Will Rates Stay Low Until 2014?
Mark Carney made it abundantly clear at a meeting of business professionals in Halifax last week that interest rates would not be lowered even further; and that those who thought they would be should make sure their finances are in order for when those rates actually rise. And while, in the world of interest rates,…
Read moreHow Bad are Our Incomes Really?
After a report was released by Statistics Canada last week announcing that our incomes are stagnating, people once again began to panic. What impact would this have on our Vancouver and Ottawa mortgages? Will we still be able to pay them? And what about all those warnings about debt? What effect will stagnating incomes have…
Read moreAs First-Time Buyers Move Out, Foreign Investors Move In
Ever since Jim Flaherty announced the newest rule changes made to mortgages in Ottawa, people have been talking about who they’re going to hurt; namely, first-time homebuyers. But there’s one group that will be ready to welcome the new rules with open arms – that is the group of foreign investors. The new rules of…
Read moreWhat Can we Learn from the States?
Don’t take on more home, or any home, that you cannot afford. This seems to be the biggest lesson that came out of the complete housing collapse in the States. But, there are other lessons there; and as Canada’s housing market has been on shaky ground for months, it’s worthwhile to look South, and see…
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…
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