Higher rates have been on Bank of Canada Governor Mark Carney’s mind this week. Carey signalled the chance of tighter policy on three separate occasions this week, even after keeping the key lending rate at 1.0 percent. however, Carney’s insistance that rates are on their way up sets Canada apart from other central banks that continue to look for ways … Read More
Ottawa Drops the Hammer on Mortgage Rules
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
CMHC Responsibility Changes Hands
Concern over a red-hot housing marketing and increasing consumer debt has prompted Finance Minister Jim Flaherty to make some drastic changes this week. On Thursday, Minister Flaherty announced that responsibility for the Canada Mortgage and Housing Corporation (CMHC) will be handed over to the Office of the Superintendent of Financial Institutions, the nation’s banking regulator. It’s unclear how the change will impact the market. … Read More
Make the Most of Low Mortgage Rates in 2012
Are you in the market for a mortgage renewal this year? Then pull up your socks, grab a mortgage calculator, and get ready to start saving some serious cash! If you’re one of the many Canadians who settled for a fixed-rate five-year mortgage back in 2007, chances are you’ve been kicking yourself ever since. At the time, locking in a … Read More