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Saturday, February 10th, 2024

Jim Flaherty move shocks brokers – Ask a Vancouver Mortgage Broker

Finance Minister Jim Flaherty has stepped down. “Yesterday, I informed the prime minister that I am resigning from cabinet,” Flaherty said in a statement. “This was a decision I made with my family earlier this year, as I will be returning to the private sector.” Flaherty – who has been unpopular among the mortgage broker community – […]

Why Joe Oliver as Finance Minister is just a short-term fix for Stephen Harper

OTTAWA/CALGARY • Surprise or not. Best candidate or not. Neither much matters. In the end, Joe Oliver’s appointment as Finance Minister was obviously the best choice for Prime Minister Stephen Harper. Unlike Jim Flaherty, new Finance Minister Joe Oliver has already earned his Bay Street cred   Theresa Tedesco: Canada’s new Finance Minister is a […]

Would shorter amortizations make the housing market safer? – Ask a Vancouver Mortgage Broker

Canada’s banking watchdog seems intent on stamping more risk out of the mortgage market. The latest idea being floated by The Office of the Superintendent of Financial Institutions (OSFI) is to limit amortizations to 25 years for homeowners who have put down 20 per cent of the purchase price or more. The current maximum is 35 years. If this […]

Flaherty’s decision to intervene in mortgage war raises questions

Flaherty’s decision to intervene in mortgage war raises question Finance Minister Jim Flaherty has pressed Manulife Bank into reversing a mortgage-rate cut, underscoring the government’s determination to prevent lenders from stoking the housing market at a time of soaring consumer debt. Mr. Flaherty instructed one of his officials to call Manulife on Monday night and […]

Prepaid credit cards face tighter rules – Ask a Vancouver Mortgage Broker

Ottawa is stepping in with new rules for the largely unregulated prepaid credit card market. Finance Minister Jim Flaherty announced Wednesday that in the future, issuers of prepaid cards will not be able to impose expiry dates and must be up front about hidden fees and conditions. The move is part of the government’s expanding […]

Canadians Deserve More Answers

Boris Bozic, CAAMP Chair and President/CEO of Merix Financial wrotethis about the latest mortgage rule changes: “…Stakeholders have every right to call out decision makers if there’s concerns that [mortgage rule changes] may have unintended consequences. We also have every right to ask decision makers to articulate, in a clear and cogent fashion, the rationale behind the decisions they made.” […]

Ottawa tightening mortgage rules; no more 30-year amortizations

The federal government is moving again to tighten the rules on mortgage lending in Canada amid growing concerns that the housing market is overhere The country’s biggest banks were caught off guard on Wednesday night as the Department of Finance prepared to clamp down on mortgages by reducing the maximum amortization for a government-insured mortgage […]

Canadians’ household debt raises eyebrows at IMF

KEVIN CARMICHAEL The International Monetary Fund isn’t totally convinced that Canadian authorities have a handle on the risks building up in the housing market. “Developments on the housing front require increased vigilance, and consideration may need to be given to additional prudential measures to prevent a further buildup in household debt,” the Washington-based IMF says […]

Frustrated Flaherty urges Europe to deal with Greece and ‘move on

NEW YORK, N.Y. — The global economy is at risk of falling into a second recession if European leaders don’t resolve the debt crisis soon, Canadian Finance Minister Jim Flaherty said Wednesday. “The European crisis is the world’s most immediate and pressing problem,” Flaherty said at a Canada-U.S. Securities Markets Summit in New York. “It […]

Canada not headed for recession: Flaherty

Reuters  Sep 14, 2011 OSHAWA, Ontario  – Canada should see modest economic growth and avoid a double-dip recession, Finance Minister Jim Flaherty said on Wednesday. The economy shrank slightly in the second quarter, and Bank of Nova Scotia said this week the country may already be in another recession, but Mr. Flaherty said that is not […]

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