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Public is outraged by new Mortgage Rules

Officially today a petition has been launched requesting that the Finance Department of Canada revisit is recent mortgage rule changes. The petition reads and I quote as follows “KEEP COMPETITION IN THE CANADIAN MORTGAGE MARKET Keep Competition in the Canadian Mortgage Market We are asking the Department of Finance to consider the important place non-bank…

The Day After

The Canadian Real Estate Market has been put into a tailspin. It has been induced by overzealous and misguided government officials. The latest mortgage rules that are being put in place are nothing short of pure stupidity and a lack of fundamental understanding of how the market is structured. The two major markets that are…

The Hidden Trap of Mortgage Penalties

A couple of weeks ago I had a client tell me that his bank advised him that all banks calculate penalties the same way. Well although on the surface banks will use similar methods to calculate the penalty. What differs is what rates they use to determine the penalties. Many don’t realize this but virtual…