Canadian real estate and housing boom may be ending, Scotiabank warns – Consult with a Vancouver Mortgage Broker

Canadian real estate and housing boom may be ending, Scotiabank warns ‘More subdued trajectory’ over coming years could impact jobs, renovation industry and consumer confidence, bank report warns. By: Susan Pigg Business Reporter, Published on Wed Apr 16 2014   Boom times are over for Canada’s housing sector and the impact of “a more subdued trajectory” will be […]

CMHC cutting back on what it covers with mortgage default insurance – Ask a Vancouver Mortgage Broker

Canada Mortgage and Housing Corp., the Crown corporation that controls the vast majority of mortgage default insurance in the country, says it plans to get out of the market for second homes and is adding restrictions for self-employed Canadians. Effective May 30, CMHC said it will discontinue insuring second homes and will require self-employed Canadians […]

How lower interest rates are making variable mortgages more tempting – Ask a Vancouver Mortgage Broker

Consumers facing record housing prices are probably increasingly tempted to go with a floating rate mortgage and all the risks that come with an interest rate linked to prime. The lure is right in your face on every mortgage rate comparison site. The five-year fixed-rate mortgage has dropped as low as 3.09% with discounters and […]

Canada housing correction could trigger another recession, BMO report says – Consult with a Vancouver Mortgage Broker

OTTAWA — A sudden and sharp correction in the housing market could have a devastating impact on the Canadian economy overall, enough to trigger another recession, says a new Bank of Montreal report. Bank of Canada holds rate at 1%, cuts growth forecast for 2014 The Bank of Canada says it is keeping interest rates […]

Cash-back mortages: A deal from your bank that regulators are not keen on – Ask a Vancouver Mortgage Broker

It’s the last refuge of those who don’t have money, but still want to own a home. You want some of these record low rates on the market but you’re locked into a mortgage. Just break it, right? Not so fast, there’s a key question you need to ask before you commit to break a […]

Costly housing has more Canadians turning to renovations – Consult with a Vancouver Mortgage Broker

The never-ending strength of the Canadian housing market has homeowners switching to renovations at a record pace, according to a new report. Andrienne Warren, an economist with Bank of Nova Scotia, says the boost in the reno market has been “fuelled by rising home prices, tight resale market conditions, attractive financing costs and government tax […]

What to look for on your 2013 income tax return – Ask a Vancouver Mortgage Broker

What to look for on your 2013 income tax return It’s another good year for do-it-yourself tax filers. There aren’t too many tax changes and one really lucrative new tax credit. There aren’t too many personal tax changes on this year’s tax return, but make sure you maximize credits and deductions. By: Evelyn Jacks Special to The […]

Be careful before you break that mortgage – Consult with a Vancouver Mortgage Broker

Low mortgage rates tempt, but penalties for breaking can be high You want some of these record low rates on the market but you’re locked into a mortgage. Just break it, right? Not so fast, there’s a key question you need to ask before you commit to break a mortgage: how much will it cost […]

Three key questions about Canada’s new mortgage insurance rules – Ask a Vancouver Mortgage Broker

Canada‘s housing watchdog released a set of long-awaited guidelinesfor the country’s three mortgage insurers on Monday. The new guidelines spell out the practices that the Office of the Superintendent of Financial Institutions wants to see from the country’s three mortgage insurers, Canada Mortgage and Housing Corp., Genworth MI Canada and Canada Guaranty. Here are answers to […]

OSFI moves to tighten mortgage insurance guidelines – Consult with a Vancouver Mortgage Broker

Canada’s financial regulator has unveiled a set of proposed guidelines for mortgage insurance providers aimed at tightening standards around underwriting governance and risk management. You want some of these record low rates on the market but you’re locked into a mortgage. Just break it, right? Not so fast The draft guidelines come two years after […]

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