OSFI Says Some Banks are Too Lenient with Lending
The Office of the Superintendent of Financial Institutions has been getting a lot of press lately. It was just last month that they proposed lowering the minimum loan-to-value of uninsured home equity lines of credit in Canada to 65% from its current 80%, along with a few other proposed new rules. While those rules are…
Read moreFlaherty Says Once Again, Banks will Cool Market
Finance Minister Jim Flaherty visited Vancouver on Wednesday to talk about his latest budget, which did not include any changes to mortgage rules, but that did include a vague notion about more supervision for CMHC, the Crown agency that insures mortgages. While there, Mr. Flaherty said that he’s already seen a cooling off in Toronto…
Read moreFirst National Does Away with 35-Year Amortizations
After many of Canada’s leading financial experts and analysts called for Finance Minister to make it even tougher to get a Toronto mortgage, Mr. Flaherty came right back at them and told them to do their own jobs. Since it was mostly bank execs that were asking him to tighten mortgage rules, Flaherty said it…
Read moreWhen Canadians Foresee Being Mortgage-Free
All Canadians want to pay off their mortgages faster. But just how fast do they think they’ll be able to do it, and is that view realistic? According to an RBC Housing Snapshot Poll released last week, Canadians think they’ll be mortgage-free much sooner than they may actually be. The poll shows that 72% of…
Read moreMany Canadians Couldn’t Handle Rate Increase
The Bank of Montreal has released a new study that finds 4 out of 10 Canadians would be concerned about the affordability of their home should the interest rate rise as little as 2%. The survey was conducted over a stretch of three days from February 21 to February 23 and surveyed 1,500 Canadians. Interestingly,…
Read moreGenworth Working to Reduce Number of Foreclosures
We talk every now and then on this blog about how banks don’t really want to foreclose on your home, even if you’ve missed a mortgage payment or two. After all, it’s much easier for any lender to keep you in your home, with you tending to it and taking care of it, and making your mortgage…
Read moreMore Canadians Planning for the Future and Going with Fixed Rates
CIBC has recently conducted a study that shows more Canadians are leaning towards fixed-rate mortgages over variable rates. The study was done between March 8 and March 12 and surveyed 1,003 Canadians, asking them which rate they would choose. The same study was done last year and the results show that more Canadians are choosing…
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