B.C. home sales to fall as interest rates rise, but prices stay strong: BCREA + MORE Mar 10th

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The Latest in Mortgage News – The Stats Are In Apr 30th

There have been a number of reports released over the past few weeks that have provided some interesting insight into the state of the housing and mortgage markets. New reports have touched on everything from 2018 renewal rates, foreign buyer statistics and credit quality to the latest financial cru.... More »
mortgage

Packing Less Punch: Millennials’ Home Purchasing Power Drops by $40K due to New Stress Test Rules + MORE May 6th

Millennials looking to purchase new property across Canada this year are going to have to settle for less. The average peak millennial’s purchasing power in Canada is 16.5 per cent lower than it was at this time last year, meaning they qualify for a mortgage of about $40,000 less than before. The.... More »

Customer says BMO ignored her plea to cap limit on joint line of credit with ex: debt more than doubles + MORE Apr 9th

An Ontario woman says she is furious that her bank repeatedly increased the limit on a joint line of credit she had with her then-husband, allowing him to rack up debt for which she is responsible. She wants banks to have to get permission before increasing a customer's line of credi.... More »
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Ontario Housing Market: Increased Opportunity for Investors! + MORE Apr 6th

Rental vacancies are ridiculously low and demand for rental units is high… and growing! That’s just a sampling of the opportunistic real estate investment news Ted Tsiakopoulos, CMHC’s Regional Economist for Ontario, shared recently at the Canadian Mortgage Brokers’ Associat.... More »
 home equity

How can an extra $100 boost your mortgage? + MORE Mar 28th

When it comes to mortgages, $100 isn’t going to get you very far. But what if you paid an extra $100 a month towards your mortgage? It’s not a lot of money these days, but it can add up to some solid savings over time. Let’s look at a $300,000 mortgage with a 2.89% rate and a 25-y.... More »
VANCOUVER _ Real estate experts in British Columbia predict residential home sales will dip this year but remain well above the province’s 10-year average, although they warn rising interest rates could leave some B.C. households “vulnerable.”
The British Columbia Real Estate Association has released its 2018 first quarter housing forecast, showing residential sales are expected to fall 8.6 per cent to 94,855 units this year, with the decline continuing into 2019.
The projected skid follows the 7.5 per cent decrease recorded last year but the association says residential sales in B.C. are still well above the 10-year average of 84,800 units.
Strong employment growth, consumer confidence and more workers moving to B.C. are credited for the booming housing market over the last four years, including 2016, when a record 112,209 homes changed hands.
But the association predicts the pace of sales will cool due to several factors, including a five-year qualifying rate for a mortgage that is forecast to reach 5…

Continue Reading On canadianbusiness.com »

Yes, you can still buy a home in Canada… Keeping the dream alive
Canada’s a nation of immigrants. It truly is the land of opportunity. Chances are, your parents, grandparents or great grandparents came here from another country.
There are many reasons why people left their homeland. Some left by choice to pursue a better life. Others had to leave for safety reasons. Whatever the reason, most of us have a common goal: A better life.
Homeownership has always been an important part of that dream. We want to own something. We want to plant roots. There’s a pile of statistics to support this claim. In my 28 years in the financial services industry, I can attest to this claim.

Some interesting homeownership facts…

New Immigrants are considered good risks. They’ll do almost anything to ensure they pay their mortgages
In general, homeowners take better care of their homes than renters do thanks to the pride of ownership factor
Buying a home has always been considered good debt and a good investment
Interest rates are still in record-low territory (and expected to rise gradually…

Continue Reading On canadamortgagenews.ca »

Q1 2018 Bank Earnings – Mortgage Morsels

– canadianmortgagetrends.com

The first quarter bank earnings season has come and gone with little fanfare, at least on the mortgage front. Earnings reports showed generally subdued mortgage activity at BMO and TD, although TD’s HELOC portfolio grew a full 16% from last year. Meanwhile CIBC reported a 9% annual increase in its mortgage portfolio. Executives touched on […]

Continue Reading On canadianmortgagetrends.com »

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