CMHC looks to Airbnb in bid to boost withering supply of affordable rental units + MORE Oct 4th

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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Apartment sales driving Lower Mainland housing market - Chilliwack Progress + MORE Nov 3rd

Chilliwack ProgressApartment sales driving Lower Mainland housing marketChilliwack ProgressVancouver and the Fraser Valley both experienced above-average home sales last month, according to local real estate board figures, as buyers try to get ahead of the new mortgage requirements in January. Vanco.... More »

Mortgages: The Digital Future Oct 7th

Most of the financial world is already heavily invested in online distribution. And then there’s the mortgage business. Our industry is scampering to catch up. But catch up it will…and soon. That was the vivid takeaway from last week’s 2nd annual Digital Mortgage Conference in San Francisco. I.... More »

Housing starts near 10-year high on Toronto condo boom + MORE Dec 9th

Canada Mortgage and Housing Corp. says the pace of housing starts picked up in November, with condo building in Toronto driving the trend..... More »
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10 ways to save more and pay down your debt + MORE Nov 27th

1. Set a goal If you’re serious about saving you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving for retirement, having a very specific goal will help you stay motivated and on track. 2. Track your dollars.... More »
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Home ownership rate in Canada on the decline: census + MORE Oct 28th

OTTAWA — Not everyone wants to own a home these days, Evan Siddall concedes — not even his own millennial-age son. For the head of the Canada Mortgage and Housing Corp., that’s really saying something. But Siddall’s experience is far from uncommon, the latest census figures show: 3.... More »
Stricter regulations aimed at tightening mortgage lending to take some of the risk out of the market will be finalized by the end of the month, the federal financial regulator said Tuesday.

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OTTAWA _ Canada’s housing agency is looking to an unlikely ally in a bid to boost the stock of affordable rental housing: Airbnb.
The head of the Canada Mortgage and Housing Corp., says he believes short-term rental companies like Airbnb and Vacation Rental By Owner (VRBO) could help increase the rental supply in the country and, in turn, possibly reduce rents.
The government’s upcoming national housing strategy will have a heavy focus on increasing the supply of affordable housing options, including rental units and Airbnb alone offers the potential for tens of thousands of units.
CMHC chief executive Evan Siddall said his agency recently approached Airbnb, the largest such service in Canada, to see if there are ways to turn those short-term rentals into apartments available to locals to rent for longer terms. He cautioned that it was still early days with a lot of details yet to work out.
“I think VRBO and Airbnb should get ahead of this, because they could be giving us some social utility by helping us spawn supply,” Siddall said in a recent interview with The Canadian Press…

Continue Reading On canadianbusiness.com »

The countdown has started to the largest and most important annual gathering of mortgage professionals in the country. In less than 60 days, industry professionals will converge upon Niagara Falls for Mortgage Professionals Canada’s National Mortgage Conference. The two-day conference takes place on November 26 and 27 and will feature networking and educational sessions, industry-specific […]

Continue Reading On canadianmortgagetrends.com »

OTTAWA — The national housing agency is exploring ways to make it easier for entrepreneurs and new immigrants to buy a home by cutting some of the red tape required to prove they can afford to pay the mortgage.
“Right now, under our mortgage insurance policies, you have to be able to document income to get mortgage insurance, to a level of specificity that discriminates against new Canadians, because they can’t do that,” Evan Siddall, the CEO of the Canada Mortgage and Housing Corp., said in a wide-ranging interview with The Canadian Press.
READ: Should you use RRSPs to pay down the mortgage?
“It discriminates against entrepreneurs, as well, because they can’t prove their income as well, so we’re looking at our own policies to try and make sure that there is more equity in our mortgage insurance programs,” he said.
Anyone who wants to buy a home in Canada without a down payment of at least 20 per cent of the purchase price is usually required to get mortgage loan insurance from the CMHC, which requires a smaller down payment of five per cent on a home worth up to $500,000…

Continue Reading On moneysense.ca »

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