Reverse Mortgages growing in popularity… Product of the year 2018? + MORE Feb 23rd

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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 finance

What to know about mortgages from alternative lenders + MORE Mar 25th

TORONTO — Samantha Brookes has been warning Canadians to take a close look at the clauses in their mortgage contracts for years, but her refrain has become a bit more prevalent in recent months. Since the Office of the Superintendent of Financial Institutions’ mortgage stress test was implem.... More »
 property

Ontario Housing Market: Increased Opportunity for Investors! + MORE Apr 6th

Rental vacancies are ridiculously low and demand for rental units is high… and growing! That’s just a sampling of the opportunistic real estate investment news Ted Tsiakopoulos, CMHC’s Regional Economist for Ontario, shared recently at the Canadian Mortgage Brokers’ Associat.... More »

Broker Lender Market Share – Q1 2018 Jun 11th

Credit unions saw their slice of the broker pie shrink in Q1. That comes despite OSFI’s January 1 stress test, which played right into their hands given they are provincially regulated. Broker market share for CUs fell 0.6% versus Q1 2017. Less competitive pricing was a key reason. In particul.... More »

Benefits of Homeownership Reaffirmed in New Study Sep 18th

Despite deteriorating housing affordability across the country, buying a home is still the more affordable option when compared to renting. A new report from Mortgage Professionals Canada has determined that, despite the rapid rise in home price, those who are able to invest in a home would end up .... More »
 home equity

Stress Test Impacts Measured + MORE Jul 26th

The government’s latest mortgage rule changes have caused an imbalance between supply and demand in almost every region of the country, and will result in an estimated 200,000 fewer jobs being created over the next three years. Those are among the findings of Mortgage Professionals Canada’s .... More »
TORONTO _ The Canadian Imperial Bank of Commerce set the tone for banks’ earnings season with a dividend hike and better-than-expected first-quarter net income, helped by a boost in earnings in its U.S. division as it looks to expand south of the border amidst slowing mortgage growth at home.
Canada’s fifth-largest lender said Thursday it continues to see benefits from the purchase of Chicago-based The PrivateBank, which CIBC acquired in June 2017 and rebranded in September as CIBC Bank USA. As part of its strategy to ramp up its U.S. presence, it also purchased Chicago-based wealth management firm Geneva Advisors for roughly US$200 million last year.
“With a second full quarter’s contribution from CIBC Bank USA, we continue to perform well and deliver against our commitment to build client relationships north and south of the border,” CIBC chief executive Victor Dodig told analysts on a conference call.
In the latest quarter, CIBC’s U.S. commercial banking and wealth management division reported net income of $134 million in the latest quarter, up $105 million from the same period in 2017, contributing to a more than 22 per cent increase in adjusted net income year-over-year despite slowing mortgage growth…

Continue Reading On canadianbusiness.com »

The fallout from OSFI’s new mortgage stress test continues to play out across the mortgage industry. Some mortgage brokers are reporting an increase in their clients’ applications being rejected by the big banks and monoline lenders as a result of the new qualification rules. In some cases, the rejection rate has jumped 20%. And in […]

Continue Reading On canadianmortgagetrends.com »

Reverse Mortgages growing in popularity… Product of the year 2018?
Mortgage stress test is the buzz phrase in mortgage lending for 2018. Every borrower, regardless of how much down payment you’re making, must pass a stress test to qualify for a mortgage. The math is simple, yet intimidating. Lenders must now use your mortgage contract rate PLUS 2.00% to qualify you.
Yes, that’s correct. You need to qualify at a rate that’s 2.00% higher than your actual rate. And it doesn’t matter if you have 35%, 40%, 50%, 60% or even 70% down payment. That will not have any impact on your approval. It’s all about how much income you can prove you earn and the strength of your credit worthiness.
For many, this new rule will prevent them from qualifying for a mortgage. And for seniors or people approaching retirement who still require a small mortgage to get through the next 10 or 20 years, these new mortgage rules are a killer. The stress test is surely causing stress among many Canadians!
I’M RETIRING AND WANT TO STAY IN MY HOME…
A reverse mortgage is a terrific option for homeowners who are at least 55 years old…

Continue Reading On canadamortgagenews.ca »

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