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Latest News
Market Your Mortgage Business More Effectively in 2020 + MORE Dec 12th
It’s not too early to be thinking about New Year’s resolutions. And since you’re promoting yourself and building business, more efficient marketing is probably on your wishlist for next year. Why not resolve to market yourself more efficiently in 2020? Marketing is a full-time job. Since you a.... More »
What happens when your landlord misses mortgage payments? + MORE Jun 11th
You held up your end of the bargain and paid your rent on time—only to learn your landlord failed to keep up with mortgage payments and the home may need to be sold. Panic sets in, as you don’t know if you can continue to call this place your home. Experts say there are a number of ways thi.... More »
How to find room to save in 2026—even with tight budgets Jan 11th
Saving more in 2026 is a common new year’s resolution, but with budgets tight and inflation driving the cost of groceries and everyday necessities higher, it’s easier said than done. Financial planning experts say it takes a careful review of where you’re spending to find ways to s.... More »
Locked Out of the Market: How the Mortgage Stress Test Could Be Hurting Homebuyers Mar 12th
It was created with the intention of saving Canadians from becoming over-burdened with their mortgages, but some critics of the Canadian government’s mortgage stress test say it is slamming the door on first-time homebuyers who would otherwise be able to break into the market. In a recent opi.... More »
MORTGAGE 101: Understanding Different Mortgage Options + MORE Mar 27th
To new buyers, the real estate market can appear intimidating with jargon like amortization, mortgage insurance, fixed vs variable and so on.
Here are some of the key terms and mortgage types you’ll encounter when shopping for your home loan.
What is a Mortgage?
A mortgage is a loan offered by fi.... More »
Six Months was What it Took to Absorb Latest Mortgage Changes!
– canadamortgagenews.ca
Ever since the US 2008 sub-prime mortgage crisis, we’ve seen a never-ending string of change. Mortgage lending rules have become tougher and tighter. Underwriting is stricter and more thorough. (As usual, the government has not missed an opportunity to stick their nose into your business by making lenders ask for more income documentation.)
The rule of change is that it takes around six months for consumers to adjust.
We’ve seen this pattern many times. If you look back two years, in Vancouver, the provincial government brought in a 15% foreign buyer’s tax. Pessimists said the sky was falling and that this would destroy the housing market. I had a different opinion… I said it would return to normal within six months.
Sure enough, the housing market went soft and prices declined, temporarily. Then they rebounded and increased to new record heights.
We had another big change in Toronto when the Ontario government followed BC and imposed a 15% foreign buyer’s tax in 2017…
