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The problem with using infrastructure to stimulate the economy
1/18/2016 8:01:21 AM

The immediate boost to the economy from infrastructure stimulus spending is minimal, while the cost for any new jobs it creates can be huge

Should my children withdraw from their RRSPs to buy a house?
1/16/2016 7:03:56 AM
Question from Tony, 65, Calgary: My two children are planning to buy a house. They were preapproved for a mortgage loan of $520,000 at 2.64-per-cent interest, fixed for a term of five years. They are looking at buying a house costing about 600,000. For a down payment, is it advantageous to withdraw all their tax-free savings account and registered retirement savings plan investments to reduce their projected monthly payment of $2,464. It seems they wouldn’t like to touch their TFSA & RRSP investments.
The close: TSX, Dow plummet as oil prices extend relentless dive
1/16/2016 7:00:16 AM

A record losing streak in the loonie, plunging bond yields and about $150-billion wiped out in the stock market has left Canadian investors hanging by a thread. Panic is starting to set in.

“The word fear is finally starting to come up,” Martin Pelletier, managing director and portfolio manager at TriVest Wealth Counsel in Calgary, said. “Clients and people are starting to panic. It’s sinking in, but no one knows what to do.”

What the Royal Bank of Canada mortgage rate uptick means
1/16/2016 2:32:31 AM

Royal Bank of Canada rates on several of its mortgages are a little higher today. For instance, the special offer five-year fixed mortgage is up one-tenth of a point to 3.04 per cent.

To make sense of the changes, CBC News spoke by phone with Dan Eisner, the CEO of True North Mortgage. He was in Calgary.

The lesson home buyers should take from RBC’s mortgage rate hike
1/16/2016 2:31:44 AM
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5 Downsides of a Reverse Mortgage
1/16/2016 2:30:57 AM
A Home Equity Conversion Reverse Mortgage (HECM), more commonly known as a reverse mortgage, is often used as a means of income for retirees. For those age 62 or older, these loans can provide guaranteed income during retirement (See also: 6 Ways to Guarantee Income in Retirement).
Layoff insurance 'suitable for the times,' Edmonton business says
1/16/2016 2:28:41 AM
With a nod to Alberta’s faltering economy, an Edmonton business is offering layoff insurance to cover up to six months of mortgage payments for homeowners who lose their jobs.
Province didn't warn borrowers about problems with mortgage broker
1/16/2016 2:27:27 AM
Dennis Khanna in December, it had been more than a year since they had flagged dozens of violations of Ontario mortgage regulations in a review in the summer of 2014. 

But if you had looked on the Financial Services Commission of Ontario's website anytime before last month, you would see no sign that the province had concerns about the business. Khanna had assured them in fall 2014 all would be proper going forward.

A more extensive follow-up provincial review last fall raised allegations of hundreds more violations in Khanna's file and led to the December suspension.

But in the time between the two investigations and the order suspending his license — more than a year — potential customers may have been unaware there was anything to worry about.

Mortgage broker commissions spark heated debate
1/16/2016 2:26:18 AM

B.C.'s mortgage brokers are up in arms at a proposal by the province's financial institutions regulator to force them to disclose the exact amount of their commissions to clients.

The Financial Institutions Commission (FICOM) claims enhanced conflict-of-interest rules are needed to protect consumers in B.C.'s superheated real estate market.

But the proposal has sparked a fierce outcry from brokers who claim the move will play directly into the hands of banks which would like to portray the industry as a hidden cost to consumers.

"It's an un-level playing field," said Gary Mauris, president of Dominion Lending Centres.

Sean Cooper pays off mortgage in 3 years and earns online hate
1/16/2016 2:24:52 AM

When Sean Cooper burned his mortgage papers after going to extremes to pay off his house in three years, he never imagined it would get folks so fired up.

But after CBC News reported Cooper's story late last year, reader comments flooded the internet, either praising or reviling the 30-year-old's financial achievement.

"What is he going to do next, buy a car and sell one of his kidneys to pay for it?" snarled one reader.

