Category Archives: Blog

CMHC Cutting Programs

Effective May 30th, 2014 CMHC will be discontinuing 2 existing mortgage programs and  further tighten Canada’s mortgage market.  Self-employed borrowers will no longer be eligible for CMHC insurance unless they are able to verify sufficient income through traditional sources.  Also being cut, is the the 2nd home mortgage program. CMHC’s rationale for this move is that these programs are no longer core to the insurer’s objectives, and only represent a … Read More

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CMHC Poised to Increase Mortgage Insurance Premiums

The annoucement made earlier this year by CHMC regarding increases to their mortgage insurance premiums is set to take effect Thursday of next week.  The 2 other mortgage insurers are following suit making this a unilateral price increase in the oligopic mortgage insurance industry. You still have a chance to avoid the increase by getting your mortgage approved by CMHC before the May 1st deadline.  However in order to give … Read More

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Bank of Canada Stands Pat

Yet again, the Bank of Canada decided to stand pat when it comes to interest rates. The Bank announced it would maintain its target for the overnight rate at 1% – a decision that spells good news for variable rate holders.  The primary reason for the decision was low inflation – something that is expected to continue for the remainder of 2014. While consumer energy prices and a low Canadian … Read More

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Increase Your Mortgage Payments

Paying off your mortgage is a common goal for homeowners.  The monthly obligation of mortgage payments is usually a family’s biggest financial burden, and the sooner it’s gone the better.  Getting rid of your mortgage is a little like pulling off a Band-Aid.  You can minimize your mortgage payments today and make your cash flow as comfortable as possible or you can put everything you have towards your mortgage to … Read More

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