Prepare for higher interest rates: experts

Interest rates aren’t going up any time soon, but when they do the rise will be rapid, mortgage industry experts say.

Interest rates aren’t going up any time soon, but when they do the rise will be rapid, mortgage industry experts say.

Because of this, mortgage lenders and brokers have a responsibility to help home buyers assess their capacity to make higher monthly payments, and to constantly evaluate their chances for default.

“There should be some prudence and there should be counselling by mortgage brokers to ensure people do leave a little wiggle room,” said Ivan Wahl, chairman and CEO of Xceed Mortgage Corp. Wahl praised Canadian regulators for preventing the housing meltdown that has decimated the American economy, but said mortgage lenders have a responsibility to self-regulate as well. “Regulators have a very specific role, but you can’t regulate prudence,” he said. “Self-discipline has to continue to be supplied.”

Just Posted

Sasktachewan pup, who has extensive burns, makes her way to Red Deer

Donations accepted for Phoenix who has third degree burns on her body

Man dead in ATV collision in central Alberta

The Rocky Mountain House RCMP are investigating a quad rollover collision that… Continue reading

One airlifted to hospital after avalanche on glacier in Yoho National Park

LAKE LOUISE, Alta. — Parks Canada says it has responded to an… Continue reading

Hundreds of Canadian troops deployed to flood zones in Quebec and N.B.

MONTREAL — Quebec Premier Francois Legault will visit flood-damaged regions north of… Continue reading

WATCH: An ‘Eggstemely Fun Easter’ at Bower Place in Red Deer

Bower Place mall made sure Red Deer families were able to have… Continue reading

New Brunswick premier urges caution as floodwaters continue to rise

FREDERICTON — Rising floodwaters have forced the closure of at least 25… Continue reading

Witnesses still struggling one year after deadly Yonge Street van attack

TORONTO — The survivor guilt settled in moments after he saw all… Continue reading

‘Shocking violation’: Parish prepares to re-bury remains after grave plundered

ST. JOHN’S, N.L. — Largely untended for decades, the toppled and faded… Continue reading

President attends Easter service following slew of tweets

PALM BEACH, Fla. — President Donald Trump is using Easter morning to… Continue reading

Easter Sunday blasts kill at least 207 in Sri Lanka

COLOMBO, Sri Lanka — At least 207 people were killed and hundreds… Continue reading

Soldiers deploying to flood-prone areas as water levels rise in New Brunswick

FREDERICTON — About 120 Canadian soldiers will soon be deployed in western… Continue reading

Soldiers deploy across Quebec after flood-caused sinkhole claims woman’s life

MONTREAL — Canadian Armed Forces are deploying in three regions across Quebec,… Continue reading

Most Read