Will 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 –…
Read moreIt’s All About Girl Power in Toronto!
As you walk down the Toronto sidewalks you’ll see just as many women these days hustling about in their business suits and texting and talking away on cell phones. But women have done more than just show that they can dominate the business world just as well as their male counterparts – they’ve taken over…
Read moreMark Carney Concerned about some of Canada’s Condo Markets
Bank of Canada governor, Mark Carney, had a busy week this week. First he announced that the Bank would keep interest rates at their historic lows – for now; also saying that given improvements in the Canadian and global economies, the Bank will most likely start to raise them sooner than expected. Then on Thursday…
Read moreMore Investors Seeking Condos in Montreal
It’s a trend that Canada’s biggest cities have been seeing for several years. Investors take on Vancouver mortgages and Ottawa mortgages on condo units in order to then turn around and rent them out, and pay off the mortgage while collecting a tidy profit at the same time. But, as prices on condos in these…
Read moreMajor Lenders Pulling Out of Sub-Prime Mortgages
If you’re looking for a mortgage and have bad credit you’ll probably need to go to a Toronto mortgage broker in order to get your home loan. That’s because, as the major lenders in Canada (namely the Big Six banks) start to see a housing downturn on the horizon, they’re refraining from handing out sub-prime…
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