Garry Marr Mortgage brokers are once again undercutting the banks and some are willing to buy down your rate — eating part of their commission in the process — to gain customers. Steep mortgage discounts from the major banks have all but disappeared from the market, leading mortgage brokers to make sacrifices for market share […]

By Susan PiggBusiness Reporter   It’s going to be tougher for the self employed, new immigrants and higher-risk borrowers to get a mortgage as concerns continue to mount over the state of Canada’s housing market. CIBC’s wholesale mortgage arm, FirstLine, quietly announced Tuesday that it will no longer accept new applications from “stated income” homebuyers who […]

Garry Marr A new round of mortgage rules from Ottawa could include tough new measures for calculating how the self-employed qualify for loans and tighten regulations for condominium buyers, according to two separate sources. Ottawa remains concerned about the possibility of an inflated housing market and wants to crack down on the practice where consumers […]

By Andrew Mayeda Canadian lenders are loosening standards, offering mortgages similar to U.S. subprime loans that pose an “emerging risk” to financial institutions, according to the banking regulator. Banks and other lenders are becoming “increasingly liberal” with mortgages and home-equity credit lines that don’t require individuals to prove their income, according to 152 pages of […]

Financial Post Staff OTTAWA — Canadian house prices dropped in November for the first time in nearly a year, according to the monthly Teranet-National Bank house price index released Wednesday. The 0.2% drop followed two months of flat prices, and was the first decline in the index since a “brief correction during the three months […]

TED RECHTSHAFFEN Globe and Mail Update A few months ago I heard leading Canadian investor Eric Sprott speak, and he said a very basic thing that struck a chord. He said that you should not be afraid to connect the dots. The dots are usually in front of you, but people don’t often look beyond […]

Garry MarrFinancial Post A new round of mortgage rules from Ottawa could include tough new measures for calculating how the self-employed qualify for loans and tighten regulations for condominium buyers, according to two separate sources. Ottawa remains concerned about the possibility of an inflated housing market and wants to crack down on the practice where […]

JEREMY TOROBIN AND  SEAN SILCOFF Globe and Mail Bank of Canada Governor Mark Carney is getting more worried about record levels of household debt, but until the global recovery is on more solid footing, he’ll be relying on others to deal with the issue. It’s Mr. Carney’s dilemma. Low interest rates have underpinned a worrisome surge […]

TARA PERKINS, GRANT ROBERTSON AND  BILL CURRY Globe and Mail Finance Minister Jim Flaherty says he stands ready to intervene in the housing market again, just as a mortgage price war breaks out among Canada’s major banks. Mr. Flaherty said Tuesday that he’s watching the market closely, although he has no plans to tighten the market again at […]

By Julian BeltrameThe Canadian Press OTTAWA – The Bank of Canada is keeping its trendsetting policy interest rate at a super-low one per cent until at least March, which it admits will foster a continued rise in household debt from already historic highs. The central bank’s decision on interest rates Tuesday was widely expected, but it […]