Rising interest rates and slower income and population growth led fewer Canadians to open new mortgages
Central bank report offers more details about the impacts of new guidelines and rising interest rates
But the growth rate of home equity lines of credit debt more than doubled
The national housing agency is providing more guidance to lenders
CIBC is the first of the big banks scheduled to report its latest results with data out Wednesday
The moves come amid slowing mortgage growth
Competition among lenders heats up
The central bank qualifying rate is separate from the actual mortgage rates offered by banks to borrowers, but is used to assess homebuyers who are seeking loans
The Bank of Canada uses the posted five-year fixed mortgage rates at Canada’s biggest banks to calculate the rate used in stress tests
Rate will change from 4.99% to 5.14%