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Tuesday, May 9th, 2017

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 […]

Canadians’ debt payoffs rise as mortgage principal payments targeted

Contrary to all the hype about consumer debt levels, Canadians are actually paying off their debts at a faster rate than the Bank of Canada estimates, says Canadian Imperial Bank of Commerce economist Benjamin Tal. Indeed, he says consumers are being quite responsible in the face of extremely tempting low interest rates. True, they are […]

Canadian home sales fall for first time in nine months

OTTAWA — Sales of existing homes cooled in September as they fell 1.4% on a month-over-month basis, the first monthly decline since January, the Canadian Real Estate Association said Wednesday. The association said sales through its Multiple Listings Service were down in about 60% of all local housing markets last month. CREA president Beth Crosbie […]

We’re paying off mortgages faster than thought

TORONTO – A new report suggests that Canadian homeowners are paying down their mortgages faster than they’re being given credit for. CIBC deputy chief economist Benjamin Tal says homeowners are taking advantage of record-low interest rates to accelerate their mortgage payments, and shorten their amortization periods. The CIBC World Markets study says that homeowners are […]

Applying for a fixed-rate mortgage? Why you need to do your homework

Imagine you’ve applied for a five-year fixed-rate mortgage. Then, before you close, the lender drops its best five-year fixed interest rate. You’d expect that new lower rate, right? Most people in this position would. But with some lenders, that’s not the way it works. If you’re going mortgage shopping, take a minute to understand your […]

Canada house prices expected to rise further, fuelling fears of meltdown

The risk of a property market crash in Canada has not ebbed, according to an increasing number of analysts polled by Reuters who said chances of a steep fall in prices have increased in the past year. Still, the survey medians showed house prices will likely rise more than earlier expected at least until 2017, […]

Bank of Canada holds key interest rate at 1%

Benchmark rate has stayed the same for 4 years Canada‘s central bank held its key interest rate at one per cent Wednesday, the same level is has been at for four years. In its latest policy decision, the Bank of Canada also kept its “neutral” stance, which means that governor Stephen Poloz has no plans […]

Household debt worries ease as pace of mortgage borrowing slows in May: study – Consult with a Vancouver Mortgage Broker

Royal Bank says Canadians have been slowing down the amount of debt they are taking on to buy real estate, easing concerns about household vulnerability. The RBC paper notes that overall household debt accumulation remained flat-lined at 4.2 per cent growth in May, about the same level as the previous three months. Outstanding mortgage debt […]

Bank of Canada warns Toronto’s condo market a ‘pocket of vulnerability’ in Canada’s housing sector – Ask a Vancouver Mortgage Broker

Pamela Heaven |  The Bank of Canada singled out Toronto’s condo market in its report on risks facing the country’s economy and financial system Thursday. The central bank said in its Financial System Review that though Canada’s housing market was broadly in line with demand, the level of condo building was significantly above historical averages. “While some of […]

Bank of Canada warns Toronto’s condo market a ‘pocket of vulnerability’ in Canada’s housing sector – Ask a Vancouver Mortgage Broker

Pamela Heaven The Bank of Canada singled out Toronto’s condo market in its report on risks facing the country’s economy and financial system Thursday. The central bank said in its Financial System Review that though Canada’s housing market was broadly in line with demand, the level of condo building was significantly above historical averages. “While some of […]

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