In the early ‘90s housing downturn – consumers remained worried about taking big loan for about 6 years. It took the market long time to start to recover and that risk avert mindset constrained credit growth in that period of time. If we can take a lesson
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Extended amortizations like 30 and 35 years will soon be on the chopping block of the policy makers. These mortgages are not insured by the government but the regulators are still worrying about them. All the recent actions taken by the government are generally targeted for the
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Statistically speaking, majority of Canadians think that they made a few mistake when they purchased their homes. This information comes out of a latest Ipsos-RBC poll. Six in ten Canadians think they made some type of mistakes. Buyer’s remorse is not very uncommon in consumer world. It
Read more →It is only about 10% of the money – that is created by the government. Rest of it come from various credit products offered by the banks or financial institutions. The industry grows the money by lending-deposit-lending cycle. Money is required to pump up nominal GDP. In
Read more →OSFI has updated its requirements how the Canadian deposit taking institutions report their new loan to the regulator via A4. It has also included several new entities to submit the “Report on New Lending” According to its letter sent to the Trust and Loan Companies including Retail
Read more →Canadian home buyers, specially the first timers are getting smarter in ditching the mortgage insurance premium. Ironically, mortgage insurer Genworth, along with Canadian Association of Credit Counselling Services (CACCS) conducted a survey about financial wellbeing and preparedness of Canadians, that revealed that Canadian first time home buyers
Read more →In a news release OSFI (Office of the Superintendent of Financial Institutions) said that the big six Canadian banks are Systemically Important Banks. In its media release it identified the following banks being of domestic systemic importance. Bank of Montreal Bank of Nova Scotia Canadian Imperial Bank
Read more →What we are experiencing right now is not the right indicator of future. What future has for us in its bag can be predicted (with median confidence) using some indicators. There are many factors which influence interest rate but only a handful of them have the most
Read more →Manulife wanted to have a piece of the pie. Therefore, following the trends of this competitive market, they dropped their five years fixed mortgage rate to 2.89%. If you are a mortgage shopper then that is was a very good news for you. It encourages competition in
Read more →Today Genworth reported that the new Canadian Protection of Residential Mortgage or Hypothecary Insurance Act (“PRMHIA”), which will come into force from January First, 2013 – will establish a legislative framework and will replace the current guarantee agreement with Government of Canada Genworth has. The new regulation
Read more →The fall edition of CAAMP survey report is out. This is an excellent piece of free information made available by Will Dunning, via CAAMP. A clear market trend forecast together with mortgage related statistics – this is a gold mine for someone who is looking for some
Read more →Nine provinces in Canada have legislative and regulatory frameworks to govern mortgage brokers. Those provinces are Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland & Labrador, Nova Scotia, Ontario, Quebec, and Saskatchewan. Given the recent economic condition and slow pace of recovery the regulators think that it is
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