Who should you consult for your mortgage pre-approval? Handle your mortgage like every other major purchase– that is, be sure you make the effort to compare rates and shop around. Not every Canadian mortgage rate is the same. Bank Rates When you visit a bank, it’s worth bearing in mind that their loan officers are paid to sell you their … Read More
What You Need to Know About the New NHA MBS Policies
Last Friday, the Canada Mortgage and Housing Corporation issued a statement announcing another round of mortgage restrictions, this time concerning limits on new National Housing Act Mortgage-Backed Securities (NHA MBS). The statement, which was sent to banks, credit unions, and other mortgage lenders, outlined new restrictions that would limit lenders to a maximum of $350-million new guarantees, the amount of … Read More
No Change in Bank of Canada Rate
While the Canadian economy continues to grow at a slower pace than expected, last week’s release from the Bank of Canada wasn’t all doom and gloom. Consumer debt and the housing market finally appear to be stabilizing here in the Great White North, at the same time debt concerns in the United States and Europe have begun to dissipate. As such, the … Read More
Housing Slow Down Has Started
The future of Canada’s housing market rests in the hands of the nation’s buyers, or at least that’s what the latest housing stats would have us believe. Signs are everywhere that Canada’s once red-hot real estate market is about to freeze over, thanks to a combination of tighter mortgage rules and increasing consumer debt levels. Not only are home sales … Read More
Could Interest Rates Go Lower?
Interest rates have no where to go but up, right? Maybe, but maybe not. Bank of Canada governor Mark Carney signalled last Tuesday that he’s still looking to raise the cost of borrowing “over time,” however, it appears to be an empty threat. The overnight rate has remained unchanged for months as Canadian home hunters continue to take advantage of … Read More