BoC’s Call for Longer Mortgage Terms Raises Questions + MORE May 9th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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The Best Credit Cards for Students in 2019 + MORE May 18th

If you’re a student in college or university, you understand that every penny counts. Tuition is high, textbooks are expensive, and it’s hard to maintain healthy eating habits while living off-campus when all you can afford are those packets of Sidekicks pasta for $1. This is where a good rewar.... More »
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CMHC’s Siddall Warns Homeownership “Party” Coming to an End + MORE May 12th

The head of the Canada Mortgage and Housing Corporation (CMHC) gave a candid assessment of the country’s housing market, saying the “party” of homeownership as a sole savings vehicle will come to an end. Evan Siddall made the comments during an interview with BNN Bloomberg’s Aman.... More »
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IMF Cautions Against Relaxing Mortgage Rules, Says Market Still Heated in Canada + MORE May 24th

The housing market remains the biggest threat to Canada’s economic health. That is according to a report by the International Monetary Fund (IMF), published this week after an official visit to Canada. They are responding to calls by several real estate boards in Canada to ease the new B-20 stres.... More »

50+ with little or no Mortgage? You Need a Line of Credit! + MORE May 15th

Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money. The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend.... More »
Earlier this week Bank of Canada Governor Stephen Poloz called on banks and other lenders to offer more innovative mortgage products, namely longer-term mortgages. During a speech in Winnipeg, he said longer mortgage terms would “mitigate the normal risks in the system both for lenders and for borrowers.” He didn’t specify just how long those […]

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Are US-Style Long-Term Mortgages Coming to Canada?
Bank of Canada Governor Stephen Poloz says it’s time to rethink how we manage mortgages in Canada. In a speech this week to the Canadian Credit Union Association and Winnipeg Chamber of Commerce, Poloz suggests we should encourage longer term mortgages and create a market for private mortgage based security. All in an effort to ease some of the financial obstacles homebuyers face getting into the real estate market. This is especially true for first time homebuyers.
In his prepared remarks to the conference called “The future of Canada’s mortgage market,” Poloz said, “More choice for borrowers and more ways for lenders to diversify risks are desirable. To be clear, the system is not broken – it has served Canadians and financial institutions well. But we should not stop looking for improvements.”
Poloz also pointed to new measures announced in the Federal Budget as a progressive move for the mortgage system. That move will see the Canadian Mortgage and Housing Corporation (CMHC) share an equity stake with first time homebuyers in their purchase…

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Top 3 Things Homebuyers Need to Know this Spring
With warmer weather comes a renewed energy and hope for the coming months. It’s also the official start of the Spring housing market.
Are you considering buying a home? If so, here are a few things you should know before you head out house hunting.

#1 – Make it conditional
No matter what, insert a condition of finance clause into your offer for five business days. There are almost no exceptions to this rule.
There has been a lot of hype around bank preapprovals in 60 seconds. Uh, yeah… ok. Do you really think any bank will underwrite and approve you for a mortgage in 60 seconds? There are so many things that could go wrong with your mortgage and the property. Is the condo corporation financially viable? Is the house worth what you paid? Are there any issues with the title? Any easements, liens or other items that could prevent you from getting a mortgage? I’m just scratching the surface. But, I think you get my point.
Today, we’re seeing the unexpected effects of all the government mortgage rule changes…

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