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.
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
The federal government says new capital gains tax changes will only affect the rich, but some realtors say they are hearing from 'middle-class' cottage owners who worry they may have to sell before the rules come into effect on June 25.
Mounties on Vancouver Island have confirmed that two bodies recovered by United States authorities earlier this week are those of a pair of missing kayakers from British Columbia.
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Jury selection is set to start today for the trial of a Winnipeg man accused of killing four women.
Nine-year-old Carter Vigh was having a great day last July 11, visiting a waterpark, enjoying a picnic lunch and playing soccer with other kids at a day camp run by his mother, Amber Vigh.
A dozen mayors from around Metro Vancouver say federal Attorney General and Justice Minister Arif Virani should deny parole for notorious B.C. serial killer Robert Pickton, and reassess the parole and sentencing system for 'prolific offenders and mass murderers.'
Two military horses that bolted and ran miles through the streets of London after being spooked by construction noise and tossing their riders were in a serious condition and required operations, a British government official said Thursday.
A Sydney bishop who was stabbed repeatedly in an alleged extremist attack blamed on a teenager has backed X Corp. owner Elon Musk's legal bid to overturn an Australian ban on sharing graphic video of the attack on social media.
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.
A reluctant Donald Trump returned to a New York City courtroom Thursday as his hush money trial resumed at the same time that the U.S. Supreme Court hears arguments in Washington over whether he should be immune from prosecution for actions he took during his time as president.
A ship travelling in the Gulf of Aden came under attack Thursday, officials said, the latest assault likely carried out by Yemen's Houthi rebels over Israel's ongoing war on Hamas in the Gaza Strip.
Iran's judiciary confirmed the death sentence of well-known Iranian rapper Toomaj Salehi but added that he is entitled to a sentence reduction, state media reported on Thursday.
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.
Ontario is still playing catch up on routine vaccinations that many children missed during the pandemic and public health officials are warning that it could take years to solve the problem.
Nine-year-old Carter Vigh was having a great day last July 11, visiting a waterpark, enjoying a picnic lunch and playing soccer with other kids at a day camp run by his mother, Amber Vigh.
China launched a three-member crew to its orbiting space station on Thursday as part of its ambitious program that aims to put astronauts on the moon by 2030.
U.S. President Joe Biden signed legislation Wednesday that could ban TikTok in the U.S. while his campaign has embraced the platform and tried to work with influencers.
A new paper says a giant salmon that lived five million years ago in the coastal waters of the Pacific Northwest used tusk-like spikes as defense mechanisms and for building nests to spawn.
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
In the last year, Tim Hortons has treated cottaging Canadians to a boat drivethru, revived its beloved Dutchie doughnut and launched flatbread pizzas. But perhaps its biggest surprise will come this summer.
The B.C. woman convicted of killing Reena Virk described the TV series dramatizing the notorious 1997 murder as disrespectful to the victim and her family.
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Boeing said Wednesday that it lost US$355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
New condo sales in the Toronto region dropped to the lowest quarterly total since the financial crisis in 2009 amid high interest rates and affordability issues, a new report has found.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
A Polish pilot proposed to his flight attendant girlfriend during a flight from Warsaw to Krakow, and she said yes.
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
The oldest living former major leaguer, Art Schallock turns 100 on Thursday and is being celebrated in the Bay Area and beyond as the milestone approaches.
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
We feel good about ourselves and we feel we can go in there and win a game," Bowness said.
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
A made-in-China electric vehicle will hit North American dealers this summer offering power and efficiency similar to the Tesla Model Y, the world's best-selling EV, but for about US$8,000 less.
Tesla's first-quarter net income plummeted 55 per cent as falling global sales and price cuts sliced into the electric vehicle maker's revenue and profit margins.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Mounties on Vancouver Island have confirmed that two bodies recovered by United States authorities earlier this week are those of a pair of missing kayakers from British Columbia.
The yo-yoing gas prices in B.C.'s Lower mainland continues with fuel jumping nine cents Thursday morning.
A dozen mayors from around Metro Vancouver say federal Attorney General and Justice Minister Arif Virani should deny parole for notorious B.C. serial killer Robert Pickton, and reassess the parole and sentencing system for 'prolific offenders and mass murderers.'
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
Toronto police say the homicide unit is investigating after a man was reportedly pushed to his death from a balcony downtown late Wednesday night.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Former Calgary mayor Naheed Nenshi is expected to be the centre of attention as the first debate in the Alberta NDP leadership race is held Thursday night.
Thursday will be similar to Wednesday with mild conditions throughout southern Alberta and daytime highs above seasonal.
Ten things happening around Calgary this weekend.
It's another headache for drivers who have a vehicle stolen, what to do if they want to sell after their stolen vehicle was damaged and then recovered.
Many thought they had seen the final curtain call at Troyes Cinema, located on Garrison Petawawa, when the movie theatre closed in 2022.
State and Main is getting ready to celebrate Mother’s Day through its third annual For Mom, For Women campaign this May.
A mother and daughter are speaking out after a Quebec man was sentenced to house arrest for years of domestic abuse. They were both physically assaulted by the mother's ex-partner and say the offender got off with another light sentence.
