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Latest News
External Factors a Wild Card in GTA Housing Market Forecast Oct 1st
Among external factors that affect housing markets, two are by far the most important and both are more or less directly controlled by the federal government. The first is policy regulation that defines the rules and parameters under which mortgage loans can be originated. The second is the interest.... More »
Are interest payments tax deductible? Aug 12th
Taxpayers may be eligible to claim a tax deduction for interest paid on a loan or mortgage. According to Canada Revenue Agency (CRA), “most interest you pay on money you borrow for investment purposes [can be deducted] but generally only if you use it to try to earn investment income.”
One commo.... More »
No New Rules Coming. Well, Maybe One Jan 14th
Minister of Finance Bill Morneau is suggesting that no new mortgage rules are on the drawing board. After meeting with economists on Friday, he told reporters: “We, as you know, were quite careful in considering the…situation around the housing markets across the country as we considered measure.... More »
Rates are going up… for now… is this the end of low rates? + MORE Jan 14th
Next Wednesday will be the first Bank of Canada meeting date to set the Target rate, which directly affects Bank Prime rate and Variable rate mortgages. It’s almost a certainty that the Bank of Canada Governor, Stephen Poloz, will raise the rates.
POSITIVE DATA MEANS HIGHER RATES
Th.... More »
Mortgage payments are easing overall, but many face renewal stress, TD says + MORE Jul 11th
High-rate renewals are squeezing budgets, but rate cuts and short-term mortgage resets are easing the burden in aggregate, TD Economics says.... More »
The Star article on private lenders
– canadamortgagenews.ca
Some comments I made about the changing lending landscape. Click on the link below. The article was good and shed some light on just how much the federal government has tightened the Mortgage rules in Canada. But the article excluded one very important fact. Yes, I agree that the govt has gone overboard with their […]
Broker Lender Share – Q1 2014
– canadianmortgagetrends.com
Mortgage broker volumes inched 1.9% higher in the first quarter, according to data from D+H. That data also showed that non-deposit-taking lenders have taken the lead back from banks in broker volume. Read More
Sales rebounding for recreational properties after cold winter, late spring
– canadianbusiness.com
TORONTO – Realtor group Remax says young families and near and recent retirees are driving the majority of recreational property sales across the country.
Remax says sales are rebounding after a late spring and is forecasting a modest increase in sales and prices for cottages, cabins, vacation condos and camps throughout the rest of the year.
The national realtor group says Canada’s strong residential real estate market in urban centres has had a spillover effect on recreational property sales with homeowners using equity gains in their homes to buy a second property.
Remax also says buyers are purchasing properties from where they can work throughout the summer and use all-year round.
It says while some potential buyers may have been discouraged by the Canada Mortgage and Housing Corporation’s recent decision to eliminate insurance on second mortgages, there has been little to no impact on sales from the change.
Remax also says a weaker Canadian dollar has prompted buyers to remain in Canada rather than buying south of the border…
Remax says sales are rebounding after a late spring and is forecasting a modest increase in sales and prices for cottages, cabins, vacation condos and camps throughout the rest of the year.
The national realtor group says Canada’s strong residential real estate market in urban centres has had a spillover effect on recreational property sales with homeowners using equity gains in their homes to buy a second property.
Remax also says buyers are purchasing properties from where they can work throughout the summer and use all-year round.
It says while some potential buyers may have been discouraged by the Canada Mortgage and Housing Corporation’s recent decision to eliminate insurance on second mortgages, there has been little to no impact on sales from the change.
Remax also says a weaker Canadian dollar has prompted buyers to remain in Canada rather than buying south of the border…
StatsCan: Canadians are Richer and in Less Debt
– ratesupermarket.ca
Finally, some good news on the Canadian debt front – the latest numbers from Statistics Canada find that Canadian credit levels are shrinking, while household net worth is growing.
The Daily Report, outlining the National Balance Sheet and Financial Flow Accounts (say that five times fast) for the first quarter of 2013, found national wealth clocks in at $7.8 trillion – a $115-billion increase, which is mainly due to an increase in real estate values.
According to the report:
Canadians are richer: Household net worth is $222,600, an increase of 2.5 per cent from Q4 2013.
Homes are worth more: Real estate values increased by 2 per cent.
Mortgage debt is slowing: Total mortgage debt clocks in at $1.1 trillion – a 0.6 per cent increase. This is the slowest rate of mortgage debt growth since 2009.
Canadians have less debt: The national debt-to-income ratio is now 163.2 per cent – down from 163.9 per cent last year.
Canadians own more of their homes: Owner equity in real estate is 69…
The Daily Report, outlining the National Balance Sheet and Financial Flow Accounts (say that five times fast) for the first quarter of 2013, found national wealth clocks in at $7.8 trillion – a $115-billion increase, which is mainly due to an increase in real estate values.
According to the report:
Canadians are richer: Household net worth is $222,600, an increase of 2.5 per cent from Q4 2013.
Homes are worth more: Real estate values increased by 2 per cent.
Mortgage debt is slowing: Total mortgage debt clocks in at $1.1 trillion – a 0.6 per cent increase. This is the slowest rate of mortgage debt growth since 2009.
Canadians have less debt: The national debt-to-income ratio is now 163.2 per cent – down from 163.9 per cent last year.
Canadians own more of their homes: Owner equity in real estate is 69…
Government considers suing to recover losses on alleged insurance kickbacks to banks
– canadianbusiness.com
WASHINGTON – The government is considering whether to sue banks and other mortgage servicers to recover its losses from alleged insurance kickbacks that may have cost government-controlled mortgage giants Fannie Mae and Freddie Mac hundreds of millions of dollars, according to an internal report.
The Federal Housing Finance Agency, which is responsible for guarding Fannie and Freddie’s finances, told its inspector general’s office that it will consider filing the lawsuits and will make a formal decision over the next year.
Fannie Mae and Freddie Mac, which have been under the FHFA’s conservatorship since 2008, lost an estimated $168 million from the fees in 2012 alone, according to the report by the FHFA’s inspector general. The FHFA didn’t accept the inspector general’s estimate of damages, but the agency’s official response to the report said it “does not object” to the recommendation that it consider suing.
Banks and other mortgage servicers that might be subject to such lawsuits did not immediately respond to phone calls and email messages seeking comment on the threat of litigation…
The Federal Housing Finance Agency, which is responsible for guarding Fannie and Freddie’s finances, told its inspector general’s office that it will consider filing the lawsuits and will make a formal decision over the next year.
Fannie Mae and Freddie Mac, which have been under the FHFA’s conservatorship since 2008, lost an estimated $168 million from the fees in 2012 alone, according to the report by the FHFA’s inspector general. The FHFA didn’t accept the inspector general’s estimate of damages, but the agency’s official response to the report said it “does not object” to the recommendation that it consider suing.
Banks and other mortgage servicers that might be subject to such lawsuits did not immediately respond to phone calls and email messages seeking comment on the threat of litigation…
