Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Build a portfolio you can ‘set and forget’ + MORE Jun 2nd
Ian Nelson, 37, Toronto (Photograph by Roberto Caruso)
The Problem
Ian Nelson is a 37-year-old married father of two from Toronto who has spent the last several years paying off the mortgage on his $750,000 home and adding to his retirement savings. Right now, he has a six-figure portfolio invested .... More »
Does Canada’s real estate sector risk being a hotbed for crime? + MORE Sep 16th
OTTAWA – An in-depth review of Canada’s anti-money-laundering efforts has uncovered serious concerns that organized crime is using the country’s hot real estate sector to illegally funnel cash.
The report from the Paris-based Financial Action Task Force makes special note of real estat.... More »
How to grow your reverse mortgage business by partnering with realtors + MORE Jun 5th
Bring flexible financing solutions to the table to help realtors close more deals..... More »
OSFI Facing Growing Pressure to Tweak Stress Test + MORE Feb 7th
Canada’s financial regulator is facing growing pressure to tweak its mortgage stress test, and no longer just from the mortgage industry. On Monday, Calgary city councillor George Chahal filed a motion asking for the mayor to call on the federal government to amend the stress test implemented .... More »
Some Things Never Change: What We Can Learn From the Past + MORE Mar 5th
I started CanadaMortgageNews.ca in 2009 with one goal: to dispel misinformation. A lot of mortgage “experts” were coming onto the scene at the time with outrageous claims and getting quoted by media outlets. They were all great writers, no doubt. The problem was a lot of what they were saying ju.... More »
Mortgage Career: Nunavut Housing Corporation
– canadianmortgagetrends.com
Company: Nunavut Housing Corporation Position: Mortgage & Collections Officer Location: Iqaluit, NU Send resume to: www.gov.nu.ca/public-jobs Mortgage & Collections Officer Is your knowledge of collections and mortgages backed by experience in a financial setting such as a bank? Then, consider this term position (to March 31, 2018) with the Government of Nunavut. As a Mortgage and Collections Officer, you will be based in the Finance Division of the Nunavut Housing Corporation (NHC) Directorate in Iqaluit, NU. Reporting to the Manager, Mortgages and Collections, you will carry out a variety of duties that will have an impact on the Corporation’s district READ MORE
New Capital Regs Coming This November
– canadianmortgagetrends.com
The cost of funding a mortgage is going up again, thanks to new federal regulations due this fall. Canada’s banking regulator (OSFI) announced Friday that it will “change” (read increase) regulatory capital requirements on mortgages. The rule change takes effect November 1, 2016, after a public comment period. “These updates will ensure that capital requirements remain prudent in periods where house prices are high relative to household income and/or house prices are increasing rapidly in nominal terms,” OSFI said in its announcement. The rules will force seven large banks to put aside more capital for mortgages in potentially overvalued cities. READ MORE
Will shopping for mortgage rates hurt our credit score?
– moneysense.ca
Sammu (left) and Mandy Dhaliwall (far right) (Photo by Jennifer Roberts)In our April 2016 issue of MoneySense, we introduced you to Sammu and Mandy Dhaliwall, a young married couple with three kids from Brampton, Ont. They are trying to juggle RRSPs, TFSAs, paying down their $350,000 mortgage as well as their $90,000 home equity line of credit. Throughout the year we’ll be giving them a financial challenge every four weeks to help them get their finances in tip top shape. Make sure to follow along! Let’s start.
Challenge No. 1
The Dhaliwalls’ first challenge was to go shopping for mortgage rates and find out what new rate and terms they’d be eligible for this July when their mortgage comes up for renewal. Most institutions offer a three-month interest rate guarantee. The couple was asked to check out RateSpy.com, a website that keeps track of mortgage rates offered by financial institutions, and then use this information as a bargaining chip with their own mortgage provider to potentially get a lower rate…
