Are you planning to buy or sell homes? Looking for some advice? Listen to Canadian Banks before you make up your mind. Here are selected portions and main points from Banks’ reports on housing (real estate) trends and forecast in Canada. CIBC CIBC Economist, Benjamin Tal recently released an interesting report examining the possibility of [...]
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Tighten The Housing Market?
As Canadian personal and mortgage borrowing continues to climb, international watchdogs have called on the government to better assess the risk. The high debt load now poses a risk to government coffers. How? Mortgage lenders in Canada are required to have default insurance on any mortgage with less than a 20% down payment. Most of [...]
Mortgage Rates Are At A Record Low!
BMO Bank of Montreal advertised the lowest mortgage rate and grabbed all the attention. 2.99 percent for a 5 year fixed rate mortgage. It’s supposedly just a two-week promotion. Other banks have already begun to match BMO’s offer. BMO offers this special rate with one main condition: amortizations no longer than 25 years. Other banks [...]
Mortgage Interest Rates Bank of Canada’s research Nothing new is revealed
Research released by the Bank of Canada recently suggested that Canada’s largest banks are slow to pass on cuts in the Bank of Canada’s policy interest rate. The banks’ practice of holding off discounting for longer periods is “common practice.” It has been every day experience of the common man for the last two years [...]
CREDIT REPAIR
Beacon scores range from 300 to 900, with 900 as the highest possible score. Anything over 600 is generally considered as a good credit score. A person with a Beacon score below 520 will often be turned away from the bank. The credit score is comprised of the following percentages: 35 for late payments, bankruptcies, [...]
How to Deal with Mortgage Payment Difficulties
When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage professional to find a solution to your financial difficulties. What Can I Do to Help? If you find yourself [...]
How Can Mortgage Professionals and CMHC Help?
Your mortgage professional wants to establish and maintain a positive relationship with you over the long term, and is fully trained and equipped with the tools to help you deal with the temporary financial setbacks that you may be facing. For mortgages insured by Canada Mortgage and Housing Corporation (CMHC), CMHC provides mortgage professionals with [...]
“the Rising Level Of Household Debt And High House Prices Pose Risks To The Nation’s Economy” – International Monetary Fund
“Adverse macroeconomic shocks, such as a faltering global environment and declining commodity prices, could result in significant job losses, tighter lending standards, and declines in house prices, triggering a protracted period of weak private consumption as households reduce their debt” This is IMF’s assessment of the country’s economy. House prices in some regions are “above [...]
Is it a good time to buy or invest in Condo or Home in Toronto?
If you are a first time home buyer, it is time to look for a suitable home or condo within your budget in a good location; sooner the better. During 2009 and 2010, except for a brief period, most of the time, real estate prices were rising. Some people anticipated a US type crisis in [...]
So you want to be a ForSale By Owner
It’s a good idea to sell your home by yourself. No doubt, you will save realtor’s commission. All that is required is to have all the required information, time and the skills needed for the job. If you think, you have them, venture out to test your presumptions. Many FSBO owners think that selling a [...]
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