Oriana Financial Group of Canada Ltd.

CURRENT RATES

2 YEAR 3.62%

3 YEAR 3.14%*

4 YEAR 3.64%

5 YEAR 3.34%*

5 YEAR Variable 2.95%*

Updated March 21st, 2019
*Special conditions apply. Interest rates are provided for information purposes only and are subject to change without notice.

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Canada's big banks cut credit card rates to give relief to customers amid COVID-19 pandemic

Financial Post ~ April 3rd, 2020Bank of Nova Scotia, Toronto-Dominion Bank, Royal Bank of Canada, National Bank of Canada and Canadian Imperial Bank of Commerce have all cut ratesBig Canadian banks are now offering to cut credit card interest rates for customers dealing with money problems during the coronavirus crisis, another sign of the steep financial toll that COVID-19 is taking on people and businesses.Bank of Nova Scotia announced late Friday that, effective April 1, it would reduce ... Read More

Mortgage Relief Options

Lender Customer Service   Phone Email   B2B 1-800-263-8349 questions@b2bbank.com RMG 1-866-809-5800 mortgagesupport@rmgmortgages.ca MCAP 1-800-265-2624 service@mcap.com BNS 1 (800) 472-6842   TD 1 (866) 222-3456   Merix / Lendwise 1-877-637-4911 customerservice@merixfinancial.com First National 1-888-488-0794 customer@firstnational.ca RFA & Street ... Read More

What does Covid-19 mean for mortgages?

What does Covid-19 mean for mortgages? There is no doubt about it. COVID-19 is impacting the market. What does this mean for mortgages? Lower Rates! Fixed and variable rates are dropping. This is a great time to renew or refinance. If you’re in a mortgage with a much higher rate, it might be worth breaking your current mortgage. Contact us to discuss! Mortgage Payments Some lenders are offering SKIP-A-Payment & HOLD-A-Payment Programs during this time of financial uncertainty. Give ... Read More

Bank of Canada cuts interest rate: Read the official statement

Financial Post ~ March 4th, 2020Bank of Canada lowers its key interest rate by 50 basis points to 1.25 per centHere’s the Bank of Canada’s official statement for its interest rate decision on Wednesday, March 4, 2020:The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1.25 per cent. The Bank Rate is correspondingly 1.5 per cent and the deposit rate is 1 per cent.While Canada’s economy has been operating close to potential with inflation on ... Read More

Breaking: Changes to stress test announced

Mortgage Broker News ~ February 18th, 2020Minister of Finance Bill Morneau has announced changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages.Instead of the Bank of Canada 5-Year Benchmark Posted Rate, the new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%. These changes will come into effect on April 6, 2020.The new benchmark rate will be published on a Wednesday and come ... Read More

Predictions for Canada’s mortgage market in 2020

Globe and Mail ~ December 29th, 2019Canada’s mortgage market turned heads in 2019. From the plunge in interest rates, to the late-year surge in mortgage growth to the growing influence of online discount mortgage lenders, it was a year of milestones.Looking ahead, 2020 is guaranteed to have its own twists. These are five undaunted predictions of what’s to come:A more cutthroat mortgage marketIt’s taken a few decades since the birth of the internet, but lenders are finally ... Read More

The Bank of Canada has held its benchmark overnight interest rate at 1.75 per cent as expected by many analysts.

The Bank of Canada has held its benchmark overnight interest rate at 1.75 per cent as expected by many analysts.CBC - December 3rd, 2019Retailers foresee holiday joy — even as Poloz looks to hold line on rates: Don PittisWhile the world cuts interest rates, the Bank of Canada likely won't if we keep shoppingSouth of the border, there was much hand-wringing that a shortened holiday spending season this year just wouldn't give our American cousins enough time to shop till they ... Read More

Why the mortgage stress test has proved so controversial for first-time homebuyers — and retirees

Why the mortgage stress test has proved so controversial for first-time homebuyers — and retireesFinancial Post ~ November 7th, 2019 Buying a new home is already a stressful experience. With last year’s introduction of a mortgage stress test for all aspiring homeowners, that has only become more so. There are several requirements to meet before a successful application, and the aspiring homeowner must be sure they will be able to meet the monthly payments before applying.What is ... Read More

For mortgage decisions, look beyond the interest rate and get expert advice

Globe and Mail ~ October 25th, 2019Are you among the shoppers who carefully read the labels of items you plan to buy? It seems that more and more Canadians are making informed purchasing decisions a priority, and Paul Taylor, president and CEO of Mortgage Professionals Canada, welcomes this attention to detail. He believes the same – if not greater – scrutiny is warranted when people are obtaining or renewing a mortgage.“People often look for the lowest interest rate, but that ... Read More

