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.
Latest News
Ottawa to allow 30-year amortization for first-time buyers’ mortgages on new homes + MORE Apr 12th
Some advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain home buyers, but say expanding the policy to all Canadians would help make home ownership more affordable.
Speaking in Toronto on Thursday, Finance Minister Chrystia Freeland announced.... More »
TD Bank plans to sell $9 billion in mortgages to comply with asset cap + MORE Jan 23rd
TD Bank is planning to sell around $9 billion in residential mortgages as it works to adjust its balance sheet and meet an asset cap imposed by U.S. regulators..... More »
To get corporate taxes down, U.S. might cut back on mortgage interest deduction + MORE Aug 4th
The Trump administration is considering reducing the annual $1 million mortgage deduction cap for U.S. homeowners as a part of its broader tax reform, despite earlier promises to protect the tax advantage, Politico reported on Friday..... More »
Mortgage brokers are slowly embracing AI tools like ChatGPT + MORE Jul 15th
AI is creeping into every industry imaginable, from oil and gas to fintech, and the mortgage industry is no exception..... More »
Five-year prison terms handed to Fortress founders in mortgage fraud case Feb 22nd
The decision marks a significant enforcement outcome in a case that helped reshape scrutiny of Ontario’s syndicated mortgage market..... More »
CREA raises 2014 home sales forecast
– moneysense.ca
OTTAWA – The Canadian Real Estate Association raised its home sales forecast Monday on the back of stronger than expected sales in recent months after a slow start to the year.The association said sales through its Multiple Listing Service are now expected to total 475,000 homes for 2014, up from a June prediction of 463,400.
The new forecast would mean sales would be up 3.8 per cent compared with 2013.
The association said the frigid winter delayed the start to the spring home buying season and helped boost sales in May and June.
“Although this boost was and still is expected to be transitory, sales have yet to show signs of cooling as activity strengthened slightly further over the summer,” CREA said in its updated forecast.
“The increase reflects continuing strength in home sales among large urban markets that initially drove the spring rebound together with gains in markets where activity had previously struggled to gain traction. Lowered mortgage interest rates supported this trend…
Why there’s a sudden surge in reverse mortgages
– moneysense.ca
The number of reverse mortgages in Canada increased 29% year-over-year in June—a significant jump. Fee-only planner Jason Heath says the rise is due to soaring home prices in Canada, allowing seniors with limited income to use reverse mortgages to tap into their growing home equity. But Heath warns that using reverse mortgages is risky, because they permanently eat through your home equity, and they do so quickly. A more prudent option is a home-equity line of credit. If you’re really short on cash, it’s often better to sell your house, spend some of the proceeds, and rent.
Source: HomEquityBank
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