Is the Toronto Mortgage Market Slowing?
As soon as the Vancouver market settled down the Toronto market picked up where it left off; and it had many worrying that Toronto mortgages and Toronto homes were in a bubble that was about to burst. But it seemed the more people worried the busier Toronto mortgage brokers became, with new starts breaking ground…
Read moreHow do you Renew a Mortgage in Ontario?
With the Office of the Superintendent of Financial Institutions coming out with new proposed guidelines back in March, economists and homeowners alike became quite upset at the suggestion that homeowners would need to re-qualify when it was time to renew their mortgage. This would mean that when renewal time came, homeowners would need to verify…
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How to Discharge a Toronto Mortgage
How a mortgage discharge works in Canada Congratulations! You’ve paid off your mortgage and are about to discharge one of the biggest debts you’ll carry in your lifetime! But, how do you go about getting rid of that mortgage once and for all, and getting it officially off your record? You need to officially discharge…
Read moreRenovations Down Across the Country Last Year
Getting a home equity loan or a home equity line of credit can be a great way to pay for home renovations. But perhaps Canadians are starting to heed Mark Carney’s warnings about debt as fewer of us embarked on home renovations last year; and the majority of those that did chose not to borrow…
Read moreWorries about the Housing Market? Not as Long as There’s Mortgage Demand!
While economists continue to fret about the state of the country’s housing market, there’s one group that says there’s no need to fear, mortgage demand is here! Home Capital Group held their inaugural Investor Day on Thursday, a conference that looks at the economic and investment affairs; and yesterday, the housing market in Canada’s major…
Read moreOSFI Eases Proposed Guidelines
Banks and Toronto mortgage brokers can all breathe a sigh of relief. Those super stringent guidelines that the Office of the Superintendent of Financial Institutions (OSFI) released in April have been eased considerably. These guidelines called for many things, and a few seemed like an overreaction to a housing market that hadn’t yet collapsed. Thankfully,…
Read moreDebt-Free in Five Years? Half of us Think we will Be!
Who’s to say whether it’s our dedication to paying our dues or just wishful thinking, but a new BMO survey shows that 54 per cent of expect to pay off our debt in just five years – and that includes mortgages and second mortgages! The survey was conducted by Leger Marketing for BMO; and in…
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