Here’s how much house you’ll be able to buy with the new mortgage stress test

Canada’s banking regulator introduced new rules on Tuesday that extend the requirement for a mortgage stress test to all homebuyers, including those with larger down payments. Currently, the stress test applies only to mortgages with lower down payments and those with a term of less than five years. Today, the Office of the Superintendent of Financial […]

Mortgage expert warns U.S. Fed will cause rate increases in Canada

U.S. Federal Reserve chair Janet Yellen has strongly signalled that the first federal funds rate hike of 2017 will be announced at the two-day policy meeting next week on the back of a strengthening U.S. economy and waning global risk factors. With two more increases said to be in the cards this year, one Canadian […]

How Home Capital’s perilous turnaround is about to get harder

Home Capital Group Inc. is fighting to find the funds it needs to survive as deposits rush out the door. Then comes the hard part. The Toronto-based bank has lost more than $3.5 billion of deposits since the end of March, hurt by Ontario’s securities regulator saying last month that Home Capital had failed to […]

Canada’s new mortgage rules: What do the changes mean for homebuyers?

A major shift in mortgage rules announced by the federal government this week will drive up rates for consumers and cut competition in the lending sector, say some in the industry. Mortgage expert Robert McLister says Ottawa is cracking the housing market with a “sledgehammer.” He predicts consumers will bear the brunt of the blow […]

B.C. first-time homebuyers loan program sparks debate, concern

VICTORIA — First-time homebuyers struggling to cobble together a down payment for a home could soon get an interest-free loan from the B.C. government, a move some experts say undermines Ottawa’s attempts to curtail risky mortgages to overstretched buyers. Premier Christy Clark announced Thursday that a new provincially backed loan program would match the amount […]

Metro in debt: Non-bank or ‘private’ lenders feed (or rescue) debt-addicted homebuyers

By the time desperate borrowers — and they are always desperate — find Allan Sadler, they have already been turned down by banks and credit unions. Mortgage brokers like North Vancouver-based Sadler deal in the private lending market, sometimes called the shadow lending market, and specialize in arranging loans for borrowers with very poor credit history and […]

BULLYING ENDS HERE – OCTOBER UPDATE

Fall is one of my favorite times of year. Not only are the trees changing colors, days are getting shorter and the kids back to school, but also Bullying Ends Here goes into full swing. I am so excited to get back out and speak with as many people as possible. I anticipate this will […]

BANK OF CANADA, OCTOBER 19, 2016 – BANK ON HOLD AS HOUSING EXPECTED TO SLOW

It is no surprise to anyone that the Bank of Canada maintained its target overnight rate at 1/2 percent today, judging that the underlying trend in total CPI inflation will edge upward to 2 percent starting early next year. Temporary offsetting factors, such as the fall in commodity prices and the decline in the loonie […]

PRACTICE YOUR NEW MORTGAGE

Practice your mortgage… What exactly do I mean by that? Well, if you’re a first-time buyer and just beginning to explore the housing market, chances are you’re currently renting or living with family, and very likely paying less than you will be going into your new home. For this reason, I strongly suggest you start […]