Six Months was What it Took to Absorb Latest Mortgage Changes! Aug 19th

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Equitable Casts Giant Reverse Mortgage Lure for Brokers Oct 22nd

What do you do when your competition has a 32-year head start? If you’re Equitable Bank, you pay brokers 150% more than normal. That’s the surprising move Equitable has made to build momentum in its reverse mortgage business. This degree of compensation is virtually unprecedented in this sector..... More »
 mortgage buyout

Mortgage risks fading thanks to higher rates, tougher rules, says Bank of Canada report Nov 15th

The lofty levels of household debt has been a key concern for the Bank of Canada as it gradually raises its trend-setting interest rate, which it has already hiked five times since the summer of 2017..... More »
 property

Is the Gov’t Stalling on Your Tax Return? Here’s How I Handled it! + MORE Sep 28th

Did you file your 2017 taxes on time, yet your NOA is MIA? If so, you’re not alone! I’ve had this happen with a few of my clients… as well as with my own tax return! That’s right! My accountant filed my personal tax return in April… and for months, I didn’t receive my NOA. Every tim.... More »
 home equity

New Rule Targets HELOC Holders Seeking a Second Mortgage + MORE Nov 9th

The word is out on a little-known policy used to qualify anyone with a HELOC who is applying for additional financing. Several of the Big Six banks have already adopted the policy, which requires applicants to prove they can afford the theoretical monthly HELOC payment based on the limit of that HEL.... More »
 secure line of credit

BREAKING: Ontario Car Insurance Rates Have Increased Oct 16th

Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have increased by 2.06 per cent on average..... More »
Six Months was What it Took to Absorb Latest Mortgage Changes!
Ever since the US 2008 sub-prime mortgage crisis, we’ve seen a never-ending string of change. Mortgage lending rules have become tougher and tighter. Underwriting is stricter and more thorough. (As usual, the government has not missed an opportunity to stick their nose into your business by making lenders ask for more income documentation.)
The rule of change is that it takes around six months for consumers to adjust.
We’ve seen this pattern many times. If you look back two years, in Vancouver, the provincial government brought in a 15% foreign buyer’s tax. Pessimists said the sky was falling and that this would destroy the housing market. I had a different opinion… I said it would return to normal within six months.
Sure enough, the housing market went soft and prices declined, temporarily. Then they rebounded and increased to new record heights.
We had another big change in Toronto when the Ontario government followed BC and imposed a 15% foreign buyer’s tax in 2017…

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