Canada housing correction could trigger another recession, BMO report says – Consult with a Vancouver Mortgage Broker

OTTAWA — A sudden and sharp correction in the housing market could have a devastating impact on the Canadian economy overall, enough to trigger another recession, says a new Bank of Montreal report. Bank of Canada holds rate at 1%, cuts growth forecast for 2014 The Bank of Canada says it is keeping interest rates […]

Cash-back mortages: A deal from your bank that regulators are not keen on – Ask a Vancouver Mortgage Broker

It’s the last refuge of those who don’t have money, but still want to own a home. You want some of these record low rates on the market but you’re locked into a mortgage. Just break it, right? Not so fast, there’s a key question you need to ask before you commit to break a […]

Costly housing has more Canadians turning to renovations – Consult with a Vancouver Mortgage Broker

The never-ending strength of the Canadian housing market has homeowners switching to renovations at a record pace, according to a new report. Andrienne Warren, an economist with Bank of Nova Scotia, says the boost in the reno market has been “fuelled by rising home prices, tight resale market conditions, attractive financing costs and government tax […]

What to look for on your 2013 income tax return – Ask a Vancouver Mortgage Broker

What to look for on your 2013 income tax return It’s another good year for do-it-yourself tax filers. There aren’t too many tax changes and one really lucrative new tax credit. There aren’t too many personal tax changes on this year’s tax return, but make sure you maximize credits and deductions. By: Evelyn Jacks Special to The […]

Three key questions about Canada’s new mortgage insurance rules – Ask a Vancouver Mortgage Broker

Canada‘s housing watchdog released a set of long-awaited guidelinesfor the country’s three mortgage insurers on Monday. The new guidelines spell out the practices that the Office of the Superintendent of Financial Institutions wants to see from the country’s three mortgage insurers, Canada Mortgage and Housing Corp., Genworth MI Canada and Canada Guaranty. Here are answers to […]

OSFI moves to tighten mortgage insurance guidelines – Consult with a Vancouver Mortgage Broker

Canada’s financial regulator has unveiled a set of proposed guidelines for mortgage insurance providers aimed at tightening standards around underwriting governance and risk management. You want some of these record low rates on the market but you’re locked into a mortgage. Just break it, right? Not so fast The draft guidelines come two years after […]

Young Canadians see buying a house or condo as a wise investment: RBC poll – Ask a Vancouver Mortgage Broker

TORONTO — More young Canadians believe owning a home is a very good investment, according to a new RBC home ownership poll. It says 86% of those aged 25-34 believe owning a house or condo is a solid investment, up from a reading of 78% last year. RBC says that attitude is also reflected in […]

Pre-retirement Canadians no longer rushing to repay mortgage debt – Ask a Vancouver Mortgage Broker

DAVID ISRAELSON- Special to The Globe and Mail Looking forward to those sunset years when you can put your feet up and burn your mortgage? Peter Veselinovich notices that a lot of people are quietly putting away their matches. The traditional mortgage market, where younger Canadians scrimp and sacrifice in the expectation that they’ll be paid […]

No collapse in Canada’s condo market, but not much growth either – Consult with a Vancouver Mortgage Broker

The report is sponsored by Canada’s largest private mortgage default insurer but it shows a relatively flat condo market in Canada’s eight largest market for high rises. Leaving the city (and the big mortgage) behind Many couples, stunned by the value of their homes in Canadian urban centers like Toronto, Calgary and Vancouver, are pondering […]

Gen Y: Don’t believe the hype on home ownership – Ask a Vancouver Mortgage Broker

The housing boom of the past decade has given young adults a whole lot of debt and some pitiful gains in net worth. The twenty- and thirtysomethings of Generation Y who are entering the market today are in for worse treatment. A mindset for those who choose to buy a house: It’s about lifestyle, not […]

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