HSBC Bank Canada Closes Consumer Lending Business
HSBC Bank Canada has been one of the first to be hit the hardest with Ottawa’s tighter mortgage rules. With an announcement last week, the bank has closed their doors on consumer lending. The move is one that has shut office doors throughout the country, and has hundreds of Canadians looking for work. The move…
Read moreCMHC will Limit Mortgage Insurance, as Expected
The Canadian Mortgage and Housing Corporation announced early this year that it was approaching its $6 billion government-instated cap of how much it can issue for mortgage insurance. Now following that announcement, CMHC has come out with new stats regarding how much insurance is expected to grow over the next three years, and where the…
Read moreAddressing the Condo Problem
Yesterday we posted that Jim Flaherty will be relying on the banks to tighten their own mortgage lending rules, rather than them relying on him to do it for them. There has been much response to the remarks Flaherty made on Thursday, and banks have already sprung into action. At least, when it comes to…
Read moreFlaherty Thinks Banks Should Tighten Mortgages Themselves
It’s been no secret over the past couple of months that there are many that think Finance Minister, Jim Flaherty, should tighten the rules on mortgages and simply make it harder for Canadians to get one. The entire time, Mr. Flaherty’s been somewhat quiet on the subject, not imposing new rules and making a few…
Read moreHousing Market Help may be on its Way
It seems that there’s been worry over Canada’s housing market since forever now. Rising home prices, interest rates that are eventually going to rise, and historic levels of household debt are enough to make any Canadian worry; and to keep Mark Carney up at night. But now, the Office of the Superintendent of Financial Institutions…
Read moreBond Yields Spike, what will it do to Mortgage Discounts?
It took many by surprise when BMO began offering hugely discounted mortgages again this month – the second time since January that they’ve made such a move. What didn’t surprise the Canadian public was how, after BMO announced their offer, most of the other major banks followed – also the second time since January that…
Read moreWhy Mortgage Changes would be Bad
There’s been a lot of talk lately about how mortgage rules in Canada need to be tightened once again. We even posted yesterday about one Queen’s University finance professor’s ideas on why it’s so important that Ottawa step in and make changes that would keep us from getting any farther in over our heads; and…
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