Canadians open to shorter mortgage term: Poll

More than half of Canadians would consider a shorter term for their mortgages to save on interest costs in the long run, according to a BMO survey. Those aged 35 to 44 were the most open to shorter amortizations, with 77% saying it was something they would consider. The survey also found 70% of families […]

CMHC responds to the C.D. Howe Institute’s calls for more private insurers

The Canada Mortgage and Housing Corporation (CMHC) rebuked the C.D. Howe Institute’s claims this week that the government should scale back its role in the mortgage industry due to growing risk. The C.D. Howe Institute report, released on Jan. 31, said the government’s role in mortgage markets, through CMHC, may “encourage excessive lending risks in […]

When borrowing to save makes sense

According to the British tabloid the Sunday Mirror, a well-intentioned 33-year-old woman by the name of Cherie Beekman volunteered her time last April to work with some young people. She took the youth group to a bowling alley in Didsbury, England, for some fun, but somehow ended up with her thumb stuck in her bowling […]

Debt fears overblown, says mortgage industry

Faced with new rules from Ottawa, the Canadian mortgage industry has struck back with a report it says shows that Canadians continue to be “highly prudent” when it comes to their loans. The Canadian Association of Accredited Mortgage Professionals said its data shows the vast majority of borrowers have left themselves plenty of room to […]

Why TFSAs trump RRSPs for the young and lower-paid

Love the tax refund you get when you make an RRSP contribution? Too bad it doesn’t love you back. “People are so fixated on the windfall of the refund that they don’t really understand the mechanics,” says Jamie Golombek, managing director of tax and estate planning with CIBC Private Wealth Management If you master the […]

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 […]

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