Toronto's MaRS Building To Receive $86-Million Loan From Province + MORE Dec 11th

If you’ve been in the U.S. over the last couple of years, you’ve seen the signs – generally at large intersections: “Rent To Own! No Financing Necessary! Call Now!”
Rent-to-own housing is touted as a good deal for homeowners who have trouble selling and buyers who can’t get conventional financing, either due to poor credit or because they don’t quite have enough money for a down payment. By the end of the agreed-upon rental term, in theory at least, the tenant will have saved enough for their down payment, and should have an improved credit score and may even be eligible for an insured CMHC mortgage.
Understanding Rent-to-Own Deals
In most rent-to-own cases, the seller gives the tenant the right to buy the house at some point in the future – usually one to three years out – for a price that’s agreed upon today. However, they must pay rent in the meantime, plus an additional fee that will go toward a down payment on the eventual purchase.
The eventual purchase price is generally locked in – arguably so tenants don’t face any surprises on the final price they’ll pay at the end of the term – although some contracts use the property’s eventual appraised value to set the final price…

TORONTO – Ontario’s Liberal government announced Wednesday that it would provide an $86-million line of credit to the MaRS office project in downtown Toronto to help attract tenants and protect the province’s original investment.The government was already on the hook for a $225 million loan to MaRS for the second office tower at the site designed for medical and research labs, plus another $65 million to buy out an American real estate company’s interest in the project.The line of credit recommended by an expert panel set up by the Liberals would bring the province’s total investment in the MaRS expansion to $395 million.”This is a good business decision that ensures that we protect the public investment that’s been made in a loan that will be repaid with interest,” said Infrastructure Minister Brad Duguid.”This is the best and fastest way to make sure that gets done, while at the same time continuing to invest in our innovation sector, creating jobs and economic opportunities here at MaRS…

Canadians’ spendthrift habits have thrust the issue of national debt levels into the spotlight once again, as the household debt-to-income ratio hits another record high. Just how much debt are we talking about? Turns out we owe to the tune of a whopping $1.5 trillion, according to Equifax Canada.That’s an increase of 7.4 per cent in the third quarter alone – and while mortgage debt is accountable for almost two thirds of this figure ($985.1 billion to be exact), it’s the other forms of debt that are worrisome. To put these numbers into perspective, the average Canadian is carrying a mountain of debt: an average of $20,891 not including their mortgages.
Where Is All Our Debt Coming From?

A main contributor to the consumer debt mess is today’s low interest rate environment – it’s just so cheap to borrow these days. And, while our parents may still have bad memories when Prime rate was north of 20 per cent in the 1980’s, for a lot of us it seems like a distant memory (you might not have even been born back then)…

OTTAWA – After 18 months on the job, Bank of Canada governor Stephen Poloz has yet to wield the primary tool at his disposal: the key interest rate.
When Poloz took the bank’s reins in June 2013, he inherited an overnight rate set nearly three years earlier by his predecessor Mark Carney. That rate has yet to budge from one per cent, idling for one of the longest stretches in Bank of Canada history.
With Canada’s economy showing signs of recovery, could 2015 be the year Poloz starts hiking up the central bank’s trend-setting rate and, if so, when?
“I don’t know how itchy his fingers are to start moving that dial,” said Bill Robson, the president of the C.D. Howe Institute think-tank.
Robson, however, believes it will happen sometime in 2015 thanks to an increasingly positive economic outlook, including an improving U.S. economy and a pickup in Canadian exports.
Once the bank’s overnight rate starts to creep up, Canadian businesses will see their borrowing rates rise as will consumers who take out car loans and mortgages…

Company: Armillary Business Group Position: Lead Mortgage Underwriter Location: Mississauga, ON Advertise your mortgage job opening today! Click here to post. Or browse CMT’s Mortgage Jobs Database. Lead Mortgage Underwriter Career Level: Experienced (Non-Manager) Position Growth Potential: High Category: Mortgage Brokering Job Type: Full-Time Education: University Degree or Equivalent Location: Mississauga, Ontario – Hurontario & […]