An era of cheap interest rates has helped ignite an escalating and troubling household debt binge. The topic has become such a touchy one it can spark polarized opinions, finger pointing and even contempt.

2015’s Effects Carry Over
1/16/2016 2:13:19 AM
The events of 2015 were another reminder that the mortgage market never stops evolving, especially when it comes to policy-making. CMT’s Top 5 stories of last year (listed below) told part of that tale.
Mortgage Professionals Canada Gets New CEO
1/16/2016 2:12:51 AM
After a 5-month search and a laborious selection process, Canada’s largest mortgage association finally has a new executive leader.

Mortgage Professionals Canada announced today that, effective Monday, Paul Taylor will be its new CEO.

Taylor, 40, comes with ample organization experience. He was formerly the Director of Operations for the Insurance Brokers Association of Ontario (IBAO) for 5+ years, and in the association’s management for five years before that. Coincidentally, IBAO is the same group that former CAAMP CEO Jim Murphy moved to last July.

December home data comes in
1/16/2016 2:11:11 AM
National home sales fell 0.6% in December from November to December, but increased 10% year-over-year.

Buyers trying to get ahead of changing mortgage rules faced obstacles last month.

“An increasingly short supply of listings in Vancouver and Toronto blunted the impact of changes to mortgage regulations announced in December that were aimed at cooling these housing markets,” CREA President Pauline Aunger said in a release. “Buyers there had been expected to bring forward their purchase decisions before new regulations take effect in February 2016, but they faced a growing shortage of supply. Meanwhile, supply is ample in many other major urban markets, particularly those where buyers have become cautious amid economic uncertainty.”
Broker miffed by rate shopping advice
1/16/2016 2:10:35 AM
A recent article on a wide-reaching personal finance magazine plugged the benefits of rate shopping; but did it ignore some important pieces of the mortgage puzzle?

“Want to save more than $53,000 on the purchase of a home? Then be prepared to comparison shop for the best mortgage rates and terms,” a recent MoneySense article reads. “According to a new RateHub.ca survey, consumers that shopped around for the best rates saved $53,089 (based on a $500,000 mortgage, amortized over 25 years)—the difference between a lender’s posted mortgage rate and the discount rate, over a five-year term.”
Equitable adds online bank to lure deposits from Canadian rivals
1/16/2016 2:09:52 AM
Equitable Bank, the Canadian alternative- mortgage provider, is jumping into the online banking business with a savings account that pays more than triple the interest rate of other branchless rivals.

Equitable started signing up customers this week for its EQ Bank, offering 3 percent interest on savings with no fees or minimum balance requirements. The account allows daily transactions including bill payments, e-transfers and moving money via computer or mobile phone.
Another major bank joins chorus of economists predicting interest rate cut
1/16/2016 2:09:03 AM
The Bank of Montreal updated its forecast Thursday to predict the central bank will cut its key interest rate next Wednesday when it releases its updated forecast for the economy.

The bank cited low oil prices and weakness in the Bank of Canada's recent business outlook survey among its reasons for its new forecast.
BoC rate cut no panacea, warns economist
1/16/2016 2:08:30 AM
The urgency of dealing with the effects of global oil price crashes may trigger a rate cut, TD Bank Group vice president and Chief Economist Beata Caranci said in a statement released on Wednesday (January 13).
Caranci emphasized that a rate adjustment won’t serve as a cure-all for the ailing economy. In fact, all signs currently point to Canadian markets underperforming in 2016, with real GDP growth now projected to be 1.5 per cent (against the Bank’s original 2 per cent target).
Analysts: BoC needs to end its insular ‘black box’ policy
1/16/2016 2:07:43 AM
Amid the backdrop of a struggling economy, shrinking commodity wealth, and reduced business investment in the first half of 2015, industry observers have called on the Bank of Canada to end its apparent ‘policy’ of secrecy.
Last January, Bank of Canada governor Stephen Poloz implemented cuts on interest rates, shocking the public who considered the move irrational.
Hamilton housing sales to soar through 2016
1/16/2016 2:06:51 AM
This will see the Hamilton housing market continue outperforming other locations, according to economists and other industry observers.
Figures from realtors’ organizations stated that as much as 16,000 properties have been sold in Hamilton and Burlington last year, amounting to around 9 per cent more homes sold between January and November 2015 than in the same period in 2014.
Canadian housing industry posts healthy 2015
1/16/2016 2:05:43 AM
Last year saw improved health for the Canadian housing industry despite a slight tail-end downturn, the Canada Mortgage and Housing Corporation said on Monday (January 11).
2015 saw a solid pace of growth in most months, with the most significant numbers seen in high-demand locales such as Vancouver which boasted the greatest number of housing starts in over two decades.
Brokerage with online focus tapped as number one
1/16/2016 2:04:47 AM
Virtual Brokers has one again ranked number one for Best Online Broker by The Globe and Mail.
“We are happy to have made it to this milestone in our journey to become Canada's best online broker and will perform our best to continue our rapid company growth,” said Kambiz Vatan-Abadi, Chief Operating Officer of Virtual Brokers and BBS Securities Inc. “We encourage our clients and all Canadian investors and traders to stay tuned as our new series of innovative services will be launched soon.”

