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Latest News
‘Strike Out Cancer’ goes national as mortgage industry aims to raise $1M in 2026 + MORE Jan 14th
The annual bowling fundraiser is growing from a Toronto event into a 14-city campaign, with the mortgage industry aiming to raise $1 million for cancer research this year..... More »
Changes to Canada’s CMB program could have unintended consequences, experts say + MORE May 31st
As the federal government considers streamlining its process for funding mortgages, some worry that changes to the Canadian Mortgage Bond (CMB) program could have unintended consequences..... More »
It’s Financial Literacy Month Nov 10th
We’re celebrating Financial Literacy Month!
Join Senior Economist, Ted Tsiakopoulos and Mortgage Broker, Steve Garganis Thursday, Nov 12, 2020, at 1:00 PM Eastern Time for a chat about budgets, savings, debt, and more.
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Register Now: https://buff.ly/3lhmUl3
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Insurance Premiums May Rise in 2019 Aug 16th
OSFI is tightening mortgage lending again. But this time, it’ll be less impactful for consumers. The banking regulator issued its final Mortgage Insurer Capital Adequacy Test (MICAT) guideline last week. MICAT is the “framework for assessing the capital adequacy of mortgage insurance companies,.... More »
Variable rate is out, Fixed rates are in…. But, which term…? + MORE Mar 31st
For more than a decade, I’ve been recommending Variable rate mortgages, as the product of choice. My clients have saved $thousands. It’s been a great 11 year run.. But now, the strategy has changed slightly. Read on, to see my newest recommendations.. QUICK VARIABLE RATE HISTORY..... More »
Mortgage Career of the Week
– canadianmortgagetrends.com
Company: B2B Bank Position Title: Business Development Manager – Mortgages (Ottawa) Years of Experience Required: 4-10 years Licences or Registrations Required: NA Location of Position: Ottawa, Ontario Applicants may apply:…
Conditional Financing: Why It’s Important When Buying a Home
– ratesupermarket.ca
One of the side stories to the seemingly never-ending real estate boom in Canada’s major urban centres is the new records being set in multiple-offer bidding wars. Earlier this year, a five-bedroom “fixer upper” in the northern end of Toronto went on the market listed for $699,000. On offer night there were 72 bidders. In the end, the house sold for $1.366 million, nearly double the asking price.
With market conditions like these, would-be buyers often consider leaving out any conditions on their offers to make their bid seem more attractive. But there are some risks to leaving out the “offer conditional upon financing” clause. Here we look at some of the dangers of that strategy, and how you can buy your dream house without getting burned.
Financing 101
One of the first steps in the search for a home is to consult your bank or mortgage broker to find out how large of a mortgage you would qualify for. Typically, you’ll get that figure and a locked-in interest rate that’s guaranteed for three months, giving you time to shop around knowing your spending parameters…
CMHC Q2 2014 Housing Market Outlook Highlights
– ratesupermarket.ca
Most homeowners know the Canada Mortgage and Housing Corporation (CMHC) as the government entity that they purchased their Mortgage Loan Insurance from. (Lenders require buyers to buy this insurance if their down payment is less than 20 per cent of the purchase price.) But one of the Crown corporation’s other roles is to conduct research and market analysis on the Canadian housing market.
In late May, the CMHC released its Housing Market Outlook for the second quarter of 2014. Here are some of the key highlights.
Starts to Stop?
This year, the total number of housing starts (i.e. the number of new detached, semi-detached, row house, and apartment/condo units under construction) is projected to decline in eight of the 10 provinces. The only two provinces expected to see growth in housing stock are, not surprisingly, Alberta and British Columbia where robust economic conditions continue to fuel demand and a supply of money to both build and buy new developments.
Nationally, the final tally of starts for 2014 is projected to be 181,100…
Scotiabank Cuts 5-Year Fixed Mortgage Rates to 2.97%
– ratesupermarket.ca
Scotiabank has jumped into the summer mortgage rate-cutting frenzy, unveiling a limited-time five-year fixed rate of 2.97 per cent. Available until June 7th, this discounted rate is an aggressive play by Scotia to capture the interest of seasonal home buyers. It also usurps the status of lowest-priced big bank rate from BMO, who has made headlines with their 2.99 per cent offering three years running.
A Full-Service Mortgage Product
Unlike BMO’s last 2.99 foray (the lender last offered the discount in March – their five-year fixed is currently 3.29 per cent), which limited buyers’ renewal options and offered little in prepayment flexibility, Scotia’s product is a full-service product, complete with the following features:
Available to both high-ratio and conventional buyers
Minimum purchase of $100,000 is required
Purchases must be closed within 90 days of pre-approval
15 per cent prepayment privileges – buyers can either pay 15 per cent of their original total principal, or amp up their regular payments by that amount…
Scotiabank has lowered its five-year mortgage rate to 2.97 per cent, beginning a new sally in the war to win business.
