administration, administer, administered, etc.
A near operator is an AND operator where you can control the distance between the words. You can vary the distance the near operation uses by adding a forward slash and number (between 0-99) such as strawberries NEAR/10 "whipped cream", which means the strawberries must exist within 10 words of "whipped cream".