Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Mortgage market braces for impact as one million renewals loom and defaults climb + MORE Mar 16th
Canada’s mortgage market is rebounding, with new originations up 39% year-over-year, according to Equifax’s latest Q4 Consumer Trends report..... More »
B.C. Regulator Shuts Down Unlicensed Broker with $500M in Volume Jun 5th
An unlicensed B.C. mortgage broker accused of arranging half a billion in mortgages for hundreds of clients has been issued a cease-and-desist order by the province’s mortgage regulator. The Financial Institutions Commission of British Columbia (FICOM) announced last week that its Registrar of.... More »
Despite slowing volumes, First National expects to remain above pre-pandemic levels Aug 3rd
First National Financial saw a second consecutive month of slowing mortgage originations in Q2 as rising interest rates continue to impact the housing market..... More »
Home prices won’t revert to pre-pandemic levels, should start rising again in 2024: CMHC + MORE May 4th
The Canada Mortgage and Housing Corporation (CMHC) expects home prices to reach a bottom this year, but aren't expected to fall below pre-pandemic levels..... More »
Toronto and Vancouver mortgage arrears set to hit highest levels in 10 years, CMHC warns + MORE Nov 15th
Mortgage arrears in Toronto and Vancouver are on track to rise to levels not seen in over a decade, according to a new forecast from Canada's housing agency..... More »
Canadians could walk away from their homes if house prices fall
– moneysense.ca
For anyone who paid even passing attention to the U.S. housing crisis in 2008, the term “jingle mail” will be familiar.
Widespread financial shenanigans during the run-up in house prices in the early 2000s—like subprime lending and dodgy approvals—resulted in a very painful housing crash and recession. Suddenly millions of Americans could no longer keep up with their payments, and as the value of their homes dropped, they slipped ‘underwater’ on their mortgages. In other words, they owed more than their homes were worth. But since certain American states have so-called “no recourse” legislation, which restricts mortgage lenders from suing borrowers to recover their losses, homeowners who are underwater on their mortgages can simply walk away from their homes.
And many did. Hence the term jingle mail, the (albeit rare) practice of people mailing their house keys back to the bank.
READ: Drowning in debt is the new normal in Canada
In the wake of the U.S. crash, a lot of questions have been asked about the strength and stability of Canada’s housing market, with its sky-high prices and deeply indebted households…
Widespread financial shenanigans during the run-up in house prices in the early 2000s—like subprime lending and dodgy approvals—resulted in a very painful housing crash and recession. Suddenly millions of Americans could no longer keep up with their payments, and as the value of their homes dropped, they slipped ‘underwater’ on their mortgages. In other words, they owed more than their homes were worth. But since certain American states have so-called “no recourse” legislation, which restricts mortgage lenders from suing borrowers to recover their losses, homeowners who are underwater on their mortgages can simply walk away from their homes.
And many did. Hence the term jingle mail, the (albeit rare) practice of people mailing their house keys back to the bank.
READ: Drowning in debt is the new normal in Canada
In the wake of the U.S. crash, a lot of questions have been asked about the strength and stability of Canada’s housing market, with its sky-high prices and deeply indebted households…
Be Aware of Mortgage Penalties
– canadianmortgagetrends.com
Mortgage penalties are probably hated about as much as taxes—but tenfold. Particularly when those penalties reach into the five figures. Take this case of an Edmonton couple that was initially quoted $17,000 to break their five-year fixed mortgage early. But homebuyers need not fall into the trap of being stuck with enormous penalties simply to […]
Canada Mortgage and Housing Corp. says the annual rate of housing starts ticked higher in October as the pace of new construction in the Vancouver region hit a 12-month high.
