Vancouver Feb. home sales fall amid mortgage, interest rate changes + MORE Mar 4th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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 mortgage penalties

Moving this summer? Don’t overlook these costs Jun 20th

There’s more to a real estate transaction than a mortgage..... More »

Stress Test Causing National Housing Slump: CREA May 21st

The Canadian Real Estate Association (CREA) blames the mortgage stress test introduced in January for slow activity across the nation in April. The housing market has cooled in all respects from April of last year, when the market peaked: the average sale price declined by 11.3 per cent to $495,000,.... More »

Average cost to rent condo in GTA hits $2,206, up by $214 in past year + MORE Apr 12th

The average cost to rent a condominium in the Greater Toronto Area has risen by almost 11 per cent in the past year, partly because tougher mortgage rules have shut out new buyers and flooded the market with renters, a new report by research firm Urbanation says..... More »

Broker Lender Market Share – Q1 2018 Jun 11th

Credit unions saw their slice of the broker pie shrink in Q1. That comes despite OSFI’s January 1 stress test, which played right into their hands given they are provincially regulated. Broker market share for CUs fell 0.6% versus Q1 2017. Less competitive pricing was a key reason. In particul.... More »
 home equity

Opinion: S&P Overstates Broker Fraud Driver + MORE Mar 22nd

A few weeks ago, S&P said Canadian bank risk was rising, and it blamed mortgage brokers in the process. The rating agency wrote: “…The growing share of residential mortgages originated via brokers, compound the risks of high household debt and house prices…As brokers do not bear credit ri.... More »
Considering a Second Mortgage? It can save you money!
Quick, what’s the first thing that comes to mind when you think of “second mortgages”?   For some it could be that shady-looking character in a smoke-filled pool hall… guys with gold chains and a baseball bat nearby. Maybe you’re thinking of someone in financial trouble? Or, perhaps it’s just someone who doesn’t want to pay outrageous costs and penalties to refinance their existing mortgage.
The mere mention of second mortgages conjures up all sort of images. Most of them, negative. For many, a second mortgage can be a last-resort solution during a financial crisis. For several others, it can be an opportunity to save money. That’s right, to save money.
Sure, second mortgages carry a higher interest rate than first mortgages, but they can also serve a purpose. One of those purposes can be to save you money. Yup, I said it again. There are some new trends emerging with today’s new mortgage products that are forcing consumers to seek other options…

Continue Reading On canadamortgagenews.ca »

VANCOUVER _ Home sales in Metro Vancouver fell more than 14 per cent below the 10-year average in February as buyers contended with stricter mortgage rules and higher interest rates, according to statistics released Thursday.
The Real Estate Board of Greater Vancouver’s data showed that 2,207 homes sold last month. That’s down nine per cent from the same time last year and 14.4 per cent from the 10-year February average.
Detached homes experienced the biggest drop, down 39.4 per cent compared to the average. Townhomes fell 6.8 per cent, while condos rose 5.5 per cent.
“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, president of the Real Estate Board of Greater Vancouver, said in a statement.
The Office of the Superintendent of Financial Institutions implemented new lending guidelines in January that require borrowers who don’t need mortgage insurance to show they would still be able to make payments if interest rates rise…

Continue Reading On canadianbusiness.com »

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