CMHC Changes Announced Yesterday
Here they are! The changes have been made to mortgages in Ottawa, and Finance Minister Jim Flaherty is hoping that this is the only extra step the government will have to make when it comes to cooling the housing market and allowing it to “correct itself,” as he’s stated before he’s hopeful it will do….
Read moreIs RBC’s MyProject MasterCard a Good Thing?
On this blog, we often talk about credit cards and mainly, the evil of them when compared with other means of borrowing such as HELOCs and other types of second mortgages. But, RBC has come out with a card so different, so clever, that it may make it difficult for some borrowers to decide on…
Read moreMore Canadians Choosing Fixed Rates
There was a poll done by CIBC several weeks ago that looked at whether Canadians were choosing fixed rate mortgages or variable rate mortgages. That survey showed that 50% of Canadians choose the former over the latter and now, RBC has taken their own poll to confirm those findings. The RBC Home Ownership poll showed…
Read moreCMHC 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…
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