We were warned earlier in the year that the Canadian Mortgage and Housing Corporation (CMHC) would be backing fewer Canadian home loans moving forward, but little seems to have changed on the ground. Now, the new federal budget is planning for greater oversight of the federal crown corporation, which was founded to provide insurance on [...]
City council, this week, approved a new program that would provide down payment assistance to middle income renters. The objective of the program is to free up units in our low vacancy rental market while opening the door to home ownership for some who have the financial capability of servicing a mortgage but have not [...]
Speculation ended this morning as Canadian finance minister Jim Flaherty announced the details on new changes to the country’s mortgage rules, some which will take effect as early as March 18. In a move expected to remove 20,000 of the most marginal prospective buyers from the housing market this year, the maximum amortization period for [...]
The Canadian Real Estate Association (CREA) issued a “call to action” this week to more than 100,000 members urging them to write their Member of Parliament (MP) to “explain the negative impact additional mortgage financing rule changes would have on home buyers, home owners and the economy.” In the included form letter that CREA is [...]
In a news release yesterday, BMO states that nearly seventy percent of Canadians are “open to the idea of shorter amortizations.” The big bank is encouraging borrowers to consider the shorter, more traditional amortization period by offering low mortgage rate of just 3.54% on their five-year fixed, currently their lowest fixed rate option. The BMO [...]
Canada Mortgage and Housing Corporation (CMHC) released its flagship annual report on Thursday and while I have not yet had time to read it, I wanted to get it posted here in case you’d like to give it a go. This is not your typical CMHC report. Rather, it’s an extensive review of the “state [...]
I had the opportunity to help a few clients purchase a home who had the interpretation they would not be able to enter the housing market for another year. These clients had solid credit, good job stability but they lacked one of the most common first time buyer requirements, a down payment. In these, like [...]
First off, I’d like to say hello to everyone and formally introduce myself. My name is Riel Syrenne and I am the in-house Mortgage Broker at Royal LePage Saskatoon Real Estate and happy to be a part of TeamFisher! I have been working in the office for just over 4 years providing financing for not [...]
I’ve just read “Assessing Vulnerabilities in the Canadian Housing Market,” a five-page report written by CIBC economist Benjamin Tal and released on May 25. If you’re looking for some reassurances that the bottom isn’t about to fall out of the Canadian housing market, you may appreciate Tal’s assessment. Mr. Tal clearly feels that Canadian housing [...]
According to the CBC, the Bank of Montreal is suing hundreds of people in Alberta, including lawyers, mortgage brokers and four of its own employees, in what is one of the largest alleged cases of mortgage fraud in Canadian history. Legal documents obtained exclusively by CBC News allege the bank was the target of a [...]
The threat of higher fixed term mortgage rates became a reality this morning as the Royal Bank and TD Canada Trust announced significant hikes. The Laurentain Bank followed suit and it’s believed that other major lenders will quickly fall in line. Effective tomorrow, the posted rate for a five-year closed mortgage climbs by six-tenths of [...]
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