The Globe's score card is based on five categories: The client experience (30%); the Cost (25%); Account reporting and maintenance (25%); Research and tools (15%); and Innovation (5%). A final grade was given to each online brokerage based on these categories.
Making yourself indispensable
1/16/2016 2:03:40 AM
My observation of the mortgage broking world during the last 15 years has shown me that we have a choice.
1. Race to the bottom and fight for the lowest rate for the client (which we can almost never achieve due to the banks’ online presence), or
2. Become a lynchpin for our clients, the trusted adviser, indispensable
Hot Canadian housing market a ‘global anomaly?’
1/16/2016 2:02:36 AM
Last year marked the 19th in a row for consecutive price appreciation in Hogtown. Prices have also increased 214% since 1996, according to one real estate firm.

"The overall strength and stability of Toronto's housing market is a global anomaly," Ken McLachlan, broker-owner of RE/MAX Hallmark Ltd., said in a release. "Very few large residential housing markets can compete with the GTA's performance over the past two decades."
CIBC latest lender to increase some of its mortgage rate product
1/16/2016 2:01:43 AM
CIBC has become the latest among the big Canadian banks to increase some of its mortgage rates.

The bank (TSX:CM) said Tuesday it had raised its special offer, three-year fixed rate by 10 basis points to 2.59 per cent.

Meanwhile, its special offer, four-year fixed rate has also gone up by 10 basis points, to 2.84 per cent.
Federal finance minister paints bleak picture of economic growth prospects
1/16/2016 2:00:51 AM
The federal finance minister spoke of pitch-black moments in his morning shower and some darkening clouds for the Canadian economy as he kicked off his national budget consultation tour in Halifax on Monday.

Bill Morneau drew chuckles from a business audience at the Halifax Chamber of Commerce as he described a morning power outage that occurred while he was covered in soap lather.
The minister said it's just the latest in a series of challenges he's facing as he sets out to prepare his first budget amidst a declining economy.
Variable rate mortgage rates hovering on historic low
1/16/2016 1:59:51 AM
With the Royal Bank of Canada’s implementation of the latest round of mortgage rate increases last week, banks and other major lenders have begun lowering the discounts for floating rate mortgages.
Even with the new 2.6 per cent rate average on variable-rate products, however, this is still considered by industry observers to be among its historically lowest levels. To compare, fixed-rate mortgages with five-year terms currently enjoy a rate of 3.04 per cent.
Taking advantage before rate hikes
1/16/2016 1:59:15 AM
Brokers will have a leg-up on the competition – at least for the next few weeks – and should look to take advantage, according to one industry veteran.

“Monoline rates will definitely increase in the near future … but until then brokers will benefit from RBC and other banks increasing their own rates,” Walid Hammami, a broker with Dominion Lending Centres, told MortgageBrokerNews.ca. “Once a lot of monoline business comes in, they will also increase their rates a bit.”
Does struggling economy have a silver lining for brokers?
1/16/2016 1:58:38 AM
Once again, the Canadian economy showed signs of struggle as the December jobs report showed gains only in Ontario, while jobs were flat or down in every other province.

