It will be tougher to get a mortgage in future, survey of economists predicts

The federal government will make it tougher for many homebuyers to get mortgages this year as it grapples with an overheated property market, according to analysts in a Reuters poll, who also ruled out the prospect that prices could suddenly crash. Ten of 14 economists and strategists surveyed last week in Reuters’ first poll on […]

Mortgage fraud on the rise

MONTREAL — Consumer credit company Equifax uncovered roughly $400-million worth of mortgage fraud in Canada last year, an “eyeopening” number industry experts estimate represents only a fraction of the cheating taking place in the country’s real estate market. Atlanta-based Equifax says many financial institutions are tightening lending and, as a result, deceit in the property […]

Paying off your mortgage early can cost you

Paying off your mortgage early seems like great financial planning since you’re freeing up money that can be put towards savings. But discharging a mortgage early can mean a prepayment penalty because the bank loses money. If you had a two-year term and paid the mortgage in full after 16 months, the bank is out eight months […]

Bank report reveals hottest investor markets

A new report on varying provincial fortunes hints at where to make that next real estate investment. Psst, there’s oil there. “Strength in the energy sector has rekindled in-migration and helped firm up the labour market,” writes economist Robert Kavcic, touching on Alberta in the new edition of the BMO Blue Book “With the recent […]

Builders welcome tax credit for first-time homebuyers

Renovators mostly shut out from incentives, but Business Council of B.C. president sees budget as generally positive for the province Read more: http://www.vancouversun.com/life/Builders+welcome+credit+first+time+homebuyers/6189187/story.html#ixzz1n9uhLaOl A new tax break for first-time buyers of new homes will help stimulate the construction industry and create plenty of new jobs, an industry executive said of Tuesday’s 2012 provincial budget. “This is […]

Two steady housing years ahead: CMHC

Canada’s housing market has two good years ahead of it yet, Canada Mortgage and Housing Corp. said Monday, with low interest rates and a “moderately” expanding economy keeping price corrections at bay. The Crown corporation – which insures Canadian mortgages – has had a consistently rosier view of the market than many private sector forecasters. Canadian banks […]

Mortgage brokers undercut banks

Mortgage brokers are once again undercutting the banks and some are willing to buy down your rate — eating part of their commission in the process — to gain customers. Steep mortgage discounts from the major banks have all but disappeared from the market, leading mortgage brokers to make sacrifices for market share amid new […]

Handle lines of credit with care

Give people enough line of credit and they’ll hang themselves with debt. The bad boy of borrowing products – that’s the line of credit. Recently, the federal government asked the banks to stop blithely handing out home-equity credit lines to people. In his new book The Wealthy Barber Returns, David Chilton writes that credit lines can […]

Couples and money: 6 common mistakes

The biggest mistake my husband and I are making when it comes to our finances is not having a joint budget. If we had one, we would probably do a better job of co-ordinating our savings to reach our goals and pay down debt faster. Related: How to have that difficult couples and money talk I […]

TD, RBC end 2.99% mortgage deals early

After briefly offering record-low rates of less than 3% on some of its mortgages in response to its rivals, Canada’s two biggest banks have pulled back their offers prematurely. Toronto-Dominion Bank, Canada’s second-largest bank, raised its special four-year closed fixed rate mortgage 40 basis points to 3.39%, effective Wednesday, while also introducing a special five-year […]

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