While Toronto’s housing boom rolls on, some of the housing itself is falling apart

While Toronto’s housing boom rolls on, some of the housing itself is falling apart TORONTO — Toronto has more than 100,000 units under construction as developers and investors seek to cash in on condo prices that are up 25.7% in the city over the past five years. The trouble is, many buildings are so poorly […]

Canada may need tougher rules to slow overvalued housing market, IMF warns

Canada may need tougher rules to slow gains in the housing market, the International Monetary Fund said. Millennials lured by lengthy stretch of low rates spur Canada’s condo boom at their peril Experts warn of danger ahead when these young people, who have no experience in interest rate shocks, face a spike in mortgage payments. […]

It’s taxes versus a mortgage for the self-employed

Eighty of mortgage broker Dustan Woodhouse’s clients who were approved for a mortgage in 2011 wouldn’t have qualified for the same mortgage today. In the summer of 2012, Canada’s financial regulator introduced Guideline B-20 as a way of tightening up the banks’ approval processes. Part of B-20 requires banks to examine incomes more closely, but […]

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 […]

First-time homebuyers are feeling the weight of Canada’s housing boom

Many times over the last few years, John Norquay has been stricken with pangs of anxiety over not being a homeowner. Should you rent or own your home? Bank of CanadaPeople say that when you grow up, you buy a home. But owning doesn’t make sense for everyone and in some cases, it might be […]

Mortgage Broker Practices Score Well on Regulator Suitability Report

TORONTO, Sept. 8, 2014 /CNW/ – A report from the Mortgage Broker Regulators’ Council of Canada (MBRCC) should help bolster the confidence borrowers have in the services being provided by mortgage brokers in Canada. The report indicates that most mortgage brokers work to direct their residential clients toward suitable mortgages. However, the report also notes that […]

Here’s Why Mortgage Credit Growth In Canada Has Been Slowing

The latest reading from Statistics Canada shows that Canadian household indebtedness increased in the second quarter, with the ratio of household credit market debt to disposable income rising from 163.1 to 163.6 percent. This increase was primarily attributable to weak income gains over the course of the quarter, as mortgage debt – which makes up […]

Chinese developer Greenland makes its first purchase in Canada — a Toronto condo project

Greenland Holding Group Co., a Shanghai-based developer owned by the Chinese government, said it bought King Blue, a two-tower condominium project in Toronto, its first purchase in Canada. Greenland Holding bought the planned development, which includes 44 and 48-story towers, from closely held Easton’s Group of Hotels Inc. and The Remington Group Inc. for at […]

Canada housing starts cool in August, seen slowing further

TORONTO — Canadian housing starts cooled more than expected in August, while the previous month was also revised slightly lower, data showed on Tuesday, setting the stage for what is widely expected to be a slowing housing market as 2014 draws to a close. A report from the Canada Mortgage and Housing Corp showed the […]

Paying off your mortgage faster can pay huge dividends

Paying down your mortgage faster. It’s one of those boilerplate suggestions that financial advisers love to make to their clients. After all, throwing extra money at the biggest debt most Canadians have can result in big interest savings and being mortgage-free years sooner. So why isn’t everyone doing that? According to a spring analysis by […]

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