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Friday, March 15th, 2024

New rules would hit condo buyer

The federal government’s efforts to get tough on borrowing are now focused on the condominium sector, with new rules in the works to make it more difficult to qualify for a loan on a high-rise apartment, the National Post has learned. Sources say rules now being discussed would add 100% of condominium fees to the […]

Finance Department Press Release announcing the new rules.

THE HARPER GOVERNMENT TAKES PRUDENT ACTION TO SUPPORT THE LONG-TERM STABILITY OF CANADA’S HOUSING MARKET Related Document: Backgrounder: Supporting the long-term stability of Canada’s housing market The Honourable Jim Flaherty, Minister of Finance, and the Honourable Christian Paradis, Minister of Natural Resources, today announced prudent adjustments to the rules for government-backed insured mortgages to support […]

Mark Carney’s juggling act

Mark Carney is juggling a better economic outlook with a strong dollar, slow productivity gains and an uneasy global recovery. These factors stopped the Bank of Canada Governor from raising interest rates Tuesday even as he cited a slightly improved forecast for economic growth this year and next. Europe’s debt and bank troubles also mean […]

The Catch 22 of low interest rates, fat debt

Some people want to know why the Bank of Canada would consider raising interest rates when high consumer debt levels are such a threat. Still others wonder why the central bank doesn’t just go ahead and do it to discourage borrowers from taking on more than they can handle. The answer, of course, is that […]

Rate hike expected in first half of year

Ka Yan Ng, Reuters TORONTO — Most of Canada’s primary securities dealers now expect the Bank of Canada to resume raising interest rates in the first half of this year with economic prospects having brightened in the past month. In a Reuters poll on Friday the dealers — the institutions that deal directly with the […]

Canadians’ focus on debt reaches highest point in five years: Manulife Investor Sentiment Index

WATERLOO– More Canadians say their top priority is to tackle their debts as they head into the New Year, according to the latest national poll for Manulife Financial, Canada’s leading insurance and wealth management company. Those who say their top financial priority is to pay down credit cards, lines of credits and mortgages hit a new five-year […]

Economists more optimistic than Canadians

TORONTO – Cheer up, gloomy Canadians — the recession is long over and growth will continue this year, say the country’s top economists, despite a survey which has found that most Canadians believe the economy is still in a downward spiral. The chief economists of Canada’s big five banks gave their predictions for moderate Canadian […]

7 Mortgage Trends To Expect In 2011

Financial experts suggest that borrowers should apply for a new mortgage loan, or refinance their home loan when the time is right for their individual needs, rather than attempt to time the market. While risk takers may be enthusiastic about waiting until the last minute to lock in a low mortgage interest rate, most homeowners and […]

Canadian job market better than expected in December

Derek Abma, Financial Post OTTAWA — Canada’s job market performed somewhat better than expected last month, with gains concentrated in full-time, private-sector employment, in industrial sectors and for those younger than 25. There were 22,000 additional people working in Canada last month, Statistics Canada said Friday. That slightly exceeded economists’ expectations for gains of 20,000. […]

Britons turn to credit cards to make mortgage payments

In what could be a warning of things to come for Canadians who may struggle their mortgage payments if interest rates rise, it has been reported that more than 2 million people in Britain have used credit cards to pay their mortgage or rent, an increase of almost 50 per cent in a year, according […]

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