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
Going big in a tiny space + MORE Mar 4th
When she and her husband moved their family of four to Toronto last year, Tanya Frenette knew a small living space was in store: They had lived a cramped city life before, and in between had spent several years in Vancouver—hardly a mecca of mega-sized homes, either.
Tanya admits her North Toronto.... More »
Q&A with CanWise Financial’s James Laird + MORE Nov 19th
After spending six years as the Chief Operating Officer (COO) of Canada’s largest independent mortgage brokerage, James Laird set up his own mortgage company, CanWise Financial, earlier this fall. Laird’s success has in large part been due to a mastery of leveraging the Internet leads. In.... More »
Feds propose changes to spread mortgage risks + MORE Oct 22nd
OTTAWA – The federal government formally launched consultations Friday to explore potential changes that would shift some of the financial risk tied to insured mortgages from the shoulders of taxpayers to lenders, such as the banks.
Under Canada’s current system, lenders are able to transfer vir.... More »
Solving Canada's National Housing Crisis Begins At Home + MORE Oct 4th
Canada has recently been held up as a shining example of a progressive nation. Just while countries across the Atlantic and south of the border appear to be adopting a more closed door attitude, Canada is forging ahead with inclusive policy and getting recognition for doing what's right.
This po.... More »
Home Capital managers ignored warnings from regulators, industry partners: report Aug 7th
Auditor’s 2015 report outlines the root causes of mortgage fraud at Home Capital Group that set in motion a near-disaster
.... More »
Money for Mama!
– ratesupermarket.ca
Mother’s Day is coming up quick – and Canadians are flocking to flower shops across the nation. And, while Mom’s sure to love those pretty posies, she’d likely appreciate a fistful of cold, hard cash even more! Check out our top 10 gift ideas with a financial twist – sure to grow your mom’s wealth (and cement your position as favourite child).
After all, financial success should be a family affair – just ask Desiree Fawn, this week’s special guest offer. Be sure to check out her kid-proofed budget building tips!
No May Day For Spring Mortgage Rates
Our mortgage experts have spoken – and it looks as though May mortgage rates aren’t in for any major movement this month. If you’re a buyer, this means it’s a great time to score your financing – don’t hit the open houses without reviewing our panelists’ take on fixed and variable options.
Read Penelope’s Blog | No May Day for Spring Mortgage Rates
10 Mother’s Day Gifts That’ll Make Her Richer
Forget the flowers – what better way to honour Mom than to up her wealth quotient? If you’re stumped on a Mother’s Day gift, be sure to check out these top 10 suggestions, from finance-themed books and apps to ways you can help Mom control her finances…
No May Day For Spring Mortgage Rates
– ratesupermarket.ca
Stable bond yields and central bank doubts lead to stability for fixed and variable options
May 8, 2014: Toronto, Ontario – May will bring flowers – but there’s no growth in store for the Canadian cost of borrowing. Stable bond yields and a competitive spring market lead to status quo for fixed mortgage rates in the short term. Variable mortgage rates, however, aren’t to change until 2016 as exports and inflation remain below the Bank of Canada’s forecast.
Fixed Mortgage Rates: Unchanged
The busy spring buying season is in full swing, prompting lenders to stay competitive with their rates, as Canadian buyers snap up homes in droves. This is supported by stability among government bond yields, which have not fluctuated enough to warrant any pressure placed on fixed rates in the short term.
Variable Mortgage Rates: Unchanged
Central interest rates won’t rise until 2016, according to the Bank of Canada’s top man himself, Stephen Poloz. Lower-than-expected export activity and steep retail competition continue to depress inflation growth, the required driver behind a potential rate rise…
CMHC Plans to Insure Fewer Mortgages
– ratesupermarket.ca
Planning to pay less than 20 per cent on your home purchase? You’ll be joining a shrinking pool of buyers who require mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC). The Crown corporation stated in its annual report that it is underwriting less mortgage insurance, and that it has plans to reduce the amount even further.
In the report, CMHC states it insured $557 billion in high-ratio mortgages in 2013, a drop from $566 billion in 2012. The report forecasts it will insure even less in 2014, probably around $545 billion. The decline comes as a result of tightened lending rules, which the government last tweaked in Summer 2012. Now new rules implemented by the CMHC will lead to even fewer homeowners qualifying for mortgage insurance… and CMHC is ok with that.
Stricter Lending to Come
Worried about an overheated housing market, the late Finance Minister Jim Flaherty introduced stricter measures four separate times to curb out-of-control borrowing…
Mortgage Career of the Week
– canadianmortgagetrends.com
Company: Financial Services Commission of Ontario Position Title: Senior Compliance Officers Licences or Registrations Required: No Location of Positions: Toronto, Ontario Applicants may contact: FSCOcareers@adecco.ca Click on the position title…
2014 Canadian Mortgage Awards
– canadianmortgagetrends.com
Congratulations to the entire lineup of nominees and winners at last night’s CMP Canadian Mortgage Awards. The people and companies named this year were recognized for elevating their crafts beyond…
