More Investors Seeking Condos in Montreal
It’s a trend that Canada’s biggest cities have been seeing for several years. Investors take on Vancouver mortgages and Ottawa mortgages on condo units in order to then turn around and rent them out, and pay off the mortgage while collecting a tidy profit at the same time. But, as prices on condos in these…
Read moreMajor Lenders Pulling Out of Sub-Prime Mortgages
If you’re looking for a mortgage and have bad credit you’ll probably need to go to a Toronto mortgage broker in order to get your home loan. That’s because, as the major lenders in Canada (namely the Big Six banks) start to see a housing downturn on the horizon, they’re refraining from handing out sub-prime…
Read moreMark Carney Warns Again about Debt, Focusing on HELOCs
While we’ve been hearing Mark Carney’s warnings about the amount of debt Canadians are taking on, when the Bank of Canada governor spoke out about it on Wednesday, he spoke of more than just the general “household debt” that we’ve heard so much about. This time, he concentrated on home equity lines of credit in…
Read moreCredit Canada Says it will be “Frightening” when Rates Rise
As we just reported this morning, at his policy meeting yesterday, Bank of Canada governor Mark Carney and his policymakers decided yesterday to leave the overnight lending rate at 1%. While it was expected that no move would be made, what was surprising to some was optimistic sound of his report, making note that “headwinds”…
Read moreQualifying Rate Increases, Toronto Brokers Aren’t Worried
This past Sunday may have seen what Mark Carney is hoping will slow down the housing market – an increase in the qualifying rate. However, Toronto mortgage brokers say that with the current mortgage market environment, the small jump isn’t going to do much to deter buyers. The qualifying rate should not be confused with…
Read moreIf JB Can’t get a Mortgage, What Hope is There for the Rest of Us?
Seeing as how the sun is just starting to set on this Easter holiday, we thought that we’d put aside the stats, studies, and reports for now and bring some news that is just a little bit of fun. That’s why this story revolves around the Canadian teenager that has taken the world, and mostly…
Read moreCall for Changes to Mortgages in Ottawa? One Banking Exec Doesn’t Think So!
It must have been extremely refreshing for Finance Minister Jim Flaherty this week, when one banking exec said that he didn’t think it was necessary for changes to be made on mortgages in Ottawa. This comes at a time when many, such as Ed Clark at TD Bank, have called for Flaherty to once again…
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