Blog
Taking a Closer Look at the Canadian Housing Economy
Published on Tue, 21 Feb 2012 21:37:30 +0000
Just how important is the housing market to the Canadian economy? According to a recent report by Willing Dunning, Chief Economist for the Canadian Association of Accredited Mortgage Professionals, the Canadian housing market accounts for nearly 8% of total Canadian employment. That’s nearly 1.35 million direct and indirect jobs. The report also shows that the [...]
Renters Could Drive Increase in Canadian Homeownership
Published on Thu, 16 Feb 2012 13:00:25 +0000
According to a recent study conducted by TNS Canada, the nation’s housing market is expecting to see increased activity within the next two years. The online study, which was commissioned by TMG The Mortgage Group Canada, discovered that just under one third of Canadian renters are planning to buy real estate within the next two years. That [...]
“Price War” Prompts TD and RBC to Up Rates
Published on Tue, 14 Feb 2012 13:15:44 +0000
Canadian mortgage rates are on the rise again, reportedly thanks to “price-cutting” by some of the nation’s top banks. After briefly offering record-low rates of 2.99% on a 4-year fixed mortgage, both RBC and TD have raised rates by 40 basis points. The move comes rather unexpectedly; when the Royal Bank of Canada announced it [...]
Understanding Canadian Covered Bonds
Published on Thu, 09 Feb 2012 13:19:04 +0000
Covered bonds have long been a source of cost-efficient and secure financing for lenders. A staple of European financing for nearly 200 years, covered bonds first made their way onto the Canadian banking scene in 2007. Since then, Canadian covered bonds have helped to lower mortgage rates (indirectly) and have provided borrowers with additional financing options. So [...]
CMHC Backing Fewer Loans: A Look at the Repercussions
Published on Tue, 07 Feb 2012 13:32:49 +0000
Last week, The National Post reported on the Canadian Mortgage and Housing Corporation (CMHC) and their growing insurance load coverage. According to the story, the CMHC is edging closer to a $600-billion government-imposed limit on mortgage default insurance, backing nearly $541-billion in mortgages. If the demand grows for mortgage default insurance, the CMHC will need [...]
More Rules Rumoured for Hot Canadian Real Estate Market
Published on Thu, 02 Feb 2012 13:00:18 +0000
The Government of Canada is considering imposing stricter rules on mortgages due to the nation’s seemingly overvalued housing market. Bank of Canada’s Governor, Mark Carney, and Finance Minister, Jim Flaherty, have been focused on the nation’s rising debt load for more than a year, stating that things must change in order to avoid serious economic [...]
Why Now is a Good Time to Buy
Published on Tue, 31 Jan 2012 13:00:32 +0000
Thinking about buying a home? Well, stop thinking and start looking. The stars have aligned in the Canadian real estate market, creating what many in the industry are calling “the perfect storm” of market potential. From condos to single-family homes, now’s the time to lock in a mortgage rate and enter the world of real [...]
Getting to Know Your Debt-to-Income Ratio
Published on Thu, 26 Jan 2012 13:00:48 +0000
Do you know your debt-to-income ratio? If you’re like most Canadians, the answer is no. Unfortunately, failure to fully understand this important element of your financial portfolio could cause you grief when it comes time to secure a mortgage pre-approval. Luckily, calculating your debt-to-income ratio is easy – all you need is a good financial [...]
Why Aren’t More Canadian’s Using a Mortgage Broker?
Published on Tue, 24 Jan 2012 13:00:31 +0000
Sound financial advice is key for any property purchase. Mortgage brokers in particular are expected to provide house hunters with personal assistance throughout the buying process. Data from a recent report shows that Canadian mortgage brokers are living up to these expectations, providing their customers with a highly positive purchasing experience. So why aren’t more [...]
Reverse Mortgages on the Rise
Published on Thu, 19 Jan 2012 14:00:26 +0000
Aging Canadian’s in need of a financial boost are cashing in record numbers, according to data released earlier this month. A report released by the parent company of HomEquity Bank, the nation’s sole provider of reverse mortgages, states that a record number of reverse mortgages (with a rough total worth of $67.2 million) were closed [...]
