Lender 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…
DetailsThe Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 percent. The Bank Rate is correspondingly 3/4 percent and the deposit rate is 1/4 percent. The global economy is progressing largely as the Bank anticipated in its January Monetary Policy Report (MPR). Financial market volatility, reflecting heightened…
DetailsThat’s right! We’re slowing headed into another buying season in Quebec. Many Quebecers and Canadians alike are contemplating the sale of their property or perhaps that first purchase. This blog entry will focus on the latter. First time home buyers are my favorite clients to work with. Maybe it’s the former teacher within me that’s speaking. There is so much…
DetailsA 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…
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