Feds propose changes to spread mortgage risks + MORE Oct 22nd

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Have fixed mortgage rates peaked? May 25th

Notwithstanding some additional rate hikes last week, fixed mortgage rates have seemingly plateaued following a stellar run-up over the past several months..... More »

How Canada’s Mortgage Lenders Adapted to the ‘New Normal’ Dec 14th

  The COVID-19 pandemic and the resulting nationwide lockdown forced the country’s mortgage lenders—like many businesses across the country—to adjust their operations in this unprecedented and brave new world of conducting business. They were faced with keeping the country’s mortgage de.... More »

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

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 .... More »
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Don’t Fear the Digital Future of the Mortgage Industry + MORE Dec 15th

There’s no denying the mortgage industry—like many others—is in the midst of a digital transformation. Depending on your perspective, that’s something that can either be feared or embraced as a new opportunity. The fear, of course, is that as the industry moves towards greater automa.... More »

The Latest in Mortgage News – 2018 Forecasts Dec 27th

It can be a chore to stay on top of the latest mortgage news these days, particularly given the barrage of forecasts and predictions for housing markets in 2018. Unsurprisingly, the majority of forecasts for the year ahead have focused on OSFI’s new mortgage rules, including the mortgage stres.... More »
Bank of Canada Holds Key Rate Following Mortgage Changes, Revises Economic Outlook
Canadians haven’t seen any change in the overnight lending rate since July 2015 and it appears it will stay that way for at least a while longer: Bank of Canada governor Stephen Poloz announced Wednesday that the key rate is being held at 0.5 per cent. The bank rate remains at ¾ per cent, and the deposit rate at ¼ per cent.
While the decision to hold the rate came as no surprise to many economists, the big focus within the current announcement is the downward revision for the Canadian economy. On the positive side, the latest Monetary Policy Report shows that Canada is on track for a rebound in the second half of 2016 due to the return of full oil sands production and rebuilding activity in Alberta. It also anticipates that the rollout of the Child Care Benefit will result in improved household spending going forward.
However, the Bank says export data – while improved – isn’t strong enough to make up for all the ground lost during the first half of the year, when the economy saw a contraction by 1…

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Feds propose changes to spread mortgage risksOTTAWA – The federal government formally launched consultations Friday to explore potential changes that would shift some of the financial risk tied to insured mortgages from the shoulders of taxpayers to lenders, such as the banks.
Under Canada’s current system, lenders are able to transfer virtually all of the risk from insured mortgages to insurers, which are indirectly backstopped by taxpayers, the government said.
The Finance Department has been examining the possibility of making such a change for a couple of years and it’s now seeking more input.
Finance Minister Bill Morneau announced the consultations into so-called “lender risk sharing” earlier this month as part of a package of changes related to Canada’s housing market.
.cbR{box-sizing:border-box;display:block;width:100%;margin:1em 0;border:1px solid #bbb;padding:.5em}@media (min-width:480px){.cbR{width:250px;margin:0 0 1em 1em;float:right}}Mortgage insurance changes will impact buyers and banks
The consultations are designed to help Ottawa determine whether having lenders absorb a modest chunk of loan losses on insured-mortgage defaults would help shore up stability in the system…

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The federal government said Friday it wants to hear from players in the financial industry on lender risk sharing, a move that could see financial institutions absorb a portion of loan losses on insured mortgages that default.

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Mortgage rates have never been lower.  Should you break your current mortgage to take advantage of the lower rates?   The answer is ‘yes’ and ‘no’. YES….if the penalty to break your mortgage is less than the potential savings.  We are seeing many opportunities today where it PAYS to break your mortgage and get into […]

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Mortgage Career: Equity Financial Trust

– canadianmortgagetrends.com

Company: Equity Financial Trust Position: Business Development Manager Location: Toronto, ON Apply to: careers@equityfinancialtrust.com Business Development Manager Company Overview: Equity Financial is a publicly traded Canadian financial services company serving the alternative residential mortgage market through its OSFI‐regulated wholly‐owned subsidiary Equity Financial Trust Company.   At Equity, we strongly believe our success is based on one singular factor – our people.   Overview of Position: Reporting to the Vice President, Sales & Marketing the Business Development Manager represents Equity Financial Trust to the mortgage broker community in South West Ontario. Primary responsibility is to retain and grow business with current EFT READ MORE

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