“We are likely to suffer continued weakness in the Canadian dollar and the underperformance of the Canadian stock market. Mortgage rates are rising and government actions to cool the housing market will also contribute to downward pressure on the economy,” said Dr. Sherry Cooper, chief economist for Dominion Lending Centres. “However, the weak loonie will help to spur exports and to attract foreign capital. Tourism will no doubt rise.”

Latest stats: Prices and number of Edmonton houses up
1/16/2016 1:57:43 AM
According to the latest official figures, the end of 2015 saw 5,088 homes up for sale, exhibiting a sharp increase from the previous year’s 3,059 properties.
Industry observers attributed this rise to the currently low mortgage rates driving greater purchase volume. Another possible contributing factor is the proliferation of infill housing in the city.
In turn, the intense competition among buyers is spurring a consistent increase in real estate prices, with the average for single-family properties now sitting at $437,569 and condos at $252,954.
2015 in review: Home Capital posts stable fundamentals despite growth loss
1/16/2016 1:56:55 AM
Canadian residential mortgage lender Home Capital Group Inc. (OTC:HMCBF) continues to enjoy a healthy bottom line despite a noticeable loss of growth last year, which saw a drop of 37 per cent compared to its earnings per share in 2011.
Industry observers attributed the decline to issues in mortgage documentation. In 2015, Home Capital terminated its relationships with 45 brokers who have falsified their borrowers’ income information. These brokers represented approximately 10 per cent of the company’s mortgages outstanding.
It’s Quebec to the rescue as Canada consumer optimism stabilizes
1/16/2016 1:56:12 AM
A seven-week decline in optimism by Canadian consumers has stabilized, with a rebound in Quebec helping buttress fading fortunes in energy-rich prairie provinces coping with the oil price shock.

The Bloomberg Nanos Canadian Confidence Index held steady this week at 53.8, unchanged from a week earlier while remaining below the 12-month average of 55.4, telephone polling by Nanos Research shows. The index measures consumer expectations for the economy, real estate, job security and personal finances.

The stabilization in confidence is due overwhelmingly to the increase over two weeks in Quebec, the country’s second- most-populous province, where sentiment rose to 56.6, the highest since November and exceeding the 12-month average of 54. Expectations slid in the prairies, Ontario and Atlantic Canada, while increasing slightly in British Columbia.

Top tips for successful goal setting
1/16/2016 1:54:16 AM
These questions need to be answered in order to snag that potential client:
Final housing start stats revealed
1/16/2016 1:53:08 AM
HCMHC released its final housing starts report for 2015 on Monday morning.

The trend measure for housing starts in Canada edged down to 203,502 in December from 208,204 in November. Total starts for the year, meanwhile, increased.

The measure is a six-month moving average of the monthly annual seasonally adjusted housing starts.
Government data a boost to broker optimism
1/16/2016 1:52:15 AM
The latest numbers are in and they give reason for brokers, especially, to be optimistic.

Statistics Canada released its employment numbers Friday and, while the unemployment rate remained unchanged, one segment received an injection of new talent. And it’s a segment known to turn to brokers for their mortgages.

The country added 40,000 self-employed people to the workforce in December, according to StatsCan.

Good news for brokers.
Analysts: Chain reaction of increases in bank-funded mortgage rates possible
1/16/2016 1:48:58 AM
In a bid to cool down Canada’s surging housing market, which has seen real estate prices reach unprecedented heights (up to double in high-volume areas like Toronto and Vancouver), the federal government has announced increases to the rates of bank-funded mortgages – a move that analysts said could be mimicked by major lenders.
Industry observers agreed that a chain reaction of increases would be understandable – indeed, inevitable – as banks would attempt to maintain solvency amid a backdrop of recession.
Poloz sees lasting policy divergence as U.S. rates rise
1/16/2016 1:48:14 AM
Bank of Canada Governor Stephen Poloz said he expects a lasting divergence in policy between the U.S. and resource producers such as Canada struggling with collapsing commodity prices.

