Bank of Canada Maintains Overnight Rate

EditorAgricultural Mortgages, Commercial Mortgages, Financial Tips, First Time Home Owner, General Interest, Mortgage Insurance, Mortgage News, Mortgage Term, Residential Mortgages

The Bank of Canada left its main interest rate untouched yesterday, maintaining a 1 percent overnight rate for the 13th consecutive review. While Governor Mark Carney painted a bright economic picture, rumblings of increased interest rates are becoming more and more prevalent. Overall, the economic momentum in Canada is slightly firmer than the Bank expected back at the beginning of … Read More

What Will the Budget Bring?

EditorAgricultural Mortgages, Commercial Mortgages, First Time Home Owner, Mortgage Down Payment, Mortgage Insurance, Mortgage News, Mortgage Term, Mortgage Types, Residential Mortgages

According to a report in the Globe and Mail, next week’s highly anticipated federal budget should only contain “modest” spending reductions and little to no intervention in the housing market. Finance Minister Jim Flaherty delivered these and other comments outside of a volunteer firefighter station in Ottawa last Thursday. During the announcement, Mr. Flaherty stated that he would like to … Read More

Draft Guidelines: Residential Mortgage Underwriting Practices and Procedures

EditorAbout Mortgage Brokers, Agricultural Mortgages, Commercial Mortgages, Financial Tips, General Interest, Mortgage News, Mortgage Term, Mortgage Types, Refinancing my Property, Residential Mortgages

More stringent mortgage qualifications are on the way. On Tuesday, the Office of the Superintendent of Financial Institutions in Canada released draft recommendations that would impact Canada’s banks and other federally regulated lenders. The 18 page document contained a slew of information, the majority of which make complete sense. However, there’s still great cause for concern in the financial sphere. According to this document, … Read More

How to Avoid Mortgage Fraud

EditorAgricultural Mortgages, Commercial Mortgages,, General Interest, Mortgage News, Mortgage Term, Mortgage Types, Real Estate Advice, Residential Mortgages

Real estate fraud is happening at an alarming rate in Canada, according to a recent report published in the Vancouver Sun. The report from consumer credit company Equifax uncovered roughly $400 million worth of mortgage fraud in Canada last year. And many experts believe that’s just the tip of the iceberg. These figures represent only frauds that Equifax was able … Read More

Mortgage Changes Could Happen Before March

EditorAgricultural Mortgages, Commercial Mortgages,, Financial Tips, First Time Home Owner, General Interest, Mortgage News, Residential Mortgages

Tougher mortgage requirements could be on the horizon for Canadian homeowners, according to analysts surveyed by a recent Reuters poll. This comes on the assumption that housing prices will cool off this year. Experts anticipate that housing prices will climb just 0.1% this year, a considerable decrease from the 0.9% year-to-year increase seen in 2011. Ten out of 14 economists … Read More