CMHC “Ready” for OSFI
After it was announced by Jim Flaherty that there would be changes to CMHC and the way they handle mortgages in Ottawa, everyone had an opinion about it. Many didn’t think that the oversight was necessary, while others thought that the Finance Minister was just doing it so that when the bubble burst, the blame…
Read moreCottage Owner? Or Property Investor?
Cottage sales have been up this year, and sales started going through the roof when most of Canada wasn’t even out of the winter season yet. This was due to a very mild winter that motivated many buyers to get out there and get the cottage of their dreams. But, were some of those buyers…
Read moreAre Silent Second Mortgages Legal?
It’s not a rare thing for homeowners to take out a second mortgage such as a home equity loan or HELOC on their home. But, it is quite rare when homeowners start looking for “silent” second mortgages. What are these mortgages? And are they legal in Canada? A silent second mortgage is a mortgage in…
Read morePrivatizing CMHC?
The Canada Mortgage and Housing Corporation (CMHC) has been under fire for some time now. Ever since the housing market has inflated beyond control in Canada, everyone is trying to come up with a solution to the problem. And most solutions have got something to do with CMHC. This week, perhaps the most serious remarks…
Read moreFinal OSFI Guidelines Coming Soon
Back in March the Office of the Superintendent of Financial Institutions (OSFI) released proposed guidelines that they planned to initiate on the banks and Canadian and Toronto mortgage brokers. Those lenders and brokers had until May 1 to comment on the guidelines and now that they have, OSFI is working hard to get them all…
Read moreVancouver Just can’t Win
There’s been some concern out West about Calgary mortgages and Edmonton mortgages, as housing markets continue to increase and homes continue to be overvalued and interest rates are bound to soon start going up. But no market has caused more concern than that of Vancouver’s. Vancouver undoubtedly has had one of the most overvalued housing…
Read moreIs Canada Going Back into a Recession?
Even with our fairly speedy recovery from a recession that Canada just barely fell into, no one is eager to see it happen again. But the incredibly hot housing market that shows no signs of slowing down any time soon indicates that that’s exactly where we might be headed. At least, according to one of…
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