Are you in the process of purchasing a home and struggling to find the one that is just right. If so, you may want to consider a “Purchase Plus Improvments” mortgage option offered by some lenders. This option allows for the cost of renovations to be added to any mortgage by using the “As […]
General
Finance Moves Again on Mortgages
In a surprise move Finance announced recently that it is again making changes to mortgage borrowing practices in Canada. The surprise is in the timing of the announcement given that the housing market is already starting to soften. The move probably reflects the realization that interest rates will remain unchanged for longer than previously expected, […]
New Mortgage and Mortgage Qualifying Rules Coming!
New Mortgage and Mortgage Qualifying Rules Coming! The Government has announced four measures for new government-backed insured mortgages. It’s important to know that these new regulations will apply only to CMHC insured mortgages, or specifically those home owners that have or plan to have a down payment of less the 20% of the value of […]
Long Term Fixed Rate Mortgages are Hot!!!
Fixed Rate mortgages continue to be at historical lows, and now that variable rate mortgages don’t offer the compelling rate advantage they did in the past, long term fixed rates may be the right choice! With 10 Year fixed term rates now below 4%, and the difference between a 5 Year and 10 Year fixed […]
Former BofC Governor Plays Down Household Debt Warnings
Canada’s current and former central bankers seem at odds over the country’s soaring consumer debt, with former Bank of Canada governor David Dodge playing down warnings by his successor, Mark Carney. “I don’t think it’s in trouble,” he said, noting most consumers aren’t overexposed. In areas where employment levels remain high (such as Alberta, which Statistics […]
Boom, Bust and the Condominium Market: Where is it Going?
Lot’s of talk these days about the impending doom in the Toronto Condo Market. Here is an analysis of the situation provided by MCAP that puts it all in perspective…… MCAP Condo Market Analysis
Inflation Dips – Pressure to Raise Prime Rate Decreases!
Canada’s annual inflation rate dipped to 1.9% in March from 2.6% in February, largely due to slower year-over-year increases in prices for food and energy, Statistics Canada said on Friday. The Bank of Canada uses interest rates to reach its target inflation rate of 2%. With the current inflation rate coming in at below target, […]
Bank of Canada Maintains Prime , Hints at Future Increases
The Bank of Canada yesterday maintained it’s key overnight lending rate at 1%, holding the Prime rate on which Variable rate mortgages are based at 3%. In their press release, they listed several factors being considered in the decision…. “Overall, economic momentum in Canada is slightly firmer than the Bank had expected in January.” “…The […]
Gino Tieri, MCAP VP – Benefits of Using a Mortgage Broker.
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Finance Minister Jim Flaherty thinks Banks are a “Bit Odd”
Read the full article in the Montreal Gazette Here “I find it a bit odd that some of the bank executives are taking the position that the minister of finance or the government somehow should tell them how to run their business,” Flaherty said in Stittsville, Ont., just west of Ottawa. “We have bank executives […]