Canadians Need Guidance With Their Mortgages

Canadian Mortgage Trends - October 3rd, 2019That’s the takeaway from a national survey released this week by Rates.ca, which found half of Canadians aren’t aware of the mortgage options available to them.Not only that, but Canadians are lacking in some other basic mortgage trivia, with an astounding 9 out of 10 respondents not knowing that mortgage interest is charged semi-annually:    28% think interest is compounded monthly;    17% think it’s ... Read More

What to do if short-term renters trash your home

MoneySense ~ August 13th, 2019Even when they follow your rules, Airbnb guests may cause damage to your most expensive asset. But the right insurance can protect you from potentially big out-of-pocket costs. Here’s what you need to know.As new homeowners with two young children, Mark and Star Stark were always on the hunt for ways to save or earn a few extra dollars. They’d heard about short-term rental listing services, like Airbnb and Vrbo, and thought that seemed like a relatively ... Read More

This borrow-to-invest strategy can build you wealth with someone else's money

Financial Post ~ August 6th, 2019Borrowing to invest doesn’t have to be scary; in fact most people have done it“Borrowing to invest” can be a scary phrase. There have been many inappropriate cases where it doesn’t end well.Yet for all of the naysayers, I am pretty sure that you are currently doing it or have done it before.If you have ever had a mortgage or debt on a home equity line of credit, you have borrowed to invest — you were taking on extra debt to invest ... Read More

Bank of Canada mortgage stress test rate drops for first time since 2016

Financial Post ~ July 19th, 2019Canadians may now be able to afford slightly more expensive homesFor the first time in almost three years, the Bank of Canada’s minimum mortgage qualifying rate has dropped to 5.19 per cent from 5.34 per cent.The central bank’s new rate has a slight effect on the mortgage stress test for those with uninsured mortgages.“At a minimum, the qualifying rate for all uninsured mortgages should be the greater of the contractual mortgage rate plus two ... Read More

Liberals' mortgage help for first-time buyers lands Sept. 2, weeks before vote

CBC.com - June 17th, 2019 OTTAWA - The federal Liberals say a new program to help new buyers pay for their first home will kick in on Labour Day.The program that will help cover some mortgage costs will be available starting Sept. 2, only weeks before the October federal election.The government's plan will see it pick up five per cent of a mortgage on existing homes for households that earn under $120,000 a year, on a mortgage of no more than $480,000.It plans to cover up to 10 per cent to spur ... Read More

Canadian housing market will be back in growth mode ‘later this year’'

May 8th, 2019 ~ Livabl.com The governor of the Bank of Canada suggests it won’t be long before the country’s housing market has bounced back and starts growing once again.“As markets stabilize in Toronto and Vancouver, the Canadian housing sector should return to growth overall later this year,” Stephen Poloz, governor of the Bank of Canada, said in a speech to the Canadian Credit Union Association and Winnipeg Chamber of Commerce on Monday.Poloz notes that, on a ... Read More

Self-employed increasingly turning to private lenders for mortgages

CTV News ~ April 29th, 2019 TORONTO -- The self-employed are among the growing number of Canadians turning to private lenders in order to obtain a mortgage.While many prospective homeowners are driven to alternate lenders because of government-mandated stress tests and poor credit scores, the self-employed often have additional burdens to overcome in proving their income."There's more and more people seeking private loans than ever before and that's a direct result of government making it ... Read More

Buying a home? CMHC could soon kick in 10% of the cost — for a price

CBC~ March 19th, 2019The government is earmarking $1.25B over 3 years for something it's calling a 'shared equity mortgage'The 2019 federal budget includes a tantalizing pitch for prospective first-time homebuyers — one that could see Canada's housing agency contribute up to 10 per cent of the purchase price of a home and bring down the mortgage load for borrowers.The budget offers the program, known as the First Time Home Buyer Incentive, as a way to help with housing affordability. The ... Read More

Drop in fixed-term mortgage rates is imminent, experts say

Globe and Mail ~ January 7th, 2019Falling bond yields should push fixed-rate mortgage costs lower in the near-term, possibly as early as this week, mortgage industry experts predict.Yields on five-year Government of Canada bonds – which help determine the price of fixed-rate mortgages – have fallen sharply since November, dropping from a recent high of 2.46 per cent on Nov. 8 to 1.86 per cent as of Monday, a decline of more than half a percentage point. Yields particularly started ... Read More

The bond market is now sending a clear signal: Go with a variable-rate mortgage

Globe and Mail ~ December 5th, 2018Many people started out Wednesday morning expecting three or more rate hikes in the next 18 months.Now, they’re wondering if we’ll see more than one.That’s how much rate expectations have changed since the Bank of Canada’s latest rate statement.If you’re shopping for a mortgage and believe what the bond market is telling us, it implies your odds of success with a fixed rate may have just changed.Click here to read the full article. Read More