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Latest News
Brokers react to the government’s “nonsense” mortgage charter + MORE Dec 1st
The Liberal government last week unveiled a "new" Canadian Mortgage Charter aimed at ensuring lenders offer relief to mortgage borrowers who are struggling to make their payments..... More »
Retirement rethink: Find out where you’ll call home + MORE Jan 20th
(monkeybusinessimages/iStock)
Diane and Mike did what many retirees do. They sold their place in the city and downsized to a smaller, cheaper place out of town. But in their case, cheaper actually means free.
The couple now lives in the guest apartment on a large acreage near Calgary. In excha.... More »
How Early Should You Get Pre-Approved for a Mortgage? + MORE Feb 28th
Pre-approval is a standard step that prospective homeowners must complete before they go house hunting. This stage lets you know how much a bank is willing to lend you.
Getting pre-approved is a detailed process that requires extensive documentation. In addition, your mortgage rate has an expiratio.... More »
How to prepare for a 2023 recession + MORE Nov 19th
The Great Recession scarred me. I was just about to graduate from university in 2008 when it hit: The fallout from the subprime mortgage crisis created a deluge of fear, anxiety and pure panic from all corners. The S&P 500 plunged by 57%, U.S. gross domestic product (GDP) declined by 3.8% and em.... More »
Is this the right time to be buying a house? + MORE Jan 5th
Q: Our lease is up in six months and, with a down payment saved, we want to buy our first house. But we’re worried about a housing market poised to crash. What should we do?
—Erika, Toronto
A: In 2016, CMHC identified that as many as 15 of the largest housing markets in Canada were overvalued.... More »
Surviving the Sprint to the Bottom
– canadianmortgagetrends.com
Lots of brokers out there criticize rate buydowns. They argue that buydowns cause a “race to the bottom” in mortgage pricing. If that’s how you feel as a mortgage broker, take solace. The race isn’t far from the finish line. Online mortgage rates have already plunged to levels where some brokers now earn just 35 basis points in compensation (or less), even on five-year fixed terms. That’s one-third of what most brokers make. At these revenue levels, only a minority of exceedingly efficient large-scale brokers will succeed long term in the deep discount market. As more independent mega-brokers sign on READ MORE
