More on WestBridge’s Takeover Bid for CFF Bank + MORE Sep 2nd

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In the market to buy your first home? Perhaps you’re moving up? Or maybe you’re looking for an investment property? If you’re buying a property right now chances are you’ve come across more than a few homes that advertise income potential.
Truth be told: Any home with a secondary suite represents a valuable source of rental income. Not only do these homes command a premium on their sale price, but mortgage lenders tend to appraise the value of these properties higher, as do potential buyers. But how do you know if the home you’re buying has a legal apartment? And what about all those home-owners who rent out their basement? Are they all just breaking the law?
Difference between a second suite and a legal apartment
As early as the 1950s, some municipalities (led by the City of Toronto) started allowing home-owners to construct second suites in their semi-detached and detached homes…

We’re hearing that Westbridge Structured Mortgage Credit Corp. (Westbridge) is set to publicly announce a formal offer to take over CFF Bank. A press release is reportedly going out later today. The move follows a CFF shareholder vote last week that was in favour of moving forward with rival Home Capital’s bid. Interestingly, that “yes” vote is actually a good thing for Westbridge (and shareholders) because a “no” vote could have triggered intervention by the banking regulator OSFI. That’s because CFF reportedly has limited operating capital left and OSFI is not in the business of letting banks fail. Here are READ MORE

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What worries aging Canadians as they prepare for long-term care?
A BMO Wealth Institute study finds that the greatest health-care-related aging concerns include:

losing the ability to live independently (40%);
not having enough money to pay for adequate health care (17%); and
not being able to afford to remain in their own homes throughout their lifetimes (15%)

Three quarters (73%) said they plan to use their own savings to fund any future long-term care needs. Other funding options include:

government assistance (45%);
Accessing home equity via a reverse mortgage (20%); and
long-term care insurance (19%).

The study also examined Canadians’ views on where they would prefer to receive long-term care, finding that the majority (56%) would prefer to receive it in their own home rather than in an assisted-living facility (20%). Thirteen percent would like to receive long-term care in a retirement or nursing home…

History tells us that mortgage rates usually drop leading up to an election. And 2015 has followed that trend.   It started in January of this year, when the Bank of Canada (BOC) Governor, Stephen Poloz, shocked Economists with his surprise 0.25% Bank Rate cut. (CanadaMortgageNews.ca readers will remember, not all were shocked, as I […]