In a news releases today Genworth Canada and Canada Guaranty have both confirmed that they will not follow suit with Canada’s main mortgage insurer, CMHC, in tightening lending guidelines for mortgages. Genworth MI Canada Inc. (TSX: MIC) said: “it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit […]
Not good news. This will definitely contribute to retracting the housing market and lowering consumer affordability. Ottawa still believes that there is a housing bubble. We believe that this is being heavily influenced by the pandemic support handouts and the extra debt & risk that will result for the federal government because of it. They
Canada’s Mortgage Insurer Tightens Rules Effective July 1 Read More »
The Bank of Canada has decided to leave its key rate untouched (at 1.75%) with its announcement today. As expected, their hawkish view on ramping up rates has cooled off. Major FI prime rates will likely stay at 3.95%. The Canadian economy is not performing as expected right now for the following reasons: • Lower
January 9, 2019 – Bank of Canada Makes No Change to its Key Rate Read More »
by Katia Dmitrieva and Josh Wingrove, Bloomberg News Canadian Finance Minister Joe Oliver said he’s confident the country’s housing market isn’t in a bubble, setting aside any further action to curb activity. The government, which has made four changes to housing finance rules since 2008 to cool booming sales and rising prices, is satisfied with
Oliver to Realtors: “Ottawa Will Stay out of Market; No Bubble Seen.” Read More »
Garry Marr, National Post The National Association of Realtors (U.S.) reported that Canadians spent US$2.2-billion on Florida real estate in 2013. This makes Canada the state’s No. 1 international buyer of real estate for the seventh consecutive year. Canadians comprised 31.6% of all international purchases in Florida. 89% of Canadians pay cash for their property
Canadians Prolific Buyers of Florida Property Read More »
As we get further away from the financial crisis of 2007/08 and the economy of the U.S. continues to get back on track we will slowly see interest rate pricing normalize for mortgages. This means that the difference in the pricing between fixed rate mortgages vs. adjustable rate mortgages (ARM’s) will again favour ARM’s, as
ARM Mortgages Making A Comeback Read More »
IRD, a home owner’s most feared three letter acronym! Clients looking to refinance their existing mortgage to lower their rate or moving to a new property, run into this term every time, especially these days. The size of an IRD (interest rate differential) penalty depends upon who you have your mortgage with, not just the interest rate
Beware the IRD Mortgage Penalty Read More »
by Cristina Silva LAS VEGAS — A new report shows real estate investors played a larger role than originally thought in driving the housing bubble in the United States that led to record foreclosures and left the economy reeling in Nevada, California, Arizona, Florida and other states. Researchers with the Federal Reserve Bank of New
Speculative Buying Drove Crash: Report Read More »
Denise Deveau, Postmedia News Cheryl Hutton and Aaron Coates relax in their new home in Calgary. The first-time homebuyers never thought they would qualify for a mortgage. Cheryl Hutton and Aaron Coates always thought getting a mortgage would be a challenge. But within 18 days of visiting a mortgage broker, they were able to close
Mortgage Broker Gets Standing Ovation Read More »
Going Overboard, Who Is Captain Of Canadian Mortgage Ship? Today the Canadian Finance Minister (Flaherty) announced additional tightening of rules for government backed (insured) mortgages. Last April 2010 he introduced rules that effectively reduced the ability for Canadians to leverage their homes and revenue properties. Today he focused solely on Canadians’ homes. The three sweeping
Finance Minister Tightens Insured Mortgage Rules Again In Less Than A Year Read More »
