Mortgage, Money and Dream – Our thoughts on Canadian Mortgage Market
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Filogix Expert was slowing down last week due to very high application volume. Lenders are taking longer turn over time. It was a busy week. Now that all the pre-approval tide has waned, we can take a look at the past week.

Mortgage News:

  • Locking in: Will it be a 10-year or 5-year mortgage? – Montreal Gazette
  • Fixed or Variable? Half of all Canadians say they would choose a fixed rate mortgage today – CIBC Mortgage Poll
  • The 10-year mortgage: Is it the right time to go long? – Globe and Mail
  • Rate war is coming to an end. – Canadian Mortgage Advisor
  • RBC and TD Changes Residential Mortgage Rates
  • RBC and TD raise mortgage rates, signal end to price war – Globe and Mail
  • Clock is ticking on Canada’s mortgage wars – Ottawa Citizen
  • Mortgage rates edge higher – Toronto Star
  • (Video) Rent or take on massive mortgage debt? – Globe and Mail
  • Fixed mortgages to dominate interest rate choice, says economist – Vancouver Sun
  • End of very cheap mortgages is healthy in overheated market – Calgary Herald
  • Do you suffer from debt regret? – Toronto Star
  • 2 per cent rate hike would spell trouble for many homeowners, poll findsToronto Star
  • Shorter terms for mortgages may be in Ottawa’s new budget – National Post
  • Canada banks cut short mortgage price war – Reuters
  • (online Q&A) Mortgage rates: Where do we go from here? – National Post
  • Home affordability uncertain for many with even small rate hike – Globe and Mail
  • Mortgage on the go – Financial Post
  • Mortgage war combatants losing taste for battle – Globe and Mail
  • Mortgage wars lead to unacceptable returns for banks, can’t last, RBC head says – Toronto Star
  • BMO Bank of Montreal Changes Mortgage Rates – Marketwire. To note: they are still offering those low rates by some other promotional means. BMO extends 2.99% mortgage – Financial Post. What an excellent marketing policy.
  • TD chief backs Ottawa’s mortgage tightening – Globe and Mail
  • The upside of higher rates – National Post
  • Real-estate News:

  • Home price rise in Canada may be topping out – Toronto Star
  • Tightening rules could dissuade buyers: expert – Vancouver Sun
  • Montreal housing starts to drop 21 per cent: report – Montreal Gazette
  • Buyer’s heart will lead to home: survey – Calgary Herald. Canadian homebuyers make decisions based on feelings.
  • Genworth using internal resources to deal with foreclosures. It has set up its own internal group of real estate agents to deal with foreclosure sales. – Globe and Mail
  • Basement apartments are a minefield for the uninformed – Toronto Star
  • Real estate bidding wars:Ways to improve your chances – Toronto Star
  • Financial News:

  • Debt load getting heavier in Canada – CBC
  • Canadians tempt Murphy’s Law: 38% don’t have a savings fund for life’s surprises – TD
  • Household debt in Canada – Statistics Canada
  • Refinancing: Who qualifies? – Financial Post
  • Ontario budget 2012: Highlights – National Post
  • Federal budget deficit less than feared, says RBC – CBC
  • TD Shifts to Business Loans in Consumer Slump: Corporate Canada – Bloomberg
  • Bank ombudsman considers closing operations – Globe and Mail
  • Waiting for normal rates – Calgary Herald
  • Prospective home buyers learning to deal with more stringent mortgage rules –
  • Nowhere to go but up for Canada’s mortgage rates – Montreal Gazette
  • Can you afford that dream home? Stress-test your budget before you buy –
  • Household debt dragging down Canadian economy: OECD – Toronto Star
  • In Canada, the penny’s about to drop into history – AP
  • Canadians told to stay on track – Calgary Herald
  • Other News:

  • TransUnion Payment Hierarchy Study Finds Consumers Paying Auto Loans Before Credit Cards and Mortgages – Marketwire
  • Quote of the week:

    However, friction has built between OBSI and RBC and TD over the years. The banks say they were upset with the length of time it took to resolve problems. As well, sources indicate the banks were upset about the financial settlements OBSI required them to pay, and for the powers the ombudsman wielded..,

    by Grant Robertson via — Globe and Mail.

    Thanks for reading. Have a good weekend.