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 […]

Condo correction not in the cards for Toronto, Vancouver, says new report – Ask a Vancouver Mortgage Broker

The rental housing market has “passed it peak” but condominium investors can probably rest easy because vacancy rates will only edge up slightly, says a new report.   How Canada’s new immigration rules could slow high end real estate sales Canada’s luxury housing market has already been impacted by changes to immigration policy and could […]

Canadian house prices hit record high in January as Vancouver market surge – Ask a vancouver Mortgage broker

Andrea Hopkins, Reuters  TORONTO — Canadian home prices rose to a record high in January as Vancouver prices surged, the Teranet-National Bank Composite House Price Index showed on Wednesday, even as other housing indicators have shown a cooling market. Buying a house? Here’s how to get a big tax refund The $25,000 you can take […]

Budget offers only a smattering of savings for Canadian families

ROB CARRICK -n The Globe and Mail Wait till next year, Canada. While there’s a lot of talk about easing the financial burden on families in the federal budget, the actual savings are at best minor. In fact, the most notable tax measure for the average person was one that will make cigarettes more expensive. People anticipating […]

Canada’s house prices still rising but sales stall for third straight month – Ask a Vancouver Mortgage Broker

TORONTO — The latest real estate results look impressive for seven-figure homes but the story is not as dramatic once you factor out Canada’s two most expensive cities and look at three months of falling sales. Prices across the country rose 10.4% in December from a year ago to an average of $389,119, according to […]

Mortgage rates today are way below normal. Or are they?- Ask a Vancouver Mortgage Broker

Finance Minister Jim Flaherty called Canada’s low interest rates an “anomaly” last week, echoing warnings that other government officials have been making since 2009. But one of the country’s best-known economists believes today’s rates are closer to normal than many think. Benjamin Tal, deputy chief economist at CIBC, caught viewers off guard in a recent […]

Why no rate hike means variable mortgages are safe again – Ask a Vancouver Mortgage Broker

Garry Marr | More from Garry Marr | @DustyWallet A signal from the Bank of Canada that it is not raising its key lending rate any time soon, coupled with the likelihood of falling mortgage rates, could be enough to keep the latest housing rally going. Bank of Canada drops rate guidance, lowers growth forecast There’s been a sea […]

Flaherty threatens action – Consult with a Vancouver Mortgage Broker

Finance Minister Jim Flaherty says he will step in to intervene once more if the housing market appears to move toward a bubble. “I’m comfortable with where we are, but we have to watch and, if we see anything moving toward a bubble, we can intervene,” Flaherty said in an interview with BNN Television this week. “It’s […]

OSFI to consult public before making changes – Ask a Vancouver Mortgage Broker

OSFI has held off on further tweaks to underwriting rules, but amid speculation that it may soon spring into action, one representative has assured MortgageBrokerNews.ca the public – including brokers – will be allowed their say. “If we decide to revise Guideline B-20 we will undertake public consultations,” Annik Faucher of OSFI told MortgageBrokerNews.ca. “No […]

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