Nova Scotia’s Proposed Broker Rules

Nova Scotia has new mortgage broker regulations in the works and they look like a win for the province’s homeowners. In a nutshell, they provide NS borrowers with better disclosure and more assurance that the broker they are dealing with is competent and acting in their best interests. A few of the proposals may need […]

Canadians Dominate World’s 10 Strongest Banks

Banks from Citigroup Inc. (C) in the U.S. to BNP Paribas SA (BNP) in France are racing to shed assets and raise money ahead of new global capital rules that start taking effect in 2015. For Canadian lenders, these moves have created the opportunity to go on a shopping spree. Canada’s six largest banks have spent $37.8 billion since […]

CMHC changes may benefit alternative mortgage lenders

Mortgage companies competing against Canada’s big six banks offer an increasingly attractive opportunity for investors in the wake of new regulations governing Canada Mortgage Housing Corp., says Stephen Boland, analyst at GMP Securities. “We believe that the increased lending restrictions on the use of the CMHC will provide the alternative mortgage lenders with additional product […]

Ottawa’s spotlight has Manulife rethinking its bank

TARA PERKINS — FINANCIAL SERVICES REPORTER Ottawa’s efforts to rein in the mortgage market are forcing Manulife Financial Corp. (MFC-T11.23-0.14-1.23%) to re-evaluate its fast-growing bank, making it the first financial institution to say that it intends to move toward tighter lending to consumers in response. Manulife Bank, which allows consumers to run all of their banking, such as savings, […]

CMHC could be pulled out of mortgage insurance business, Flaherty says

Finance Minister Jim Flaherty would consider takingCanada Mortgage Housing Corp. out of the mortgage default insurance business he told the National Post’s editorial board. ‘I don’t think it’s essential that a government financial institutionprovide mortgage insurance in Canada’ “Over time, I don’t think it’s essential that a government financial institution provide mortgage insurance in Canada. I think what’s […]

Brokers ain’t lying down for OSFI

The federal regulator threatening to overhaul the guidelines lenders and brokers work under is now in receipt of the channel’s most exhaustive response to those proposals — in short, a list of what ain’t broke and don’t need to be fixed, say brokers. “It is important to note the many positive features of the Canadian […]

Banks got $114B from governments during recession

Canada‘s biggest banks accepted tens of billions in government funds during the recession, according to a report released today by the Canadian Centre for Policy Alternatives. Canada’s banking system is often lauded for being one of the world’s safest. But an analysis by CCPA senior economist David Macdonald concluded that Canada’s major lenders were in […]

Why smaller down payments can lead to better mortgage rates

It doesn’t make much sense, but a skimpy down payment on a home might actually get you a better mortgage rate in today’s market. Blame the government subsidy known as mortgage default insurance, which ultimately makes it less risky to lend money to someone who has only 5% down compared to someone with 20%. Consumers […]

Are you shopping for a home?

Are you trying to navigate Canada’s red-hot real estate market, sick of renting and on the prowl for a home to call your own? On May 1st, Globe Investor launched a new month-long Home Buying site, packed with stories, videos and expert opinions to help readers make what for many will be the biggest financial decision […]

Buying a house? Don’t go to the bank

I sold my property last week and I’m in a mad scramble to find a new home. With my wish list in hand and a pre-approved mortgage under my belt, I’m confident I’ll eventually find what I’m looking for. Much to the chagrin of my financial planner, a bank employee, I’ve decided to use an […]

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