The BoC has again decided to leave it’s key overnight lending rate at 1%, where it has been for almost three years now. New BoC governor Stephen Poloz, has warned that the Alberta flood and the Quebec construction strike of recent weeks will have a negative effect upon the Canadian eceonomy in 2013. Further he […]
Bank of Canada Announces Continued Rate Stability 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 »
Jeremy Torobin, Globe and Mail It’s almost a cliché that neither advanced nations nor emerging markets are doing all they can to fulfill all the commitments they’ve made at Group of 20 summits to close yawning imbalances in the global economy, preventing a smoother, faster recovery. Few economic forecasting shops, though, have anything like the
Bank of Canada Fears Weak Growth in Economy Read More »
Is it wise to draw equity from your property to: Buy real estate? Go on vacation? Invest in RSP’s? Invest in non-RSP’s? Spend on education? Consolidate debt? These are a sample of the most popular questions that are asked us as financial planning experts from the debt side of the ledger. With many years of
Is It Wise to Draw Equity from Your Property? 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 »
Today Jim Flaherty (Finance Minister) announced amended rules on insured mortgages which will take effect on April 19, 2010. 1.) Clients who chose a variable (or adjustable rate) mortgage will need to be qualified on a five year fixed rate. Currently there are no lenders in the market that qualify borrowers on the variable rate
Canada Amends Rules on Insured Mortgages Read More »
The Canadian housing market has sprinted into a new year at top speed. Existing home sales reached the highest level ever for a December in 2009. As per the Canadian Real Estate Association (CREA), December 2009 residential sales were 27, 744 units, which is 72% higher than December 2008. Last year CREA reported the lowest
Busy December Home Sales Sets Canadian Record Read More »
Steve Ladurantaye, Tara Perkins, and Bill Curry The housing market that led Canada out of recession is now so hot that Ottawa is talking about doing something to cool it off, a move economists say carries risks for the economy. Fuelled by record low interest rates, residential real estate prices have gained 20 per cent this
Cure for Housing Market Carries Risk Read More »
