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Mortgage Financing

TREB President’s “You Should Know…” – Mortgages

February 10, 2012

Aging population helping shape future housing market – CMHC

January 13, 2012

The Canadian Mortgage and Housing Corporation’s latest study on housing trends predicts that an aging Canadian population will help continue to drive demand for condominiums and smaller homes, institutional buildings such as old age facilities, as well as a lively market for renovators. The oldest of the baby boomer generation are now entering their...
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Bank of Canada’s announcement!

December 6, 2011

Ottawa – The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Uncertainty around the global economic outlook has increased in the weeks since the Bank released...
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Bank of America: Canadian variable mortgage borrowers may face trouble

November 2, 2011

According to the recent report from Bank of America Merril Lynch, Canadian variable mortgage holders may face serious dangers. The report says there’s a large number of variable rate mortgage borrowers who are quite vulnerable to the potential rate hike. In addition to it, they suggest almost two thirds of all mortgages originated recently...
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Most Canadians comfortable with non-mortgage debt situation

September 15, 2011

TORONTO – Two seemingly contradictory reports evaluating national debt levels tell the same stark truths about the rising severity of the financial straits facing many Canadians, analysts said Wednesday. A poll released by the Royal Bank of Canada (TSX:RY) exposes the complacent attitudes that many Canadians have adopted as a result of months of...
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Raising Variable Mortgage Rates

August 29, 2011

As predicted, on the heels of RBC’s announcement that they were raising variable mortgage rates, other banks have followed suit, with CIBC and BMO raising their variable rates as well. This initial rate hike from RBC came somewhat as a surprise to some, given the current economic environment- but many attributed the rate increase...
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Bank Of Canada Announcement – Rates to Hold, for Now

July 20, 2011

Although this is something Canadians are getting very familiar with, there is a distinctly different flavour with Mark Carney’s latest decision this morning to hold rates again- for the seventh consecutive time. In a press release this morning, they said: “The Bank of Canada today announced that it is maintaining its target for the...
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CMHC Survey Shows Homebuyers Taking the Time to Plan

June 22, 2011

OTTAWA, ON, June 22, 2011 — Canada Mortgage and Housing Corporation (CMHC) released its 2011 Mortgage Consumer Survey today providing insight into the attitudes and behaviours of Canadian mortgage consumers. The survey found that the internet continues to be a valuable resource for homebuyers. Among recent buyers using an online search engine, the most...
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Today’s announcement from the Bank of Canada!

May 31, 2011

Hi Folks, Here is today’s announcement from the Bank of Canada! Ottawa – The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. The global economic recovery...
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BoC rate hike on hold until September: RBC

May 25, 2011

The Bank of Canada’s plan to raise interest rates and exit its stimulus program has been delayed to September due to renewed uncertainty about the fiscal crunch in Europe and its potential spillover effects into Canada, the team at RBC Economics said Tuesday. Dawn Desjardins, assistant chief economist with RBC, expects the BoC to...
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How to Get Rid of Your Mortgage Faster

May 13, 2011

By: Itamar Teich According to a new poll released by Scotiabank, Canadians would like to be rid of their mortgage debt. Almost half of Canadians (46%) have mortgage debt, of which 86% indicate that it is important to pay their mortgages expeditiously. Depending on your financial commitments and how frequently you get paid, making...
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Mortgage Financing Ontario

April 18, 2011

PURCHASER’S RESPONSIBILITY TO CONFIRM FINANCING ARRANGED: It is the purchaser’s responsibility to arrange any mortgage financing which might be required to complete the purchase. Once the mortgage is arranged, it will be the purchaser’s responsibility to: satisfy any special requirements by the lender (e.g. – proof of income, proof of cash down payment, payment...
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Bank of Canada maintains overnight rate target at 1 per cent

April 12, 2011

OTTAWA –The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. As anticipated in the January Monetary Policy Report (MPR), the global economic recovery is becoming more...
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Effect of mortgage rule changes on the property market in Canada

March 18, 2011

Stricter mortgage rules start as of March 18, 2011. In my opinion, this will have little or no effect on controlling consumer debt. The real issue in tackling high amounts of personal debt is to address other means of high-interest loans such as credit cards, personal loans and lines of credit, not mortgages. “We need...
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RRSP Home Buyer Plan

March 11, 2011

FIRST TIME BUYER: You must be a first time home buyer or you (or your spouse or common law spouse) must not have owned a home that you occupied in the last five (5) years. Provided you satisfy all requirements, you may re-activate the program. Before withdrawing RRSP funds, you must have a written...
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Mauris critical of mortgage changes

March 8, 2011

Gary Mauris, president of Dominion Lending Centres, had his say about concerns within the Canadian mortgage brokering industry to Finance Minister Jim Flaherty during the Regina Pre-Budget Consultation recently. Mauris was the only representative of the Canadian mortgage brokering industry. Flaherty announced further tightening to the rules for government-backed insured mortgages two days before...
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Bank of Canada maintains overnight rate target at 1 per cent

March 1, 2011

OTTAWA – The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. The global economic recovery is proceeding broadly in line with the Bank’s projection in its...
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TD Canada Trust and CIBC raise mortgage rates

February 8, 2011

A rise in bond yields has prompted TD Canada Trust to raise some of its fixed-term mortgage rates by as much as a quarter of a percentage point. CIBC followed late in the day with similar rate hikes. “When bond yields go up it means the cost of funding for the bank has risen...
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