Mortgage News: Trick or Treat?

halloween pumpkinsThere’s been so much news affecting mortgage lending, home equity and ownership in the last few weeks, it’s hard to decide what to share first! Here’s a blog chock-full of “must reads” to spice up your day – and your Halloween!

Ready for some mortgage lending advice you can sink your teeth into? Talk to Tracy! Whether you’re new to Canada, a first time home-buyer or interested in mortgage re-financing, Tracy can help!

OSFI Unveils New Stress-Test Rules.

October 17, 2017: Canada’s banking regulator unveiled the final changes to its mortgage underwriting standards that will further tighten lending standards and affect borrowers and lenders alike.

The most wide-reaching change announced by the Office of the Superintendent of Financial Institutions (OSFI) is the establishment of a new minimum qualifying rate, or “stress test,” for borrowers making a down payment of more than 20% of the home’s value. Previously, stress test requirements only applied to insured mortgages (those with down payments of less than 20%) and most variable mortgages and terms less than five years. Read the article…

3 [Incredible] Reasons Canadian Mortgage Rates Will Never Hit 5%.

Adam Button, Chief Currency Analyst and Managing Editor of says, “High borrowing rates are a relic. Canadian regulators may soon force borrowers to qualify at interest rates two percentage points above the contract rate. With many posted mortgage rates now approaching and even surpassing 3.00% (depending on the term), this means borrowers will soon need to show they can afford payments based on rates of 5.00%+.” Read the article…

What You Need to Know about the Equifax Data Breach.

A few weeks ago, Equifax, one of the three main credit reporting companies, said that a major data breach exposed Social Security numbers and other important information of millions of people. The breach affected about 143 million in the United States, as well as some people in Canada and the United Kingdom, but Equifax didn’t provide a number. Hackers had access to the data between May and July, Equifax said. The company discovered the hack on July 29 and publicly announced it more than a month later on Thursday. Here’s what else you need to know about the breach: Read the article…

Your Credit Reports Matter!

Credit reports may affect your mortgage rates, credit card approvals, apartment requests, or even your job application. Reviewing credit reports helps you catch signs of identity theft early.

Federal law allows you to get a free copy of your credit report every 12 months from each credit reporting company so that you can ensure that the information on all of your credit reports is correct and up to date. You can view your credit reports for free at

More Than Ever…

Never before have mortgage rules been so confusing – yet strategies so critical as they are today. Talk to Tracy Irwin, Mortgage Broker about all your mortgage needs.

Tracy’s Trails…

September was an incredibly busy month for Tracy with fundraising and planning activities with the Suicide Prevention Community Council of Hamilton.

Butterfly Release in honour of World Suicide Prevention Day – check out the video

Ride Away Stigma lineupRide Away Stigma – a bike ride to encourage open discussion on mental health and illness and remove the associated stigma. Raising funds for the Suicide Prevention Community Council of Hamilton, focusing on education, training, community awareness and engagement, stigma reduction and advocacy. This work is critical to fostering help seeking, reducing stigma and building hope in our communities. Learn more…

Genevieve and MattRunning for Rachael – A run or walk to support mental health awareness programs for youth, stigma reduction and fosters help seeking behaviour. The funds are used for school-based grants that fund student led mental health initiatives. Over the past three years, 36 Hamilton schools have been funded. Running for Rachael honours Tracy’s husband Sid’s daughter, who died by suicide 10 years ago. Pictured here are Genevieve (Rachael’s sister) and her husband Matt who came up with the idea for the run.

And “Last but (certainly) not Least”… Tracy is working hard to keep up with training for the Road 2 Hope half marathon on November 5th. Her reluctant running buddy is her son, Nathan (who we know is not a runner, but he is a wonderful son)!



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