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Tag Archives: mortgage policy
Mortgage Basics
When we get down to the basics of life, it’s really quite simple. Down to its core, all we really need is food, shelter and love. Everything else is optional. Shelter can come in many forms. Living with relatives, renting your home, or the loftier goal of owning your own home. Although home ownership is not a necessary part of life, it’s a goal for most Canadians. The good news … Read More
CMHC Mortgage Premiums Set to Soar
Despite billion dollar profits, stricter lending guidelines and a robust housing market, CMHC is spearheading an increase to mortgage insurance premiums. These premiums are a necessary evil for home buyers with less than 20% downpayment. The new premiums take effect May 1st, but don’t impact mortgage applications that have been submitted prior to the May 1 deadline regardless of the actual closing date. As is standard practice in this oligopoly, … Read More
Maxed Out and Ready to Refinance
The average non-mortgage debt held by Canadians has climbed by 3.47% to $27,131 over last year. One reason behind the increase is the new mortgage rule limiting the amount you can refinance. Canadians who have maintained their spending patterns can no longer use the equity in their house to wipe the slate clean. Instead they are left with a mountain of high interest debt. While the new rule makes sense … Read More
Flaherty Fights Growing Housing Market
July’s strong market results just may have been the latest tipping point for Ottawa and the Department of Finance (DOF). A new government initiative to slow housing growth is restrictions on cost effective funding sources. Canada Mortgage and Housing Corporation (CMHC) has already notified banks and other mortgage lenders that it’s putting a $350 million monthly cap on the amount of Mortgage-Backed Securities (MBS) that each lender can issue. Although … Read More
The Rich are Getting Richer
The rich are getting richer according to the World Wealth Report, a study co-authored by RBC Wealth Management and Capgemini. The number of Canadians with investable assets of $1 million or more grew by 6.5% to a record of 298,000 Canadians. Even more shocking is that the really rich, the number of Canadians with investable assets of $30 million or more, grew by 11% to a record 4,500 Canadians. Now … Read More
CMHC’s Volume Cut in Half
Stricter mortgage rules on CMHC insured mortgages have had a profound impact on the housing market as well as the insurer itself. CMHC reports that in the first quarter of this year the number of housing units insured dropped to 52,078 from 114,045 over the same period last year. This translates to a drop of underwritten insurance to $8.2 billion down by 56.8% from $19 billion last year. The good … Read More