CMHC recommended this week that the minimum down payment is increased. Evan Siddall CEO of CMHC gave a speech last week at the Bank of England’s offices. He recommended that the government take further action and increase the minimum down payment required for someone to buy a home. This recommendation was made on the heels of recent policy…
DetailsOn the heels of the new mortgage policy changes and a recent announcement by the Bank of Canada to keep the key overnight rate at .50%. The TD bank will increase its spread over the overnight rate by raising the prime rate to 2.85% This means that TD is now at 2.35% above the Overnight rate that…
DetailsMany of us remember those iconic words that were spoken by Capt. James Tiberius Kirk from on board the USS Enterprise. His monolog was a staple in the minds of all who had the pleasure of watching Star Trek. Well, today William Shatner the actor who portrayed Capt. Kirk is 85 years old and has…
DetailsLender stock prices plunge as investors pull money out of monoline lending channels. In the early 1900’s miners, when they would descend into a mine. Would bring with them a small caged bird such as a Canary. The technology did not exist back then to tell them if dangerous gases such as carbon monoxide were present…
DetailsOver the last few days, we have been covering news stories pertaining to the new mortgage rule changes that are being put in place. I am not one to run screaming that the sky is falling, but if you live long enough you get to see history repeat its self. In a recent interview with…
DetailsOfficially 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…
DetailsWritten by VERICO Economist Michael Campbell: The Ghost of the Sub Prime Mortgage Crisis Haunts the Finance Minister By now you will have seen the details of the significant changes to the mortgage market announced by the Finance Minister but how will they impact the market? In a nutshell – it will be big. The…
DetailsThe 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…
DetailsNew rules hit housing market in Canada. Once again in an attempt to protect the already fragile banking sector in Canada, the liberal government has passed new rules that will impact and impede most people’s ability to purchase and refinance mortgages. Some of the new rules will be put in place as early as October…
DetailsThe big news this week is that the heads of Scotia Bank and National Bank are urging Ottawa to increase the Minimum Down Payment on all homes under $1 Million to at least 10%. As it stands Home buyers in Canada today must put a minimum of 5% Down Payment on all homes under $500k…
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