How to Avoid Mortgage Break Fees
A mortgage is a contract that you can expect to live with for 15, 20, 25 years or longer. But what if during that time, you decide that you want a new mortgage completely, either because you want to switch to a different lender, or you sell your home? In Canada you’ll need to break…
Read moreOECD Calls on BoC to Raise Rates
Many analysts and experts in Canada think it’s time that the Bank of Canada raised their rates and now, there’s one more body that thinks so: the Organization for Economic Co-operation and Development (OECD.) One senior economist in this organization says that the rule changes that have been implemented thus far aren’t enough for some…
Read moreCanadian Banks Undergo a Stress Test
A Fitch Ratings’ special report titled “Evaluating Canadian Banks’ Residential Mortgage Exposure” was released yesterday and in it, the global rating agency placed Canada’s Big Six banks under a stress test to see how they are doing, and how they will do in the near future, when it comes to residential mortgages. After the stress…
Read moreShould we need to Re-qualify when we Renew?
After the OSFI released their proposed guideline changes to the way banks and other lenders handle mortgages, everyone started talking about all the new rules being applied to mortgages in Ottawa. Changes are nothing new for us of course; Finance Minister Jim Flaherty has changed the rules three times since the beginning of last year….
Read moreCanadians Slow Borrowing and the Banks Suffer
There’s good news and bad news surrounding the banking sector today. The good news is that consumers are no longer gobbling up home equity loans and home equity lines of credit like they’re the last ones ever to be offered. The bad news is that it means that the banks have fewer profits. At least,…
Read moreCMHC “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…
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