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CMHC reports annual pace of housing starts up eight per cent in October Nov 18th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in October rose eight per cent compared with September..... More »
Report: New Mortgage Stress Test Cutting 18% of Home Buyers Out of the Market Aug 7th
According to a new report by the Mortgage Professionals of Canada (MPC), new stricter mortgage rules are leaving 18 per cent of home buyers out of the market. The MPC report found that while many Canadian home buyers could afford to make monthly payments at the bank’s contract rate, the higher ba.... More »
How seniors can use TFSAs to have more in retirement + MORE Dec 30th
Because the biggest single expense in retirement is usually tax, high-income seniors should strive to use Tax-free Savings Accounts (TFSA) to minimize the tax bite in their later years.
The key is to maximize both contributions and growth no matter how old you are, which means holding proper growth .... More »
Merry Christmas & Happy Holidays! + MORE Dec 25th
Whether you’re having a white Christmas or a rainy one, the spirit of the holiday holds true. May you enjoy this special time of year with those closest to you. From the entire Canadian Mortgage Trends family, we wish you and yours a safe, relaxing and cheerful holiday season. Warmest wishes,.... More »
Canadian House Prices Hit Record High Amid 'Oversupply' Warning + MORE Jun 12th
Canadian home prices hit a record high in May despite signs of an “oversupply” in many markets, National Bank Financial said Friday.
The Teranet-National Bank House Price Index showed house prices rising 0.9 per cent in May from the month before. They were up 4.6 per cent in a year.
All but on.... More »
Higher mortgage insurance premiums could hurt first-time buyers, economists say
– canadianbusiness.com
TORONTO – Some realtors and economists say higher mortgage insurance premiums introduced recently by Genworth Canada and CMHC could cause first-time homebuyers to delay their purchases.
“It’s certainly going to bite into first-time, low-equity homebuyer sales,” said Helmut Pastrick, chief economist with Central 1 Credit Union.
“I don’t expect a major impact on housing sales activity as a result of this change, but at the margin, it will slow first-time buyer sales to some extent.”
Canada Mortgage and Housing Corp. announced last week that insurance premiums for buyers who have a downpayment of 10 per cent or less will go up by 15 per cent starting June 1. Genworth matched the move on Monday with an identical increase.
Canada Guaranty, the third mortgage insurance provider in the country, has yet to announce a boost to its premiums.
Both CMHC and Genworth said they don’t expect the changes to have any significant impacts on housing demand.
But Ron Hollet, a Halifax-based broker with Re/Max Nova, says he expects the changes will force a number of first-time buyers out of the market…
“It’s certainly going to bite into first-time, low-equity homebuyer sales,” said Helmut Pastrick, chief economist with Central 1 Credit Union.
“I don’t expect a major impact on housing sales activity as a result of this change, but at the margin, it will slow first-time buyer sales to some extent.”
Canada Mortgage and Housing Corp. announced last week that insurance premiums for buyers who have a downpayment of 10 per cent or less will go up by 15 per cent starting June 1. Genworth matched the move on Monday with an identical increase.
Canada Guaranty, the third mortgage insurance provider in the country, has yet to announce a boost to its premiums.
Both CMHC and Genworth said they don’t expect the changes to have any significant impacts on housing demand.
But Ron Hollet, a Halifax-based broker with Re/Max Nova, says he expects the changes will force a number of first-time buyers out of the market…
Nearly a third of first-time homebuyers got some sort of money from their parents before making the purchase, new numbers from mortgage insurer Genworth suggest.
TORONTO – Realtors and economists say higher mortgage insurance premiums introduced recently by Genworth Canada and CMHC could cause first-time homebuyers to delay their purchases.Genworth says insurance premiums for buyers who have a downpayment of 10 per cent or less will go up by 15 per cent starting June 1.That follows a move by Canada Mortgage and Housing Corp., which announced last week it is boosting premiums for homebuyers who put down 10 per cent or less by 15 per cent.Both agencies said they don’t expect the changes to have any significant impacts on housing demand.But Ron Hollet, a Halifax-based broker with Re/Max Nova, says he expects the changes will force a number of first-time buyers out of the market.Helmut Pastrick, chief economist with Central 1 Credit Union, says some buyers could decide to postpone their first home purchases to save up a larger downpayment.
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Also on HuffPost:
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When to invest in a syndicated mortgage
– moneysense.ca
Pooling your money to buy into a syndicated mortgage is a risky investment. (Getty Images/Arda Guldogan)Q: I’m a long-time MoneySense reader, and find your investment/financial advice and articles always very useful. I’m in my late 30′s, have an owner-occupied triplex, a cash reserve, and a good portfolio of ETF’s. I’m concerned about the potential overvaluation in the stock market these days, and am looking to diversify my investments further outside the stock market.
I’ve recently seen a lot of advertisements for “syndicated mortgage” products. They promise great fixed-income returns of 8+%, with the principal investment “fully secured” through real commercial property titles. I’m assuming it’s all too good to be true, but I don’t quite know where to look for the “catch.”—Brad
A: Who isn’t enticed by an 8% return? But you’re smart to question whether or not this is too good to be true…
Genworth follows CMHC, raises mortgage insurance premium
– moneysense.ca
(mstay/Getty Images)TORONTO – Genworth Canada says it will be increasing the premium for some of its mortgage insurance, starting June 1, matching a move announced last week by Canada Mortgage and Housing Corp.
The rate wlll go up by 15 per cent for buyers who have a downpayment of 10 per cent or less.
Mortgage insurance provides protection for lenders who provide money to home buyers and owners.
» It’s getting harder to buy mortgage insurance in Alberta
» Mortgage Payment Calculator
The home buyer’s or owner’s premium is determined by several factors including how much is borrowed and how much the property is worth.
Genworth says it believes the higher premiums for people with small down payments won’t have a major impact on home affordability but the higher pricing will support the long-term health of Canada’s system for financing housing.
The new rate for a loan-to-value ratio up to 95 per cent is 3.6 per cent, up from 3.15 per cent. For a loan-to-value ratio from 90…
