Bank of Canada will raise overnight interest rate in July 2014: BMO economist

By: Alexandra Posadzki The Canadian Press, Published on Wed Jun 19 2013 The Bank of Canada is likely to start raising its benchmark interest rate in July 2014, a full year before the U.S. Federal Reserve, BMO’s chief economist Douglas Porter said Wednesday. Porter predicts the overnight rate will go up by half a percentage point, which could […]

FSCO frustrated by unlawful advertising – Consult with a Vancouver Mortgage Broker

Too many unlicensed brokers and not enough resources has FSCO frustrated with the deluge of public complaints over illegal mortgage brokering advertisements.   “The guys who post the signs on the street posts, under the street lamps, they are preying on people in dire financial situations,” says Bhan Persaud, the senior licensing approvals officer with […]

BMO Home Buying Report: First-Time Buyers Expect to Spend $300,000 on First Home with an Average Down Payment of $48,000

– On average, first-time buyers expect it will take them 20 years to pay off their mortgage – Report shows first-timers prefer a fixed rate to a variable rate mortgage by more than a 2:1 ratio – Report reveals how recent changes to Canadian mortgage rules have affected the timeline to buy for first-time buyer […]

Urban Mortgages on an Extreme Budget – Ever wondered what kind of mortgage you can get on minimum wage in a big city? – Ask a Vancouver Mortgage Broker

Ever wondered what kind of mortgage you can get on minimum wage in a big city?  Minimum wage in Canada ranges from $9.75 per hour in Alberta to $11 in Nunavut. In Ontario and BC, it’s $10.25. Using standard insured lending guidelines, someone earning even $11 per hour and working 40 hours a week could […]

Let’s tie student debt to student risk – Consult with a Vancouver Mortgage Broker

Let’s tie student debt to student risk GRANT BISHOP Special to The Globe and Mail – Published Tuesday, Mar. 05 2013, 5:00 AM EST Law tuition at the University of Toronto is slated to escalate by 8 per cent next year to roughly $29,613, having already risen from $3,808 since 1998, when tuition was deregulated in Ontario. […]

How Will the Baby Boomers Affect the Future Housing Market? – From your Vancouver Mortgage Broker

How Will the Baby Boomers Affect the Future Housing Market? – From your Vancouver Mortgage Broker The baby boomers are the largest single generation alive today. They are aging but they are still very affluent. Many forecasters believed that they would eventually leave their larger homes and that this might result in the creation of […]

YOUNGER CANADIANS PUT BRAKES ON DEBT IN 2012, OLDER KEEP BORROWING

YOUNGER CANADIANS PUT BRAKES ON DEBT IN 2012, OLDER KEEP BORROWING Click here to download PDF report Highlights •  In 2012, Canadian household debt grew at its slowest pace since 2003 and the upward trend in the  household debt-to-income ratio ebbed. Ipsos Reid survey data suggests that there was diverging  borrowing behaviour across age groups […]

Your bank mortgage: Is it fair and does it suit your needs? – Ask a Vancouver Mortgage Broker

Banks operate under the scrutiny of government watchdogs. But when it comes to mortgages, those watchdogs don’t watch everything they could. “Individual (bank) mortgage reps operate outside of regulatory boundaries which commonly govern licensed professionals,” says Samantha Gale, a former mortgage regulator with B.C.’s Financial Institutions Commissionand chief executive officer of the Mortgage Brokers Association of British […]

Rent-to-own site skirts around broker regulations

A handful of con artists misusing the rent-to-own model are increasingly running afoul of provincial mortgage broker legislation, claiming they can arrange home loans without broker accreditation. “Unfortunately it is not uncommon,” CAAMP CEO and President Jim Murphy told MortgageBrokerNews.ca. “It is the second or third source of complaints in Ontario (unlicensed activity). It sends […]

Banks tighten their squeeze to extract fees – Ask Adil Viani Vancouver Mortgage Broker

A prediction for 2013: Expect your bank to squeeze you harder than ever with fees. After releasing fourth-quarter earnings a month or so back, bank executives said low interest rates and slower growth in borrowing would result in diminished profit growth in 2013. Now, how do you suppose the banks will try to offset lower […]

« Previous Page — Next Page »