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 [...]
You may recall, back in early September, while mentally struggling with the idea of rising average sale prices in a not so hot market, I resorted to some deep number crunching, as I often do, and realized for the first time this year that some real significant changes had started to occur. I pointed out [...]
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 [...]
Following my initial blog entry in October discussing the basics as to why it typically takes a few business days following possession date for a seller to receive their sale proceeds, I thought at this point it would be prudent to now calm all of those current and prospective sellers who read my post and [...]
Before I elaborate on the intriguing title to my first ever blog entry, I would like to thank Norm Fisher and his team for the warm welcome to their fine blog. A big part of my goal in conducting a real estate practice is educating my clients. My goal will be the same in providing [...]
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 [...]
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