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Friday, December 15th, 2017

Canadian housing starts surge in November – CMHC

Housing starts for all areas in Canada stood at 226,270 units as of November 2017, according to new data from the Canada Mortgage and Housing Corporation (CMHC). This trend – which was a considerable increase from the 216,642 units in October 2017 – represented the highest level in almost a decade, CMHC chief economist Bob […]

CREA cuts 2017, 2018 forecast due to incoming tighter mortgage rules

The Canadian Real Estate Association says it has cut its home sales forecast for next year due to the impact of tighter mortgage regulations taking effect in the new year, which will erode affordability. The association representing real estate agents across the country also downgraded projections for 2017. It now expects national sales activity this […]

OSFI is reinforcing a strong and prudent regulatory regime for residential mortgage underwriting

October 30, 2017 by  
Filed under Recent News

http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx   News Release For Immediate Release OTTAWA – October 17, 2017 – Office of the Superintendent of Financial Institutions Canada Today the Office of the Superintendent of Financial Institutions Canada (OSFI) published the final version of Guideline B-20 − Residential Mortgage Underwriting Practices and Procedures. The revised Guideline, which comes into effect on January […]

HOW CREDIT AFFECTS YOUR LOAN APPROVAL

HOW CREDIT AFFECTS YOUR LOAN APPROVAL When you apply for a loan, lenders assess your credit risk based on a number of factors. Your credit score, as well as the information on your credit report, are key ingredients in determining whether you’ll be able to get financing and the rate you’ll pay. To get approved […]

New Canadian banking rules called ‘game changer’ for real estate tax evasion

New Canadian banking rules that took effect July 1 are a “game changer” that could help governments in Victoria and Ottawa fight real estate tax scams exploited by foreign buyers, says a prominent B.C. immigration lawyer. As of July 1, Canadian banks must confirm detailed information on non-resident clients — such as name, address, date […]

INDEPENDENT LEGAL ADVICE – DO YOU KNOW WHO CAN GIVE IT TO YOU?

INDEPENDENT LEGAL ADVICE – DO YOU KNOW WHO CAN GIVE IT TO YOU? Independent Legal Advice – Do You Know Who Can Give It To You?First off, I’m sure some are saying what is Independent Legal Advice? ILA is just as it sounds – the need to seek independent legal advice. At Dominion Lending Centres, […]

WHAT DOES IT ACTUALLY MEAN TO CO-SIGN FOR A MORTGAGE?

WHAT DOES IT ACTUALLY MEAN TO CO-SIGN FOR A MORTGAGE? What Does It Actually Mean To Co-sign For a Mortgage?There seems to be some confusion about what it actually means to co-sign on a mortgage and you know that where there is confusion, your trusted mortgage professional seeks to offer clarity. Let’s take a quick […]

Advice for Single Homebuyers

Advice for Single Homebuyers More than a third of first-time homebuyers in Canada are single. If you’re thinking of joining this group, here’s what you need to do and know before jumping into homeownership. Study the market. Identify neighbourhoods you want to live in and check to see how much properties in that area are […]

New survey shows Canadians turning part of their homes into Airbnb units to cover their mortgage

Canadians facing ever increasing house prices — and debt — are turning to short-term rentals to make ends meet, according to a new survey. AltusGroup, which provides real estate research, said its FIRM survey from the summer of 2016 found four per cent of all households had used a short-term rental accommodation service in the […]

RBC: Toronto and Vancouver housing affordability still at high-stress levels

RBC: Toronto and Vancouver housing affordability still at high-stress levels The fourth quarter of 2016 saw Canadian housing costs remain at overheated levels despite the imposition of various federal and provincial measures to address the prevalent issue of home affordability, according to a fresh report released by RBC Economics Research last week. In the latest […]

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