Ottawa Drops the Hammer on Mortgage Rules

EditorFamilyLending.ca, Financial Tips, First Time Home Owner, General Interest, Housing Costs, Mortgage Down Payment, Mortgage News, Mortgage Term, Mortgage Types, Real Estate Advice, Residential Mortgages

Back in April, Finance Minister Mark Carney remarked that “in exceptional circumstances, if there are issues that threaten financial stability, such as household debt… the bank could use monetary policy for that purpose.” Just three months later, those exceptional circumstances have become reality. On Wednesday, the Federal Government made their move to further tighten mortgage rules, addressing concerns over high Canadian household … Read More

The Ripple Effect: How the European Financial Crisis Will Impact Canadians

EditorFamilyLending.ca, Financial Tips, General Interest, Household Budget, Housing Costs, Mortgage News, Mortgage Term, Residential Mortgages

News of increased financial strain in Spain today has caused the Bank of Canada to brace for a ripple effect on the other side of the ocean. Any spillover from the increasingly vulnerable European market is expected to carry over to North American, rocking the fragile U.S. banking sector before it lands on the doorstep of Canadian homeowners. Households with … Read More

Can the Canadian Housing Market Fix Itself?

EditorAbout Mortgage Brokers, Financial Tips, Housing Costs, Mortgage News, Mortgage Types, Real Estate Advice, Residential Mortgages

The Canada Mortgage and Housing Corporation released its second quarter housing market outlook today, stating that housing starts will likely moderate by the end of the year. While the market has remained hot through the first half of 2012, the Housing Corp. believes that both new and existing home market activity will eventually slow and even out. Housing starts are … Read More

Fewer First Time Home Buyers Could Signal Trouble

EditorAbout Mortgage Brokers, Financial Tips, First Time Home Owner, General Interest, Mortgage News, Mortgage Term, Mortgage Types

A recent report from Canada Mortgage and Housing Corporation shows that there are fewer first time home buyers entering the nation’s real estate market. The recently released Renovation and Home Purchase Report, which highlights the key trends, analyses and statistics from ten major Canadian cities, predicts that the housing market could be headed towards trouble thanks to a decreasing number … Read More

Mortgage Rule Changes Not So Severe

EditorFinancial Tips, General Interest, Mortgage News, Mortgage Talk Canada, Mortgage Term, Mortgage Types, Real Estate Advice, Refinancing my Property, Residential Mortgages

The first round of changes to Canada’s mortgage rules were more bark than bite, according to a letter sent to the nation’s banks on Wednesday from the Office of the Superintendent of Financial Institutions. Earlier this year, mortgage experts speculated that new mortgage rules could have a dampening effect on hot real estate markets, as more and more mortgage applications … Read More