Economy

Economy

New Measures to Cool Red-Hot Property Market

The Canadian Real Estate Association (CREA) recently reported that February home sales across Canada rose 5.2 percent on a month-over-month basis to reach a level that’s just 0.8 percent below the highest peak ever seen in April 2016. There have been reports on the likelihood of policy intervention by different levels of government to address [...]

By | March 23rd, 2017|Economy, Mortgage Rules, Mortgage Tips|Comments Off on New Measures to Cool Red-Hot Property Market

Mortgage Newsletter

CMHC cutbacks announced The budget announcement quietly slipped in changes to government-backed mortgage insurance, including reductions to the amount of new guarantees CMHC will provide. “The Government continues to adjust the housing finance framework to restrain the growth of taxpayer-backed mortgage insurance and securitization,” the budget report states. “These measures will support the stability of [...]

By | February 19th, 2014|Economy|Comments Off on Mortgage Newsletter

Is This the Right Time for You to Buy?

There are really two questions involved in making the decision if the time is right for you buy.  The first thing you may want to consider is whether it is a good time in general to make home purchase.  Then you want to take the same principles and apply them to your own life to [...]

By | January 15th, 2014|Economy, Mortgage Products|Comments Off on Is This the Right Time for You to Buy?

Jim Flaherty Receptive to the idea of ending CMHC

The International Monetary Fund recently suggested that Canada should consider winding down government backing of mortgages — and Finance Minister Jim Flaherty is sounding receptive to the idea. Ending or limiting the activities of Canada Mortgage and Housing Corp., the government-run mortgage insurer, would certainly rock the country’s real estate business to the core, as [...]

By | December 12th, 2013|Economy|Comments Off on Jim Flaherty Receptive to the idea of ending CMHC

Flaherty charges CMHC new risk fee on mortgages

Finance Minister Jim Flaherty is taking another step to curb taxpayers’ exposure to the housing market, by charging Canada Mortgage and Housing Corp. a new risk fee. As of Jan. 1, the Crown corporation will have to pay the government a fee equivalent to 3.25 per cent of the mortgage insurance premiums it writes and [...]

By | December 5th, 2013|Economy|Comments Off on Flaherty charges CMHC new risk fee on mortgages

Thirty-year Mortgages

Canada’s banking regulator is still monitoring 30-year mortgages, the head of Canada’s financial regulator told a conference of mortgage brokers in Toronto on Monday. In recent years there has been a shift in the marketplace, with lenders offering more 30-year amortizations, and that’s something that the regulator is studying, Julie Dickson, the head of the [...]

By | November 26th, 2013|Economy|Comments Off on Thirty-year Mortgages

CMHC Mortgage default Insurance

No one wants to inflate a housing bubble by encouraging folks who can’t afford the debt to buy. But many creditworthy first-time homebuyers are paying much more than they should have to for a significant portion of their housing purchase. When it comes to mortgage default insurance, Canadians get little choice and sky high prices, [...]

By | November 25th, 2013|Economy|Comments Off on CMHC Mortgage default Insurance

Home sales dip in October as market cools

OTTAWA - Canadian home resales dipped last month for the first time since February in what many see as a signal that a so-called correction in the housing market remains in place. The Canadian Real Estate Association reported Friday that the number of transactions fell 3.2 per cent in October from September on a seasonally [...]

By | November 25th, 2013|Economy|Comments Off on Home sales dip in October as market cools

Real Estate continues to grow

The Canadian real estate industry will get more good news today — not that it needs any more positive spin or Finance Minister Jim Flaherty even wants to hear it. The Canadian government has no plans for now to clamp down on the housing market even though prices are rising again, Finance Minister Jim Flaherty [...]

By | October 30th, 2013|Economy|Comments Off on Real Estate continues to grow

Canada won’t interfere in housing market — for now: Flaherty

OTTAWA — The Canadian government has no plans for now to clamp down on the housing market even though prices are rising again, Finance Minister Jim Flaherty said on Monday, but he pledged to investigate whether the price uptick looks to be more than temporary. Finance Minister Jim Flaherty says he will not only balance [...]

By | October 29th, 2013|Economy|Comments Off on Canada won’t interfere in housing market — for now: Flaherty