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What’s in a name? Well, in the case of the Canada Housing and Mortgage Corporation, “mortgage” likely won’t be for much longer. The housing agency announced last week that it will be undergoing a rebranding in the coming months to better reflect its mandate. CEO Evan Siddall .... More »
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The British Columbia government today unveiled additional details of its proposed house flipping tax that was introduced in last week's budget..... More »
CMHC reports annual pace of housing starts slowed in February + MORE Mar 9th
The housing agency said Friday the annual pace of housing starts slowed in February as higher mortgage rates and other economic conditions soften demand. Economists had expected an annual pace of 205,000 for the month but instead fell to 173,153 units..... More »
Trump Tower In Toronto Fails To Find Buyer Mar 7th
The sale of Toronto’s Trump Tower failed to attract a single bid from anyone except the lender that owns its debt, according to news reports.
Plagued by years of financial losses, the Trump International Hotel & Tower Toronto went into receivership last year, after defaulting on a C$260-milli.... 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…
