U.S. shale towns grapple with new real estate crisis brought on by oil plunge: ‘We are overbuilt’

Chain saws and staple guns echo across a US$40-million residential complex under construction in Williston, North Dakota, a few miles from almost-empty camps once filled with oil workers. Oilsands at a crossroads: How the next chapter of Alberta’s oil future — and Canada’s workhorse — is a big unknown Handout/Conoco Philips They were a diverse […]

It’s time for many Canadians to abandon the 20% down-payment rule

This one’s for the housing true believers out there. You’re the buyers who keep pushing house prices higher in cities such as Vancouver, Toronto and Hamilton. Incomes are edging higher in these cities, prices are surging. If you’re primed to buy anyway, then listen up. Stop trying to save a 20-per-cent down payment and get […]

Banker buys ex-boss’s house only to raze it and build huge mansion in act of ‘revenge’

WASHINGTON — An American hedge fund billionaire bought the home of a former boss who passed him over for promotion — then tore it down and built a mansion twice as big on the exact spot. David Tepper paid the ex-wife of Jon Corzine, the former CEO of Goldman Sachs, US$43.5 million for the summer […]

Bank to create more-powerful road reps

One major bank is working on a strategy that will see mobile advisors provide more than just mortgage advice – should brokers be worried that their competitive advantage is disappearing? “We’ve been focusing on processes and simplifying,” David Williamson, CIBC senior executive vice president, said during the bank’s recent quarterly profit call. Also CIBC is […]

Canadians’ mortgage debt ramping up fast as cheap money fuels leap in luxury home prices

A new report from the Canadian Imperial Bank of Commerce says prices for the country’s most expensive high end homes are rising much faster than the overall market, skewing average values. Canada’s housing bubble: As Alberta’s market tumbles, the rest of us wonder who’s next Some of the more bearish economists think Alberta’s malaise may […]

Toronto Real Estate Board seeks to prevent judge from hearing competition case

TORONTO — The Toronto Real Estate Board is seeking to remove a Federal Court judge who is hearing the Competition Bureau’s challenge of a board policy against the online publication of house sale data. A lawyer for the real estate board says Federal Court Chief Justice Paul Crampton was involved in a similar case more […]

What Amortization Should I Have On My Mortgage?

What Amortization Should I Have On My Mortgage? What Amortization Should I Have On My Mortgage?Short answer: the longest possible amortization you can get! However, the goal is to get the longest amortization possible, but then increase the payment or make lump sum payments to move the amortization to the lowest possible and therefore be […]

The Truth About the Cash Back Mortgage

The Truth About the Cash Back Mortgage We often see ads from the major lenders offering cash back incentives on their Mortgage products. Gone are the days where a Cash Back Mortgage could be used to facilitate a purchase without the required minimum of a 5% down payment. Cash Back incentives are now made available for […]

Canadian mortgage expert reacts to Fed plans

The Fed’s recent announcement keeping the overnight rate unchanged should reassure Canadian brokers, says one industry expert here. “This is good news for Canada, where the economy is much weaker than in the U.S. and where the Bank of Canada is at least a year away from tightening,” says Dominion Lending Centre’s Chief Economist Dr. […]

Canadians’ mortgage debt ramping up fast as cheap money fuels leap in luxury home prices

A new report from the Canadian Imperial Bank of Commerce says prices for the country’s most expensive high end homes are rising much faster than the overall market, skewing average values. Canada’s housing bubble: As Alberta’s market tumbles, the rest of us wonder who’s next Some of the more bearish economists think Alberta’s malaise may […]

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