CUs: A Lower Bar on Qualification Rates – Ask a Vancouver Mortgage Broker

Starting in 2010, lenders had to ensure that borrowers getting variable or 1- to 4-year fixed mortgages could afford payments at the 5-year posted rate. That rule applied to mortgages with less than 20% equity. In 2012, OSFI asked federally regulated lenders to apply the same rule to all variable and 1- to 4-year fixed mortgages, regardless […]

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 […]

CMHC offering tailored outlooks for various Canadian markets – Mortgage Broker, Vancouver

Canada Mortgage and Housing Corporation (CMHC) is offering a number of housing outlook conferences in various Canadian cities; each offering a useful and practical information session that will help brokers understand trends unique to each market. “CMHC’s Housing Outlook Conferences offer access to timely, reliable and unbiased information,” Sam Carnovale, CMHC Key Account Manager, Brokers […]

Bank of Canada drops rate guidance, lowers growth forecast

OTTAWA — There has been a sea change at the Bank of Canada. No longer are policymakers setting a specific monetary course for interest rates. Instead, for the first time in 18 months, they have dropped any reference to borrowing costs eventually rising — adopting a neutral position and waiting to see which way economic […]

Rent-to-own works, but beware the pitfalls – Ask a Vancouver Mortgage Broker

Renting to own a house can be a very effective way for a buyer without enough of a down payment to buy a home. But do your homework. By: Mark Weisleder Real Estate The concept of rent-to-own can be a very effective way for a home buyer who does not have enough of a down payment, or […]

First-time home buyers undeterred by mortgage rules, rates – Ask a Vancouver Mortgage Broker

Garry Marr |More from Garry Marr | @DustyWallet About two-thirds of first-time buyers say they’ll purchase a home as planned and are unaffected by new mortgage rules brought in by Ottawa a year ago, says a new survey. The findings come as the banks continue to increase long-term interest rates in the face of rising bond yields but […]

How an obscure budget change could raise mortgage rates- Ask a Vancouver Mortgage Broker

ROBERT MCLISTER – Special to The Globe and Mail The acronym “ABCP” doesn’t come to mind when people go mortgage shopping. But if you get a new mortgage in the next few years, it could very well affect your interest rate. ABCP stands for asset backed commercial paper. It’s used by a handful of non-bank lenders to […]

Bank of Canada cuts 2013 growth outlook – Consult with a Vancouver Mortgage Broker

Bank of Canada cuts 2013 growth outlook Reuters – Bank of Canada Governor Mark Carney leaves his office for a news conference upon the release of the Monetary Policy Report in Ottawa October …more  The Bank of Canada cut its growth forecast on Wednesday in a signal that interest rates will remain at historically low levels for some […]

More on the New Bulk Insurance Restrictions- Consult with a Vancouver Mortgage Broker

More on the New Bulk Insurance Restrictions Last week’s federal budget included few mortgage changes. One exception was a new proposal to restrict the use of default insurance on low-ratiomortgages (i.e., those with 20% or more equity). The Department of Finance says it will gradually prohibit lenders from bulk insuring low-ratio mortgages unless those mortgages are part of a CMHC-backedsecuritization program. In addition, the government […]

Flaherty’s budget gets ‘C’ grade from 57% of business community, survey says

OTTAWA • The Conservative government’s Budget 2013 barely eked out a passing grade from Canada’s business operators, according to an Ernst & Young survey. The poll found 57% of respondents thought the document deserved a “C” grade at best, while 43% gave it a “B” or slightly higher. “Not unlike the Canadian political scene itself, […]

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