Top Performers: Collin Bruce + MORE May 27th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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Majority of Canadian Buyers Borrowing Their Maximum Approved Mortgage + MORE Jul 22nd

Soaring home prices over the past year have forced a majority of today's homebuyers to use the maximum mortgage amounts they've been approved for..... More »
 mortgage buyout

Mortgage Career: Educators’ Financial Group + MORE Jun 29th

Company: Educators’ Financial Group Position: Mortgage Agent Location: London/Kingston/Newmarket, Ontario Apply to: pbellissimo@educatorsfinancialgroup.ca Mortgage Agent Mortgage Agent – Regional Director, Western Region – London Mortgage Agent – Regional Director, North Eastern Region – .... More »

Watch: What Is the First-Time Home Buyer Incentive? + MORE Apr 7th

In 2019, the federal government introduced the First-Time Home Buyer Incentive, a program designed to make homeownership more affordable. But how does it work? Who’s it for? And is it always a good option for buyers? Through the First-Time Home Buyer Incentive, the government contributes to a .... More »

We made money on the Toronto housing market. Now what? Nov 4th

We had a plan. We considered the bank’s low interest rates, the rising real estate prices and record low inventory and thought it was the perfect time to cash in on the Toronto real estate market by moving out of the city. My husband and I were going to move from Ontario to Manitoba, selling our E.... More »
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Variable Mortgage Rates to Rise as Prime Rate Jumps to 3.20% + MORE Apr 16th

Variable-rate mortgage holders are about to see their interest costs rise again after Canada's Big 5 banks announced a 50-basis-point hike to prime rate on Wednesday..... More »
It’s true.  I have access to this great rate.  It’s around 0.20% lower than the best rate today.   And you won’t see me recommending it to my clients. That’s right, I’m recommending they don’t take it. Why?  It’s simple.  No, I don’t want my clients paying more on their mortgage. I want to see […]

Continue Reading On canadamortgagenews.ca »

The Bank of Canada’s key interest rate will remain at 0.5 per cent, as widely expected.
Even still, economists will be scrutinizing the central bank’s statement for clues about how it views the economy.
The last time the Bank of Canada made a rate announcement it raised its expectations for economic growth in its monetary policy report.
However, the massive forest fire in Alberta that resulted in oilsands production shutdowns earlier this month have cut into expectations for the economy in the second quarter.
The problems are compounded by recent economic data that has suggested the first quarter will end on a weak note.
The Bank of Canada’s target for the overnight rate is a key factor affecting the rates set by Canada’s big banks for variable rate mortgages and lines of credit.
Bank of Montreal senior economist Robert Kavcic wrote in a recent note to clients that the recent run of economic data has been soft, especially the trade figures.
“Look for a relatively straightforward policy statement from the Bank of Canada, with no move on interest rates but a somewhat more cautious tone than in April,” Kavcic said…

Continue Reading On moneysense.ca »

Top Performers: Collin Bruce

– canadianmortgagetrends.com

By Vanessa Chris, Special to CMT Collin Bruce attributes his success in the mortgage brokering industry to one simple element: necessity. When he first started out—following a career in commercial lending, two failed Subway franchises and a stint in house-flipping—he was up to his eyeballs in debt. He needed to start making money…fast. “I had a salaried job lined up at the bank, but there was something about mortgage brokering that appealed to me, even though it was a commissioned job,” he says. “The main issue stopping me was that I simply didn’t have the money to take the mortgage READ MORE

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Business events and economic reports scheduled for the coming month:
All times are Eastern.
WEDNESDAY, June 1
WASHINGTON — Institute for Supply Management releases its manufacturing index for May, 10 a.m. Commerce Department releases construction spending for April, 10 a.m.; Federal Reserve releases Beige Book, 2 p.m.
DETROIT — Automakers release vehicle sales for May.
THURSDAY, June 2
WASHINGTON — Labor Department releases weekly jobless claims, 8:30 a.m.; Freddie Mac releases weekly mortgage rates, 10 a.m.
VIENNA — The European Central Bank’s governing council meets to set monetary policy for the 19-country eurozone.
FRIDAY, June 3
WASHINGTON — Labor Department releases employment data for May, 8:30 a.m.; Commerce Department releases international trade data for April, 8:30 a.m.; Institute for Supply Management releases its service sector index for May, 10 a.m.; Commerce Department releases factory orders for April, 10 a.m.
MONDAY, June 6
BERLIN — Germany releases factory orders data for April, a key indicator for Europe’s biggest economy…

Continue Reading On canadianbusiness.com »

Q1 Broker Lender Roundup

– canadianmortgagetrends.com

Canada’s largest public non-bank lenders have wrapped up their first quarters. Among other trends, two big themes this quarter were the tightening of mortgage spreads and a refocus on improving customer retention.  To get colour on those and more, we combed through the transcripts of three non-bank giants, First National, Home Capital and Street Capital. Here are the highlights… Street Capital Notables from its call (Source): Street now has over $25 billion in mortgages under administration. $1.52 billion worth of mortgages was sold during the quarter compared to $1.62 billion the year before. CEO Ed Gettings said that Street’s first objective is to advance READ MORE

Continue Reading On canadianmortgagetrends.com »

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