5 Apr

Despite low rates, many Canadians holding off home purchases: survey

General

Posted by: Mike Hattim

JON COOKToronto— Reuters A growing majority of Canadians do not intend to buy a house in the next two years, even with mortgage rates near record lows, according to a Royal Bank of Canada (RY-T56.91-0.28-0.49%) survey released on Thursday. In RBC’s annual poll of Canadian homeowners, 73 per cent of respondents said they are unlikely […]

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4 Apr

Canada steps up housing market oversight

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Posted by: Mike Hattim

By Andrew Mayeda and Greg Quinn Canadian authorities are stepping up oversight of the nation’s housing market even as lenders such as Bank of Nova Scotia warn that tougher rules could threaten the economic recovery. The country’s banking regulator, the Office of the Superintendent of Financial Institutions, said Tuesdsay it will boost supervision of private […]

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2 Apr

Collateral mortgages: Why banks like them

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Posted by: Mike Hattim

By Rubina Ahmed-HaqMoneyville If you’re buying a house and are shopping for a mortgage this spring you may come across something called a collateral mortgage. This home financing tool has been around for a while, but mainly in the background. Now it’s going mainstream with both TD Bank and no-frills ING Direct abandoning the conventional […]

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2 Apr

Beware the pitfals of collateral mortgages

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Posted by: Mike Hattim

By Mark Weisleder | Sat Jul 30 2011 When you apply for a mortgage, you usually just ask about the term, amount, interest rate and monthly payment. Not many people understand the difference between a conventional mortgage and a collateral mortgage. Yet many banks are now asking borrowers to sign collateral mortgages — and it […]

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30 Mar

Home affordability uncertain for many with even small rate hike: report

General

Posted by: Mike Hattim

The Canadian PressGlobe and Mail An interest rate hike of 2 per cent would leave four-in-10 Canadians unsure about whether they could afford their homes, according to a new study from the Bank of Montreal. The survey, compiled for BMO (BMO-T59.27-0.03-0.05%) by Leger Marketing and released Wednesday, found 43 per cent believe an interest hike […]

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28 Mar

Mortgage rates have nowhere to go but up

General

Posted by: Mike Hattim

Garry Marr Mar 27, 2012 The logic is pretty simple. You hit rock bottom and there is no where else to go but up. Mortgage rates on terms of five years and 10 years have never been this low. You can go back 50 years and not find a rate of 2.99% from one of the […]

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23 Mar

Flaherty criticizes banks’ desire for government mortgage changes

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Posted by: Mike Hattim

Postmedia News  Mar 22, 2012Financial Post OTTAWA — Finance Minister Jim Flaherty saw irony Thursday in major banks seeking changes to mortgage rules from government, given the control the banks themselves have over the industry. Flaherty said, however, the possibility of tightening the insured mortgage market — which has been done three times under the current […]

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21 Mar

How Canadians can boost home value through renovation

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Posted by: Mike Hattim

By Gail Johnson | Insight With the popularity of home-decorating shows like Trading Places soaring, suddenly everyone’s an interior designer. But from a real expert’s point of view, where are home-owners’ renovation dollars best spent? “Kitchens and bathrooms are the best place to start,” says Toronto’s Howie Track, owner of Traxel Construction, which specializes in high-end residential and […]

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20 Mar

Mortgage fees: Understand the fine print

General

Posted by: Mike Hattim

By Mark Weisleder A mortgage is usually the largest financial commitment a person will make. The interest is far more than any other debt, yet it is troubling that many of the details involved in mortgage applications are poorly explained — if at all — to those applying for the loan. Many people buying their […]

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13 Mar

Housing Crisis to End in 2012 as Banks Loosen Credit Standards

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Posted by: Mike Hattim

By Krista Franks Brock Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is […]

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