BREAKING Donald Trump picks former U.S. congressman Pete Hoekstra as ambassador to Canada
U.S. president-elect Donald Trump has nominated former diplomat and U.S. congressman Pete Hoekstra to be the American ambassador to Canada.
Canada's banking regulator is holding the interest rate used in a key stress test for uninsured mortgages steady.
The Office of the Superintendent of Financial Institutions says the minimum qualifying rate for uninsured mortgages will remain the greater of the mortgage contract rate plus two percentage points or 5.25 per cent.
Uninsured mortgages are residential mortgages with a down payment of 20 per cent or more.
OSFI says it makes decisions on the minimum qualifying rate based on data from its ongoing monitoring of federally regulated financial institutions, as well as a range of vulnerability indicators which include Canadian housing market and broader macroeconomic data.
Mortgage rates have been rising this year as the Bank of Canada has raised its key interest rate target seven times in an effort to bring inflation under control.
Last week, OSFI superintendent Peter Routledge responded to calls to lower or eliminate the minimum qualifying rate, saying the regulator sees great risk in speculating on the mortgage rate cycle and does not consider the stress test to be a tool to manage the demand for housing.
This report by The Canadian Press was first published Dec. 15, 2022
U.S. president-elect Donald Trump has nominated former diplomat and U.S. congressman Pete Hoekstra to be the American ambassador to Canada.
A group of researchers say they have more evidence to suggest the COVID-19 pandemic started in a Chinese seafood market where it spread from infected animals to humans. The evidence is laid out in a recent study published in Cell, a scientific journal, nearly five years after the first known COVID-19 outbreak.
The average salary needed to buy a home keeps inching down in cities across Canada, according to the latest data.
The Canadian Space Agency (CSA) is inviting Canadians to choose the name of the first Canadian Lunar Rover.
A London father and son they’re shocked and confused after their home was riddled with bullets while young children were sleeping inside.
Police in Peru have arrested a man caught trying to leave the country with 320 tarantulas, 110 centipedes and nine bullet ants strapped to his body.
Prime Minister Justin Trudeau has announced embattled minister Randy Boissonnault is out of cabinet.
A four-month-old baby is dead after what Toronto police are calling a “suspicious incident” at a Toronto Community Housing building in the city’s midtown area on Wednesday afternoon.
A Saskatchewan woman who refused to provide a breath sample after being stopped by police in Regina did not break the law – as the officer's request was deemed not lawful given the circumstances.
After driving near the water that winter day, Brian Lavery thought he saw a dog splashing in the waves – then realized it was way too cold for that.
Toronto radio and podcast host Jax Irwin has recently gone viral for videos of her cute -- and at times confusing -- phone conversations.
Two young women from New Brunswick have won one of the most prestigious and sought-after academic honours in the world.
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When he first moved to his urban neighbourhood, Barry Devonald was surprised to be welcomed by a whole flock of new neighbours.
When George Arcioni began renovating his kitchen last summer, he didn’t expect to find a stack of letters hidden in the wall behind his oven.
A Nova Scotia couple fulfilled their wildest dreams Thursday night when they got engaged at Taylor Swift’s Eras Tour in Toronto.
Some Calgary residents caught what appeared to be a meteor streaking across the sky early on Wednesday morning.
Four years ago, Phill Hebb started up 'Phil’s Unique Birdhouses' and since then, they’ve made their way all across Canada and into the United States.