The Average Canadian
Happy Canada Day! It’s of course, our nation’s birthday today. And as everyone is waving their flags, donning their red-and-whites, and sipping beer at BBQs and festivals, we turn our attention to a recent article done by the Canadian magazine Macleans. The article, “How Canadian are You?” gathers together statistics regarding what the average Canadian…
Read moreSome more Tips from Australia
While mortgages in Ottawa have been heavily scrutinized lately, our mortgage market has been often compared to that of Australia’s. And while these comparisons have largely related to mortgage insurance in the two countries, now it seems there’s another thing that Toronto mortgage brokers can learn from Australia. That’s how to talk to speak to…
Read moreDon’t Allow Low Rates Entice you to Take Risk
You might think that the biggest risk that comes with low Bank of Canada interest rates is that homeowners take advantage of them by scooping up HELOCs and home equity loans faster than they can say the words. It’s not unreasonable to think that’s the biggest risk. After all, Finance Minister Jim Flaherty and Bank…
Read moreLandlords Cashing in on New Mortgage Rules
The new mortgage rules that were announced by Ottawa last week have already had, and will have, some dramatic impacts on the marketplace. But as it becomes increasingly difficult to obtain Calgary mortgages, Toronto mortgages, and any high-ratio mortgage in the country, it’s having a huge effect on our rental market. And now, landlords are…
Read moreNew Rules Coming Sooner than Later for Many Lenders
July 9 is the deadline for all lenders to submit their mortgage applications under the old rules. After that, any mortgage submitted will be subject to the new rules made to mortgages in Ottawa. However, some lenders are ignoring that deadline and implementing the new rules early. First National, which is the country’s biggest lender…
Read moreWill 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…
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