The global economy is reacting to a “seismic shift” that will generate higher incomes in resource-importing countries, while requiring lengthy economic adjustments for exporters, Poloz said in a speech Thursday in Ottawa. In fact, rising U.S. interest rates may actually act as an additional downside risk to the Canadian economy by driving up long-term borrowing costs, he said.

The end of the monetary illusion magnifies shocks for markets
1/16/2016 1:47:27 AM
Central bankers are no longer the circuit breakers for financial markets.

Monetary-policy makers, market saviors the past decade through the promise of interest-rate reductions or asset purchases, now lack the space to cut further or buy more. Even those willing to intensify their efforts increasingly doubt the potency of such policies.

That’s leaving investors having to cope alone with shocks such as this week’s rout in China or when economic data disappoint, magnifying the impact of such events.
Cashing in on the rate announcement
1/16/2016 1:46:22 AM
It may be an odd move by the biggest of the big banks but it’s one that brokers can use to their advantage, according to one industry veteran.

RBC announced earlier this week that it would hike its interest rates effective Friday, and with tradition showing monolines usually follow suit, brokers could be well served to take the opportunity to reach out to clients set to renew in the near future.

Poloz ready with unconventional tools if needed to fight shock
1/16/2016 1:43:12 AM
Canada’s central bank is prepared to deploy “unconventional” tools if needed to curb lingering damage from a slide in oil and other commodity prices.

“We have a number of tools at our disposal--both conventional and unconventional--to mitigate risks to our inflation target or to our financial system, should they arise,” Governor Stephen Poloz said in the text of a speech he’s giving Thursday in Ottawa, which will be followed by a press conference. “The Bank of Canada will continue to run an independent monetary policy, anchored by our inflation target, and we will use our tools to manage risks along the way.”
Broker charged with sexual abuse
1/16/2016 1:42:15 AM
Hamilton police say they've charged a local mortgage broker with sexual assault.

They say the charges stem from an incident in September of last year when a female client went to the man's office on King St. W.

Police allege the woman was sexually assaulted during that visit.

They arrested 60-year-old Dinesh Khanna of Oakville last month and charged him with one count.

Police say they believe there may be other victims and are encouraging anyone with information to come forward.
Analyst: Mortgage rate hike might prompt market cool down
1/16/2016 1:41:33 AM
With the Royal Bank of Canada’s announcement on Tuesday (January 5) of mortgage rate increases that are slated to take effect Friday, a macroeconomics and currency analyst said that a possible side effect of the hike is a cooling down of the red-hot real estate market.
Jing Pan, author at Profit Confidential and a research analyst/editor with Lombardi Financial, speculated that the hike might make significant waves across the sector. Currently, Canadian real estate prices, especially in high-volume areas such as Toronto and Vancouver, are among the steepest they have been historically.
Big bank makes unique offer to try to entice clients to switch
1/16/2016 1:36:54 AM
by |
Scotiabank is currently offering potential clients the chance to switch their mortgage over – and earn 24 free movie passes for their trouble.

Not the most enticing offer – it will save avid movie goers $355, based on ticket prices at downtown Toronto’s most central Cineplex.

However, the bank claims the switching process is easy and that it would even cover transfer and discharge fees.

A fee-free chance to for a client to switch their mortgage and earn free movie passes?

Not quite.
Seniors look to their home for financing the future
1/16/2016 1:35:39 AM
Canadian seniors consistently report that they prefer to live at home and age in place, instead of moving to assisted living. Yet, they also report that financial challenges are the biggest hurdle to doing so.

