New Mortgage Rules Will Dampen Economic Growth?

EditorFinancial Tips, General Interest, Mortgage News, Mortgage Types, Residential Mortgages

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

Tick Tock – Mortgage Changes Come Into Effect July 9

EditorFamilyLending.ca, Mortgage Down Payment, Mortgage Insurance, Mortgage News, Mortgage Term, Mortgage Types, Residential Mortgages

Three months ago, Finance Minister Jim Flaherty told banks to step up and firm up their lending requirements. When that didn’t work, he took matters into his own hands, releasing a laundry list of mortgage rules last week. The roughly eight major rules released by the DoF and the OSFI last week will likely influence the Canadian real estate market … Read More

Were Flaherty’s Changes Too Late?

EditorAbout Mortgage Brokers, FamilyLending.ca, Financial Tips, General Interest, Mortgage News, Mortgage Term, Mortgage Types, Residential Mortgages

The fourth round of changes to Canada’s mortgage rules were designed to clamp down on an overheated housing market. Now, a week later, analysts are wondering if Finance Minister Jim Flaherty jumped the gun. Detractors are pointing to a real estate market that was already beginning to decline, both in terms of sales and price. Tightening mortgage rules during a … Read More

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