How to buy a home the right way, according to CMHC + MORE Mar 1st

Canada Mortgage and Housing Corp. has updated its free guide to the process of buying a home, with an emphasis on encouraging Canadians to think long term about what kind of home they should buy — or whether they would be better off renting.

 If you still think your local BANK is your best friend, think again.  Last week, one of my client’s discovered it would cost them $13,634 to exit their mortgage early.  Compared with only $2736 if they had chosen a BETTER mortgage Lender. Here’s the details..  The clients had a $395,000 mortgage balance remaining.  Renewal date […]

TORONTO — The CEO of Scotiabank says he’s concerned about the possibility of a housing market correction in Toronto and Vancouver.

Brian Porter, who was asked about his outlook for the Canadian mortgage market during a conference call to discuss the bank’s first-quarter results, said he’s supportive of recent government changes introduced to reel in house price growth.

Scotiabank CEO Brian Porter says the Toronto and Vancouver housing markets will have to correct at some point. (Photo: The Canadian press)

“Trees don’t grow to the sky and markets will correct at some stage here,” Porter told analysts Tuesday after the bank reported net income of $1.49 billion during the first quarter of the year.

Ottawa introduced a series of changes to mortgage rules last October, including one that requires all insured mortgages undergo a stress test to make sure that borrowers would still be able to repay their loans if interest rates rise or their circumstances change.

Previously, stress tests were not necessary for fixed-rate mortgages longer than five years…

The CEO of Scotiabank (TSX:BNS) says he’s concerned about the possibility of a housing market correction in Toronto and Vancouver.
Brian Porter, who was asked about his outlook for the Canadian mortgage market during a conference call to discuss the bank’s first-quarter results, said he’s supportive of recent government changes introduced to reel in house price growth.
“Trees don’t grow to the sky and markets will correct at some stage here,” Porter told analysts Tuesday after the bank reported net income of $1.49 billion during the first quarter of the year.
Ottawa introduced a series of changes to mortgage rules last October, including one that requires all insured mortgages undergo a stress test to make sure that borrowers would still be able to repay their loans if interest rates rise or their circumstances change.
Previously, stress tests were not necessary for fixed-rate mortgages longer than five years.
“I think we’re going to need some time to see those take hold, and we will see that through the spring mortgage season,” Porter said…

TORONTO — The CEO of Scotiabank (TSX:BNS) says he’s concerned about the possibility of a housing market correction in Toronto and Vancouver.
Brian Porter, who was asked about his outlook for the Canadian mortgage market during a conference call to discuss the bank’s first-quarter results, said he’s supportive of recent government changes introduced to reel in house price growth.
“Trees don’t grow to the sky and markets will correct at some stage here,” Porter told analysts Tuesday after the bank reported net income of $1.49 billion during the first quarter of the year.

Why Vancouver’s real estate prices are so crazy »

Ottawa introduced a series of changes to mortgage rules last October, including one that requires all insured mortgages undergo a stress test to make sure that borrowers would still be able to repay their loans if interest rates rise or their circumstances change.
Previously, stress tests were not necessary for fixed-rate mortgages longer than five years…