The trial of a West Island baseball coach accused of sexually abusing a minor will proceed after the case was almost thrown out due to unreasonable delays.
'We're not here to judge governments,' Premier Francois Legault said Thursday, when being attacked over the opening of a Quebec Office in Tel Aviv as conflict rages in the Gaza Strip.
Dozens of inmates were transported from a northern Alberta correctional centre earlier this week because of a wildfire.
Some Alberta municipalities say the province has been slow to react to calls for more firefighting support and a long-term plan to better protect communities outside the Forest Protection Area (FPA).
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
New Brunswick RCMP says officers rescued three people from alleged human trafficking in Moncton, arresting an 18-year-old woman in the process.
Community members gathered at a Bedford, N.S., mosque for Ahmad Al Marrach — a 16-year-old murder victim — for his funeral on Wednesday.
Newfoundland and Labrador's Justice Minister has written to his federal counterpart to ask for changes to the Criminal Code relating to bail and detention in cases of intimate partner violence.
The Manitoba RCMP is set to make an announcement on Thursday regarding a double homicide in the province.
Jury selection is set to start today for the trial of a Winnipeg man accused of killing four women.
A new fight is gearing up at city hall over Lemay Forest.
The City of Regina has decided to not reduce speed limits in the Cathedral area for the time being.
Many Saskatchewan residents have been receiving unsolicited political text messages of the Sask. Party taking aim at the Saskatchewan NDP and their leader Carla Beck. Media experts say texting can be an effective campaign tool, but parties run the risk of annoying some voters.
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Three dogs died in the blaze.
A Waterloo, Ont. teacher says she’s frustrated after learning the arthritis medication she depends on is no longer covered under her benefits plan and she'll have to switch pharmacies to avoid paying out of pocket.
A Waterloo man needed to be taken away by air ambulance following a crash on King Street.
A Saskatchewan woman who was taken for an involuntary mental health assessment is entitled to find out who had her committed, a provincial court judge has ruled.
Many Saskatchewan residents have been receiving unsolicited political text messages of the Sask. Party taking aim at the Saskatchewan NDP and their leader Carla Beck. Media experts say texting can be an effective campaign tool, but parties run the risk of annoying some voters.
International aircraft giant Boeing has made a multi-million dollar commitment to the Saskatchewan Indian Institute of Technology (SIIT) to help address shortages in the aviation industry.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
A serious crash involving two vehicles has left one person dead and Highway 101 closed in the Timmins area since 1 a.m., police say.
Damage is estimated at $50,000 after a trailer parked in a St. Thomas driveway caught fire. Around 8:30 a.m. Thursday, first responders received multiple 911 calls reporting a large plume of smoke and flames from a camping trailer.
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.
The London Health Sciences Centre (LHSC) Auxiliary is celebrating 100 years of service. Since 1999, the Auxiliary has made contributions, totaling over $10 million towards the hospital's critical needs.
A popular summer festival on the Barrie waterfront is returning for its 52nd year, with one of the most impressive lineups yet.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Reports indicate Honda is retooling its assembly plant in Alliston to produce fully electric vehicles.
A snake habitat on Pelee Island will be restored. Through a multi-partner collaboration, conservation work on Pelee Island will continue through 2026.
A 911 hang-up call has led to the arrest of two people in Chatham-Kent. Just after 6:30 a.m. on Wednesday, officers responded to an address on Bloomfield Road for the hang-up call.
A Windsor man convicted in a violent murder 20 years ago was successful in his ‘faint hope’ bid for an early chance at freedom after a jury agreed he should be given the chance to apply for early parole eligibility.
Mounties on Vancouver Island have confirmed that two bodies recovered by United States authorities earlier this week are those of a pair of missing kayakers from British Columbia.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
The B.C. woman convicted of killing Reena Virk described the TV series dramatizing the notorious 1997 murder as disrespectful to the victim and her family.
An emaciated dachshund is now recovering thanks to a Good Samaritan who found the pup near a biking trail in Kelowna, according to the BC SPCA.
Search and rescue crews have been called in after a vehicle belonging to a missing senior was located near a rural intersection outside of Kelowna Tuesday.
Major crime detectives in British Columbia are investigating a suspected homicide after a body was found in a remote area southeast Kelowna over the weekend.
It’s not even May 1 and the fire risk for southern Alberta is already alarming.
Whoop-Up Days is still four months away, but applications to be in this year’s parade are now open.
Lethbridge has added 28 physicians over the past year, according to a quarterly report published by the College of Physicians and Surgeons of Alberta.
Some members of the Garden River First Nation are demanding answers regarding the disbursement of the Robinson-Huron Treaty settlement funds.
The Ontario Provincial Police, in partnership with the Treaty Three Police Service, have charged a suspect with murder following a homicide in a remote northwestern Ontario community.
A 15-year-old in Sault Ste. Marie has been charged following an incident on Bay Street on Tuesday.
A Newfoundland-made vodka has been named one of the world’s best by judges at this year’s World Vodka Awards.
Uber Technologies Inc. says it has brought its ridesharing platform to Newfoundland and Labrador.
Newfoundlander Christian Sparkes has shot several films around his home province, but with his new psychological thriller 'The King Tide' he saw an opportunity to wander into one unique town that had eluded him over the years.
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
