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Latest News
Reverse mortgages are on the rise, but are they the right choice? Feb 21st
The number of reverse mortgages has surged recently. Experts caution it’s worth exploring all other options first, like lines of credit and downsizing..... More »
OSFI report reveals largely unknown mortgage exemption: no stress test on insured switches + MORE Oct 23rd
Many in the mortgage industry reacted with surprise after learning about a little but very important nugget buried in an OSFI report released earlier this week..... More »
Latest in mortgage news: consumer insolvencies at highest level since 2019 May 25th
Consumer insolvencies in Canada have risen to their highest level in three years..... More »
Mortgage industry reps provide feds with proposals to address housing affordability Nov 13th
Representatives from Canada's mortgage industry presented the federal government with several proposals they say will help address the country's housing affordability crisis..... More »
Bond yields are back on the rise. Will fixed mortgage rates follow? + MORE Jul 27th
Bond yields are back on the rise this week, which observers say could keep upward pressure on fixed mortgage rates if the trend continues..... More »
What happens when a buyer backs out of a real estate deal?
– moneysense.ca
When it comes to backing out of a real estate deal, the law doesn’t tend to side with the dealbreaker, says Ron Butler, a veteran mortgage broker and one of the founders of Butler Mortgage in Toronto. If you’re the buyer, “You should find a way to complete the sale—beg, borrow, do whatever you need to do—but close, because the case law overwhelmingly favours the seller,” he says, adding that the courts aren’t usually sympathetic towards the dealbreaker, no matter their reasons or motivations.
Julia Sebastian discovered this the hard way. She entered an agreement of purchase and sale for a $995,000 home on Glasshill Grove in the Erin Mills neighbourhood of Mississauga, Ont in May 2017. She seemed particularly eager. Not only did she offer $45,100 above asking, but she also waived the two conditions of adequate financing and a home inspection—a move intended to make her offer as attractive as possible.
Before the deal could close, the property was appraised for only $920,000, and as a result, Sebastian’s financing was denied…
BMO sees “modest” risk of rising delinquencies as mortgages renew at higher rates
– canadianmortgagetrends.com
In its third-quarter earnings call, the Bank of Montreal said rising interest rates will have the greatest impact on mortgage borrowers at renewal time.
