Why National Bank Didn’t Join the Mortgage Wars
When BMO started offering deeply discounted mortgages, not just once but twice already this year, many of the Major Six banks in Canada were quick to follow. The first time, many backed out of their deals early because of falling profit margins and increased bank bonds. The second time most of the banks stuck true…
Read moreFlaherty Says Once Again, Banks will Cool Market
Finance Minister Jim Flaherty visited Vancouver on Wednesday to talk about his latest budget, which did not include any changes to mortgage rules, but that did include a vague notion about more supervision for CMHC, the Crown agency that insures mortgages. While there, Mr. Flaherty said that he’s already seen a cooling off in Toronto…
Read moreWho’s Driving the Housing Market? First-Time Homebuyers!
According to an annual survey recently taken by Genworth Financial Mortgage Insurance Company Canada, one of the private mortgage insurers in Canada, first-time homebuyers are the ones that are currently the driving force behind the Canadian housing market, and that they will be for the next several years to come. The survey questioned 1,533 Canadians…
Read moreBanks and Ottawa Still Don’t See Eye to Eye
Finance Minister Jim Flaherty took a lot of heat from the banks, first when he essentially told them to do their job and tighten rules for Canadian and Ottawa mortgages themselves; and then again when he released his budget last Thursday – a budget in which there were none of the mortgage rule changes that…
Read moreBMO Survey Finds 40% of Canadians Using RRSP Tax Refund to Pay Down Debt
Well this will certainly be good news for our Finance Minister, Jim Flaherty, and the Bank of Canada governor, Mark Carney! A recent BMO survey finds that 40% of us that are getting money back from our RRSP tax refund are planning to use the money to pay down household debt. As we said, that’s…
Read moreFirst National Does Away with 35-Year Amortizations
After many of Canada’s leading financial experts and analysts called for Finance Minister to make it even tougher to get a Toronto mortgage, Mr. Flaherty came right back at them and told them to do their own jobs. Since it was mostly bank execs that were asking him to tighten mortgage rules, Flaherty said it…
Read moreWhy You Must work with a Broker when Getting a Second Mortgage
Getting a Toronto second mortgage should be fairly easy, right? You already have a first mortgage and now you just need a little extra cash. Like the smart borrower you are, you know that taking out a second mortgage will cost less in interest (and therefore, less overall) than any other kind of debt, so…
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