'Most of the city is evacuating': Gridlock on Alberta highway after evacuation order in Fort McMurray
Four Fort McMurray neighbourhoods were ordered to evacuate on Tuesday as a wildfire gets closer to the city.
Canadian mortgage brokers say homebuyers are increasingly considering credit unions and private lenders to secure mortgages as rates rise.
The brokers notice Canadians are now more drawn than before toward these alternative lenders because fixed mortgage rates have crept toward and just above four per cent in recent months in many provinces and territories.
Borrowers are now having to qualify for a mortgage at a higher rate because the qualifying rate on uninsured mortgages under Canada's stress test is either two percentage points above the contract rate, or 5.25 per cent, whichever is greater.
Toronto mortgage broker Sung Lee says interest in mortgages from alternative lenders is growing because clients looking for a five-year, fixed rate mortgage now have to qualify at six or 6.5 per cent through traditional lenders.
When these consumers visit credit unions, he sees them qualify at just their five-year contract rate or a contract rate plus one per cent cent, when they're seeking a variable rate mortgage.
Insurance and financial website Ratesdotca says credit unions and private lenders made up about 3.7 per cent of the country's mortgage business last year and have already handled about 6.7 per cent so far this year.
This report by The Canadian Press was first published May 24, 2022.
Four Fort McMurray neighbourhoods were ordered to evacuate on Tuesday as a wildfire gets closer to the city.
The Biden administration has told key lawmakers it is sending a new package of more than US$1 billion in arms and ammunition to Israel, two congressional aides said Tuesday.
Less than a week after two public sculptures featuring a livestream between Dublin, Ireland, and New York City debuted, 'inappropriate behaviour' in real-time interactions between people in the two cities has prompted a temporary shutdown.
Canadian LifeLabs customers who filed an application for a class-action settlement began receiving their payments this week, though at a much lower amount than initially expected.
Saskatchewan RCMP have revealed that a historic sexual assault investigation has led to the discovery of alleged crimes against children dating back to 2005.
King Charles III has unveiled the first portrait of the monarch completed since he assumed the throne, a vivid image that depicts him in the bright red uniform of the Welsh Guards against a background of similar hues.
The annual list of Canada's top restaurants in the country was just released and here are the places that made the 2024 cut.
Nearly 1,000 wildfires have burned across Canada so far this year. Here's an overview of the situation in Canada.
An American accused of sexually assaulting a Pennsylvania college student in 2013 and later sending her a Facebook message that said, 'So I raped you,' has been detained in France after a three-year search.
A team is ready to help an entangled North Atlantic right whale in the Gulf of St. Lawrence.
A $200 reward is being offered by a North Vancouver family for the safe return of their beloved chicken, Snowflake.
Two daughters and a mother were reunited online 40 years later thanks to a DNA kit and a Zoom connection despite living on three separate continents and speaking different languages.
Mother's Day can be a difficult occasion for those who have lost or are estranged from their mom.
YES Theatre Young Company opened its acclaimed kids’ show, One Small Step, at Sudbury Theatre Centre on Saturday.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.