Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
CMHC tightens mortgage rules in latest response to COVID-19 + MORE Jun 10th
On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic.
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a hig.... More »
Beware of “Friendly” Calls From Your Bank + MORE Jun 9th
For better or worse, Canadians have a lot of trust. In each other, in their government, in the places they eat, in the places they shop – and apparently in the places they bank. A 2020 survey found that seven out of 10 Canadians believe their banks have their best interest in mind when offerin.... More »
The Latest COVID-19 Mortgage News: Toronto Real Estate Sales Plunge 37% + MORE Apr 1st
New data suggests homes sales in Toronto dropped 37% last week compared to the same time last year, according to Realosophy Realty. The firm also says cancelled listings jumped by 27% as thousands of Canadians now find themselves out of work, putting into question the near-term future of Canada̵.... More »
Why Ottawa should bail out homebuyers if house prices tank + MORE Jun 5th
(iStock)
If you don’t know them personally, you’ve read about them: the woebegone residents of Vancouver, Toronto, and the surrounding areas of those two cities who bought too much house. Some of you pity them; so unfair their time to buy arrived at the frothiest stages of a property bubble. But.... More »
Why mortgage brokers should know prepayment penalty calculations inside and out Mar 20th
All mortgage brokers should have a comfortable working knowledge of how prepayment penalties are calculated and applied. .... More »
Bank of Canada Holds Key Rate Following Mortgage Changes, Revises Economic Outlook
– ratesupermarket.ca
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…
Feds propose changes to spread mortgage risks
– moneysense.ca
OTTAWA – 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…
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.
Mortgage brief…Is it worth changing your mortgage today?
– canadamortgagenews.ca
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 […]
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
