CMHC Reforms Coming – Today!
The federal government has a very close eye on mortgages in Ottawa again. While Canadians have known for some time now that the Canada Mortgage and Housing Corporation is near reaching its $6 billion cap for insuring mortgages, Jim Flaherty promised he’d do something about it in his federal budget back in late March. Today,…
Read moreSale of $6 Million Home Proves Calgary is Still Booming
Calgary’s housing market is booming! And while that’s good for builders and developers in the area, it might not bode so well for those currently looking for Calgary mortgages. One home just made history in the city when it sold for $6 million – $1 million over the home’s listing price. The luxury home has…
Read moreMark Carney says Canadians Limiting Borrowing and Erasing Debt
Yes, you read right. Mark Carney has taken a good look at our debt situation and after his review – he’s encouraged! After months and months of hearing the Bank of Canada governor warn us about the heaps of debt we’re taking on, Mark Carney is finally happy. At least somewhat. Carney spoke before the…
Read moreIs CMHC to Blame for Canada’s Housing Bubble?
When it comes to the bubble that Canada’s housing market may or may not be in, there’s a lot of blame to go around. Some are blaming the banks, some are blaming imprudent borrowers, some are blaming foreign investors, and some are blaming the government! This latter is what the Jesse Kline of the National…
Read moreWill there be “Fierce Opposition” to OSFI’s New Rules?
The Office of the Superintendent of Financial Institutions has been very busy lately, trying to come up with new mortgage rules to implement with lenders across the country, all in an effort to keep our bubble from popping and to keep Canadians from taking on more debt than they can afford. While stricter rules and…
Read morePrices Drop on Canadian Homes in March
The fact that the average price of a home in Canada fell slightly in March should be good news to those still thinking that Canada is in a housing bubble. But, while mortgages in smaller cities (such as Sudbury mortgages) may be going down, the stats are still slightly skewed by those major Canadian cities…
Read moreIs the 30% Rule a Good One?
“How much home can I afford to buy?” That’s often the biggest question people have when they’re looking to take on a Toronto or Ottawa mortgage. And while the first thing they do is often to jump onto an online mortgage calculator and try to figure it out, there is a much simpler way –…
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