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 […]

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 […]

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 […]

Why TD’s Ed Clark says Canada isn’t heading for a U.S.-style housing bust – Adil Virani Vancouver Mortgage Broker

Toronto-Dominion Bank has just come off one of its most profitable years ever. Its shares have nearly regained the ground they lost in the financial crisis and the country’s second-biggest bank is riding high on the Canadian consumer’s apparently insatiable appetite for debt. But how much longer can it go on? TD chief executive Ed […]

The end of mortgage growth? Not yet – Ask a Vancouver Mortgage Broker

Friday, November 2, 2012 BOYD ERMAN For all the talk of rule changes slowing the growth of the Canadian mortgage market, some surprising statistics from the Bank of Canada show that has not been happening in any significant way. Policy makers trying to cool the growth of household debt and home prices may not like […]

Banks go on appraisal alert in a volatile housing market

Several Canadian banks have been quietly re-evaluating their appraisal strategies amid increased worries about the accuracy of property values in a market deemed at risk of overheating. Lenders use a variety of techniques, including full appraisals, so-called “drive-by” appraisals based on the exterior of the home, and databases of market prices, to evaluate homes. The […]

Condos drive Canada’s housing start surge

Canada’s condo building frenzy showed no sign of abating last month, as housing starts surged to their highest level since 2007. While some analysts had predicted housing starts would weaken after a particularly strong March, starts in April rose to an annualized rate of 244,900, readily beating predictions of 204,000 made by most economists.   […]

Canadians Dominate World’s 10 Strongest Banks

Banks from Citigroup Inc. (C) in the U.S. to BNP Paribas SA (BNP) in France are racing to shed assets and raise money ahead of new global capital rules that start taking effect in 2015. For Canadian lenders, these moves have created the opportunity to go on a shopping spree. Canada’s six largest banks have spent $37.8 billion since […]

Why smaller down payments can lead to better mortgage rates

It doesn’t make much sense, but a skimpy down payment on a home might actually get you a better mortgage rate in today’s market. Blame the government subsidy known as mortgage default insurance, which ultimately makes it less risky to lend money to someone who has only 5% down compared to someone with 20%. Consumers […]

Why you need to pay off your debt NOW

For debtors, today’s historically low interest rates have constituted somewhat of a fool’s paradise. Central banks around the world, including Canada’s, have kept interest rates as close to zero as possible. But if we thought we could keep our boat forever afloat on this sea of low rates, there are many lining up to convince […]

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