Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Mortgage Digest: Bond yield spike drives latest fixed mortgage rate hikes of up to 30 bps + MORE Mar 22nd
Markets are rapidly repricing inflation and rate expectations, driving bond yields higher and triggering a new round of fixed mortgage increases.... More »
2016 – Year in Review + MORE Jan 2nd
Another year is in the history books. Man, that one went quick. Here’s a rundown of the headlines that marked a year of flux in our business (what year isn’t a year of flux, but anyway…). ********** TOP STORIES OF 2016 DoF Announces New Qualification Rules OSFI Announces Crackdown .... More »
First-Timers Delaying Homebuying + MORE Jan 11th
Nearly half of Ontario’s first-time buyers say they’ll delay their home purchase as a result of the federal government’s new mortgage rules introduced in October. As part of the government’s new stress-testing measures, buyers with less than a 20% down payment must now prove they can aff.... More »
How mortgage brokers can unlock the power of personal video messages + MORE Apr 1st
It's important to find ways to connect with potential clients and build trust. By recording a video that is tailored to an individual prospect, you can set yourself apart from others and create a memorable experience..... More »
Information vs advice. Why is it free? Oct 19th
The internet is great for researching infomation, ratings and even advice. With so much available data, it’s hard to decide which is accurate, reliable or even truthful.
Take this site for example. If this is your first visit then you may not be aware of all my credentials nor how accurate .... More »
How to read your mortgage documents
– moneysense.ca
(Freeimages.com / Evan Earwicker)Thomas Bruner was a well-informed and financially savvy shopper. Thank goodness. Because his bank made errors in his mortgage documents. Big errors.
It was late 2015 and Bruner and his wife, Leslie, were in the process of selling their North York town-home to move into a larger upper beaches family home in the east end of Toronto. (We’ve changed names to protect privacy.) As a number-cruncher, Bruner knew how important it was to shop around for the best mortgage rate and was delighted to secure a five-year fixed rate of 2.49% with his current bank. To get that rate, he’d shopped around and negotiated hard with the bank representative at his local branch. But when the purchase of the home was closer to being finalized, Bruner was transferred to a bank mortgage specialist. That’s when the problems started.
A meticulous man, Bruner read every word of the 30-page mortgage document—some of it in small, fine print, and other sections bogged down with legal jargon…
Ottawa will continue to monitor housing market: Morneau
– moneysense.ca
TORONTO – Ottawa will continue to monitor the real estate market and take the necessary actions to ensure that an uptick in interest rates or a decline in home prices don’t threaten the country’s financial stability, Federal Finance Minister Bill Morneau said Friday.
“I will continue to act to ensure that household debt levels are sustainable, that lenders are acting prudently and that increases in interest rates or a housing market downturn don’t risk the economic growth we are working so hard to accelerate,” Morneau said in a speech to the Toronto Region Board of Trade.
“These are not easy decisions, but I know they are the right thing to do.”
Morneau said he’s “ultimately responsible” for maintaining the stability of the country’s financial system and highlighted mortgage rules as a “key tool” to help him do that.
Since taking office, Morneau has twice moved to stabilize the housing market.
Last December he increased the minimum down payment on the portion of a home worth more than $500,000 — a measure he said was aimed at tackling “pockets of risk” in the Toronto and Vancouver housing markets, where prices have been soaring…
“I will continue to act to ensure that household debt levels are sustainable, that lenders are acting prudently and that increases in interest rates or a housing market downturn don’t risk the economic growth we are working so hard to accelerate,” Morneau said in a speech to the Toronto Region Board of Trade.
“These are not easy decisions, but I know they are the right thing to do.”
Morneau said he’s “ultimately responsible” for maintaining the stability of the country’s financial system and highlighted mortgage rules as a “key tool” to help him do that.
Since taking office, Morneau has twice moved to stabilize the housing market.
Last December he increased the minimum down payment on the portion of a home worth more than $500,000 — a measure he said was aimed at tackling “pockets of risk” in the Toronto and Vancouver housing markets, where prices have been soaring…
