BMO: Changes will Help us make a Soft Landing
Whether or not the new mortgage rule changes are good for the Canadian economy really depends on who you talk to. But the Bank of Montreal is pointing to higher home prices in May, and saying that because the housing market isn’t correcting on its own, these new rules will help us make a soft…
Read moreWhat does Jim Flaherty have to say about New Rules?
Jim Flaherty has heard many opinions on his new mortgage rules. Those rules of course, will limit the amount a person can borrow through home equity loans and HELOCs and also reduces the amortization periods on government-insured mortgages from 30 years to 25. And while he’s listened and absorbed everything that everyone has to say,…
Read moreAre the New Mortgage Rules Targeting the Right People?
Most people have been in agreement that the new mortgage rules that will be in effect as of July 9 were the right ones to make. But one group of Toronto mortgage brokers say that instead of restricting foreign investors – which needs to be done – the government has instead forced Canadians out of…
Read moreAre Mortgage Changes too Late?
When Mr. Flaherty made his changes to mortgages in Ottawa last Thursday, most of the banking industry and economists in Canada praised the move. But there are some in the industry, such as those over at Moody’s Investors Services, that say the moves are simply too late to have much impact. It was in their…
Read moreOSFI Implements New Rule Changes
Everyone has been so busy talking about the changes to Canadian mortgages that Finance Minister Jim Flaherty announced last Thursday that other new rules have gone almost unnoticed. However, on the same day Flaherty was speaking of concern in the housing market, the Office of the Superintendent of Financial Institutions also made some changes. Those…
Read moreCIBC Prepares to Close FirstLine
Does CIBC’s mortgage arm, FirstLine, currently hold your mortgage? If so, then you’ll soon find that the name on your mortgage statement will change from FirstLine to simply, CIBC; as the bank prepares to close FirstLine’s doors. There were rumours at the end of last year that FirstLine would be put up for sale, as…
Read moreShould you have to Take a Class before Getting a Mortgage?
Just recently Troy Media and the Macdonald-Laurier Institute sat down with Jane Londerville, Associate Professor of Real Estate at the University of Guelph, to speak about the mortgage market and the problems its currently facing. One of those problems she says, is that first-time homebuyers simply don’t have enough money to pay a mortgage, even…
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