Joe Oliver wants to lower taxpayer exposure to the housing market — but there’s no specific plan to do it

  TORONTO — Finance Minister Joe Oliver says Ottawa won’t be making any protective moves in Canada’s housing market. At a news conference Thursday, Oliver says the government’s long term aim is to gradually reduce taxpayer exposure to the residential real estate market, but there is no specific plan. Oliver’s predecessor, Jim Flaherty, moved four […]

CMHC to return to lower-risk roots – Consult with a Vancouver Mortgage Broker

BOYD ERMAN AND TARA PERKINSThe Globe and Mail The head of Canada Mortgage and Housing Corp. is shifting the priority of the mortgage insurer to helping Canadians buy homes they need, not the bigger, pricier homes they might want. Chief executive officer Evan Siddall said in an exclusive interview that his first six months on the job […]

Five mortgage market truths, like you can do better than 2.99% – Consult with a Vancouver Mortgage Broker

Here are five things you need to know about the mortgage market as the spring home-buying season gets going: 1. That 2.99 per cent Bank of Montreal five-year mortgage isn’t quite as good as it sounds. BMO’s recent move to bring its rate below the psychologically significant 3-per-cent mark for fixed-rate five-year mortgages is being treated as […]

Royal Bank taps auto industry strategy of ‘employee pricing’ to sell mortgages – Consult with a Vancouver Mortgage Broker

In the latest twist on the mortgage wars being waged by Canadian banks to win customers, Royal Bank of Canada is taking a page from auto dealers by offering “employee pricing” to home buyers. The same interest rate offered to RBC employees is being given to customers seeking new and “switch-in” mortgages across Canada. “This […]

Should you get pre-approved for a mortgage? Ten things to know – Consult with a Vancouver Mortgage Broker

ROBERT MCLISTER – Special to The Globe and Mail Putting your full faith in a mortgage pre-approval is like betting on a heavy favorite in a horse race. You’ll probably win but there’s room for major disappointment. Sure, pre-approvals have benefits. The best ones accurately measure your qualifications and how much house you can afford. Their 90- […]

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 […]

Five mortgage market truths, like you can do better than 2.99% – Ask a Vancouver Mortgage Broker

ROB CARRICK- THE GLOBE AND MAIL Here are five things you need to know about the mortgage market as the spring home-buying season gets going: 1. That 2.99 per cent Bank of Montreal five-year mortgage isn’t quite as good as it sounds. BMO’s recent move to bring its rate below the psychologically significant 3-per-cent mark for […]

Ed Clark ‘supportive’ of Finance Minister Joe Oliver’s hands-off approach in mortgage wars

Toronto-Dominion Bank chief executive Ed Clark is throwing his support behind Finance Minister Joe Oliver’s decision not tell banks how to price their mortgages. Top economist calls out Ottawa on ‘unhealthy’ lack of information about housing market Crucial information needed to assess the health of our housing market is not available in Canada, and without […]

Could CMHC change its ‘one-size fits all’ mortgage insurance to reflect real risk? – Ask a Vancouver Mortgage Broker

Buy a house with less than a 20% down payment and you have to get mortgage default insurance. There’s no choice. The rules are dictated by Ottawa and protect the banks, in the event you default. Why the mortgage rate wars can rage more freely Why did Bank of Montreal risk a (verbal) slap from […]

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