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
Non-mortgage debt and delinquencies on the rise: Equifax Apr 10th
High interest rates have applied the brakes to Canada's housing market, with mortgage originations down nearly 40% compared to a year earlier..... More »
How the Government Has Saved the Economy from COVID-19…So Far Jul 25th
Despite deep economic pain caused by the global pandemic, the Canadian economy—and the housing sector in particular—appears to be bouncing back from the near-complete shutdown of society…at least for now. That’s thanks in large part to numerous government measures meant to keep liquidity flo.... More »
How to Improve Your Credit Score – Student Edition + MORE Sep 15th
The new school year is in full swing and if you’re a university or college student, then you’ve probably already settled comfortably into your new routine and dorm room. As you buy books, begin assignments and make new friends, the last thing you’re likely thinking about is your credit.
But.... More »
Refinancing your mortgage? Here’s why a professional home appraisal is step one + MORE Mar 28th
Before you refinance your mortgage, it’s important to know your home’s true value. A professional home appraisal gives you an accurate picture of the value of your property, helping you make smarter financial decisions from lowering your monthly payments to accessing equity to evaluating your re.... More »
OSFI’s stress test change sparks industry confusion Nov 30th
Canada's banking regulator threw the mortgage industry a curve ball last week when a representative suggested there were some restrictions to a recent policy change most brokers weren’t aware of..... More »
CMHC Q1 Report Calls for Housing Market Slowdown
– ratesupermarket.ca
At the beginning of February, the Canada Mortgage and Housing Corporation released its first-quarter Housing Market Outlook report. The Crown agency’s updated national forecast predicts a stable to slightly declining housing market for this year and into 2016, a finding that’s echoed by economists at the country’s big banks.
Government Accountability
The CMHC looks at two factors when developing its outlook: the total number and sale price of resale homes, and the tally of “housing starts” (i.e. the number of new homes being constructed).
Based on Multiple Listing Service (MLS) stats, the total number of existing home sales will be stable for 2015 and 2016, with somewhere between 150,000 and 200,000 homes exchanging hands across the country. While the CMHC suggests there is “a modest amount of overvaluation at the national level,” overall, the price those homes sell for is expected to rise very modestly, by about 1.5 per cent, to a national average in the range of $384,000 to $428,000 in 2015…
No Love Lost: Why Families Fight Over Wills
– ratesupermarket.ca
Shortly before she died, Toronto resident Pauline Rudling drew up a straightforward will leaving two properties to her two sons, one for each of them. What could be simpler?
Nonetheless, a few years and several arguments later, her sons wound up in court, running up a stack of legal fees to try to determine how the estate should actually be divided. The two disagreed on whether taxes and estate expenses were to be shared equally between them or deducted only from the value of the older son’s house.
In the end, the judge ruled that all expenses of the estate, except for a mortgage on one of the houses, had to be shared equally between the brothers. The total costs of the original ligation and a subsequent appeal? A whopping $53,000.
All of this could have been avoided if the family had worked together to draft the will prior to the parent’s death, says Toronto estate lawyer Les Kotzer, the author, along with Barry Fish, of Where There’s an Inheritance: Stories from Inside the World of Two Wills Lawyers…
Introducing MDashboard
– canadianmortgagetrends.com
Many moons ago we were sitting down contemplating our frustration at how many websites we had to visit to get housing-market data. And then we uttered the five magic words: “Wouldn’t it be nice if…” Fast forward some years and the Canadian Association of Accredited Mortgage Professionals (CAAMP) has completed that sentence by building a […]
Mortgage Career: Verico CML Canadian Mortgage Lender Inc.
– canadianmortgagetrends.com
Company: Verico CML Canadian Mortgage Lender Inc. Position: Mortgage Professional Location: Alberta or Saskatchewan Mortgage Professional It’s your choice to make. A job is an activity. A career is a pursuit A job provides challenge. A career requires ingenuity. A job is a means to an end. A career is a journey. A job […]
Mortgage Career: PropertyGuys.com
– canadianmortgagetrends.com
Company: PropertyGuys.com Mortgage Position: Mortgage Agent Location: Moncton, NB; Halifax, NS; PEI; St. John’s, NFLD; ON Mortgage Agent Experience Required 2 years industry related Licences Required? Yes, if required in province of employment Location: Moncton NB; Halifax, NS; PEI; St John’s, NFLD; Ontario Contact: salbert@propertyguys.com Job Description At PropertyGuys.com Mortgage we’re crazy obsessed with making […]
