Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Reaction to CMHC’s Clampdown on Mortgage Fraud Aug 13th
Last month the Canadian Mortgage and Housing Corporation (CMHC) formally asked the Canada Revenue Agency to take a more active role in verifying income claimed on mortgage applications in an effort to clamp down on mortgage fraud. The CMHC says the move is necessary given that “the industry’.... More »
Garage and basement renovations for any budget + MORE Dec 12th
(Genuwine Cellars)
Basement renovation ideas
According to Statistics Canada, basement renos are popular, what with adult children moving back in and the desire for young families to create a mortgage-helper rental suite.
But below-grade upgrades don’t come cheap. For basic finishes, without a bath.... More »
What Happened to Canadian Real Estate This Year and What to Expect in 2019 + MORE Dec 24th
Whereas 2017 was the all-encompassing epitome of red-hot real estate markets across the country, 2018 started off on a quieter note. The year kicked off with a decline in sales, as changes to the Residential Mortgage Underwriting Practices and Procedures (referred to as B20) introduced by the Offic.... More »
How condo insurance works Jul 25th
Condo insurance is a smart decision. Regardless of whether you just purchased a brand new loft or a cozy older suite, you’ll need to make sure your asset is protected.
While condominium insurance is not required by law like car insurance, often mortgage lenders or your building will require you .... More »
Life Insurance vs. mortgage insurance: Let’s break it down + MORE Mar 20th
Life insurance can be a necessity for ensuring your loved ones are taken care of after you’re gone. It can help them pay for funeral expenses, the costs of everyday living and much more. But one of life insurance’s main advantages is that it can pay off outstanding debts, including a mortgage. S.... More »
Mortgage Career: intelliMortgage
– canadianmortgagetrends.com
Company: intelliMortgage Position: Mortgage Fulfillment Specialist Location: Mississauga, ON Send resume to: info@intellimortgage.com Mortgage Fulfillment Specialist This is your opportunity to join one of Canada’s most exciting mortgage teams. intelliMortgage is revolutionizing mortgages by empowering mortgage shoppers to choose their own mortgage and save thousands. We are hiring one full-time Mortgage Fulfillment Specialist in Mississauga, ON. Your responsibilities include: Reviewing client documents to ensure they meet lender policies Discussing mortgage document requirements with clients by phone or email Assessing documents against intelliMortgage’s anti-fraud guidelines Inputting client application data online Updating and monitoring client statuses in our online administration system READ MORE
Lower your IRD mortgage penalty
– moneysense.ca
(Getty Images / Oxford)
Sam Taylor loved helping people which is why she started her career as a social worker. But after almost three decades, Sam was burnt out and needed out. After a great deal of soul-searching she decided to start her own home staging business. “Over the years more and more people have asked for my help,” she explains. “I have a flare for it.” To start and grow her own business, however, she needs capital. To get capital she needs to sell her home—and that means breaking her fixed-rate mortgage.
What Sam found out shocked her. She was on the hook for almost $18,000 in fees, as a penalty for breaking her mortgage early. Turns out, breaking up (with your mortgage) really is hard to do. And Sam was lucky. According to the Financial Post, Tyler Bollhorn, a personal finance author who decided to move from Kelowna, B.C. to Hawaii, was shocked when he learned he’d have to pay more than $150,000 to break his mortgage. “I got stuck with a pretty good penalty because I never read the fine print,” he says…
Co-op Housing: How it compares to Home and Condo Ownership
– ratesupermarket.ca
With many first-time homebuyers finding themselves priced out of the market for home or condo ownership, some people might want to consider looking into a third alternative to renting: buying into a co-op housing – also known as a co-operative housing project.
Here are some key things to know about co-ops.
The difference between condos and co-ops
Condos and co-ops are both multi-unit residences – usually townhouses or mid-size highrises – and both are run by an elected board of directors. The key difference between condos and co-ops is how the ownership is structured.
With a condo, you own your individual unit – paid for outright, or with a conventional mortgage – while the rest of the complex, from the lobby and parking garage to the gym, rooftop patio and any other amenities are common elements that are shared.
With a co-op, you buy a share in the corporation that owns the property, and get exclusive use of the unit you’ll call home. According to the Co-operative Housing Federation of B…
OTTAWA — Canada’s banking regulator is requiring banks to conduct stress tests to determine how they would deal with a 50 per cent downturn in Vancouver real estate prices and a 40 per cent cut in Toronto home prices.
The key changes announced Tuesday by the Office of the Superintendent of Financial Institutions Canada come on the heels of a letter it sent earlier this month to all federally-regulated financial institutions reminding them to exercise prudence when underwriting home mortgages.
Condo properties under construction in Toronto. (Photo: CP)
The regulator identified several areas that it said it will be watching closely, including the verification of a borrower’s income, debt service ratios and the reliability of property appraisals.
Last month, the Bank of Canada raised concerns about the housing market and noted that vulnerabilities due to the continued rise of household debt and greater imbalances in regional housing markets were higher than they were six months ago…
BFG and RMA Join Forces
– canadianmortgagetrends.com
Broker Financial Group (BFG) and Real Mortgage Associates Inc. (RMA) announced today that they plan to unite. The two brokerage companies say they’ll enter a joint share purchase agreement and take ownership in the other. The reported benefits of the deal are sharing of technology, administrative resources, payroll, compliance and corporate relationships. Of course, with mortgage revenue being volume-based, the combination should also help the two garner slightly better compensation from certain lenders. “The industry pays on volume,” says BFG CEO Joe Rosati. Both firms are relatively small as far as broker networks go. The companies haven’t disclosed their volume READ MORE
