The Canada Mortgage and Housing Corporation marked its 65th anniversary last week with the release of their 2011 annual report. As the nation’s top mortgage insurer (the organization backs $567 billion in default mortgage insurance), the CMHC controls roughly three-quarters of the nation’s mortgage default insurance. Despite inching ever closer to the $600 billion dollar government-imposed limit, the CMHC’s reported … Read More
Does Your Down Payment Stack Up?
Think that a 5 percent down payment is enough to secure a great mortgage rate? Think again. Pulling together the minimum 5 percent down payment, while a good start, is just that – a start. If you’re a first time home buyer looking to move up the property ladder, don’t skimp on your down payment. If you’re having trouble pulling … Read More
REITs – How They’re Changing the Face of Real Estate
The Financial Post recently reported that Canadian real estate investment trusts (REITs) have rallied to the highest levels in five years, and that’s despite Finance Minster Jim Flaherty’s constant threat of increased interest rates. So, just what is a real estate investment trust and how can it impact your best mortgage rate search? Let’s take a look.
Subprime Problems on the Horizon?
A hot housing market is pushing borrowers farther and farther away from mainstream financing and it’s causing quite the stir in the Canadian subprime mortgage industry. The source of the excitement? A growing pile of mortgage debt that’s coming from outside of Canada’s big six banks.
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