Finance Minister Jim Flaherty stated last week that he realizes tightening mortgage rules could slow economic growth by force-cooling the housing market, and also that he was prepared to take this risk. Since then, TD Bank Mortgage professionals have estimated that Ottawa’s move to reduce the maximum amortization period to 25 years could curtail growth by as much as 0.2 … Read More
How Much Would an Interest Rate Increase Hurt Your Budget?
According to a recent study by the Bank of Montreal, four in ten Canadians would feel the pinch if best rate mortgages saw a two percent interest rate increase. The study, which was compiled by Leger Marketing, found that 43 percent of Canadian homeowners believe an interest rate increase would either hamper their ability to pay their mortgage or leave … Read More
What Will the Budget Bring?
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
Taking a Closer Look at the Canadian Housing Economy
Just how important is the housing market to the Canadian economy? According to a recent report by Willing Dunning, Chief Economist for the Canadian Association of Accredited Mortgage Professionals, the Canadian housing market accounts for nearly 8% of total Canadian employment. That’s nearly 1.35 million direct and indirect jobs. The report also shows that the mortgage industry plays a particularly … Read More
Why Aren’t More Canadian’s Using a Mortgage Broker?
Sound financial advice is key for any property purchase. Mortgage brokers in particular are expected to provide house hunters with personal assistance throughout the buying process. Data from a recent report shows that Canadian mortgage brokers are living up to these expectations, providing their customers with a highly positive purchasing experience. So why aren’t more people working with a mortgage … Read More