Why are Big Bank so Eager to Offer Mortgage Vacations?
We’d all like to take a paid vacation now and again. And while your boss might not be offering it, many of the big banks have started offering ‘mortgage vacations,’ although they’re not structured in exactly the same way. With mortgage vacations, you pay a little extra every month on your mortgage and that extra…
Read moreNew CMHC Stats Show Refinances Have Been All But Eliminated
Last week CMHC came out with some pretty impressive stats regarding defaulted mortgages and the organization’s profits for the quarter. But while the company focused on these stats in their release, there was another one – that was quite shocking – that they didn’t bring to light. That’s the fact that the mortgage rules that…
Read moreHas Toronto’s Condo Market Hit Its Peak?
When it was announced that the iconic World’s Biggest Bookstore was closing its doors, likely to make way for even more Toronto condos, residents were upset that yet another unique Toronto landmark was being torn down. But now, with Toronto having more skyscrapers than any other city in North America, investors also have reason to…
Read moreMaybe CMHC doesn’t need Privatization After All
Last week the International Monetary Fund made headlines when they came out saying that Ottawa should scale back on the amount of insured mortgages through CMHC. But now the Crown organization, the Canada Mortgage and Housing Corporation, have released some of their own stats that show taxpayers’ money is not at risk. In order for…
Read moreFive Numbers from the Nation’s Housing Market that will Shock You
The country’s housing market has seemed to be spinning out of control over the past two years, and we’ve all sat and watched as household debt climbed and prices soared. But when you stack all those numbers side by side, and compare them with where they were just over a decade ago, it’s really shocking…
Read moreMoney Talks: Volume 53
Well Christmas came early for us this week! Looking around at the headlines day after day, most of the talk revolved around the mortgage and housing market. Government officials came out to speak on the topic, and people are once again asking why Jim Flaherty wants to interfere with the market once again (turns out,…
Read moreIMF says Ottawa should Back Away from Mortgage Insurance
The International Monetary Fund spoke out this week about the mortgage insurance market and mainly, Ottawa’s involvement in insuring mortgages for the banks. While speaking to reporters in Toronto, IMF mission chief, Roberto Cardarelli, said that not only does this put taxpayers at risk, but it’s money that could be put to better use; and…
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