A recent report from the Federation of Canadian Municipalities (FCM) shows that 93% of seniors live at home and prefer to age in place. And, HomEquity Bank statistics support this, reporting that 60% of retired Canadians describe staying in their home as critical to their quality of life.
New rule from banking regulator to make lenders absorb more risk
1/16/2016 1:34:44 AM
The Office of the Superintendent of Financial Institutions (OSFI) said on Friday (January 1) that it plans to revise existing mortgage rules that give elbow room for lending banks to ignore the effects of housing slowdowns.
The proposed changes include revisions to the amount of capital that banks and private lenders alike should hold as insurance to guard against delinquent mortgage loans, effectively imposing a tax on lending entities.
Canadian dollar suffers its historically longest slump
1/16/2016 1:34:06 AM
The Canadian dollar welcomed 2016 with a record-breaking duration of decline, registering a 16 per cent drop versus the U.S. dollar over the past year.
The drop marks an unprecedented third consecutive year of the loonie’s poorest performance since 1970, having lost more than 25 per cent of its value since 2012 (from USD 1.01 to USD 0.7227).
Lighter side: New rooftop rink unveiled at Toronto building
1/16/2016 1:33:26 AM
In an Instagram photo posted by user @triptime1965 on Monday (January 4), a new hockey rink was revealed atop a 26-floor office building in downtown Toronto.
The picture showed that 120 Adelaide St. W. is now playing host to a fully furnished rooftop rink equipped with boards. The construction of the facility has started before Christmas, according to the Instagram user.
Clients don’t want to make decisions so stop giving them choices!
1/16/2016 1:32:42 AM
In Denmark, only 4% of the population have registered as organ donors. However, in Sweden, 86% of the population have registered as donors. Why is there such a large difference between two countries that are arguably culturally similar? It turns out that the difference is simply because of how the car registration form is designed. In Denmark you have to opt-in to be an organ donor i.e. tick the box to become a donor. However, in Sweden you have opt-out i.e. tick the box if you do not want to be a donor. This is one of the examples that Dan Ariely cites in his TED talk called “Are we in control of our own decisions?” (Google it).

This and other studies demonstrate that when people are faced with complex decisions that they care about, they will often pick the easiest solution. That is, if there is a default choice – a choice that is made for them, most people will pick that.
FICOM publishes open letter
1/16/2016 1:31:20 AM
The B.C. regulator has released an open letter to the industry, outlining its plans for future compensation disclosure while also inviting further broker comment prior to implementation.

The letter, which was sent to MortgageBrokerNews.ca by a FICOM representative, explains its proposed plan to require brokers to disclose, in dollar terms, commission and volume bonuses earned on deals, as well as other rewards the broker may earn from the lender.
Broker fighting allegations following FSCO suspension
1/16/2016 1:30:35 AM
A broker’s license has been suspended following complaints of a sexual nature, among numerous other allegations – allegations he denies.

FSCO has suspended the mortgage broker license of Dinesh (Dennis) Khanna, and his brokerage Metro Financial Planning, following numerous complaints against the Hamilton-based mortgage broker.

None of the allegations have been tested in hearing.
Exclusive talk with DLC heads
1/16/2016 1:29:25 AM
The dust still hasn’t yet settled following the announcement that Dominion Lending Centres had acquired Mortgage Architects in a deal that may not have ever come to fruition.

“We weren’t certain, quite frankly,” Gary Mauris, president of DLC, told MortgageBrokerNews.ca when asked about the confidence the company had mere months ago that its bid for the superbroker would beat out the competition.
Exports, oil rebound no panacea for Canada, bank economists say
1/16/2016 1:28:32 AM
The troubles that plagued the Canadian economy last year are going to persist through 2016, but things may be a bit brighter by the end of the year, according to a panel of chief economists at the country’s five biggest banks.

Here’s what they’re expecting for the world’s 11th biggest economy, which is on pace for 1.2 percent growth in 2015 after being dragged down by the collapse in commodity prices:
Today in absurd real estate…
1/16/2016 1:27:31 AM
Once the playground of the rich and famously wild, a magnificent ocean-to-harborfront estate on Paradise Island in The Bahamas is set to hit the auction block January 14. Known as Kilkee House, its storied history as titillating as a Jackie Collins novel, past owners include a dashing playboy who was heir to the A&P fortune and later, the esteemed Irish actor Richard Harris. Starting bid: $10 million.

The 11,000-square-foot, four-bedroom, home was built more than 70 years ago by Huntington Hartford II, a handsome sophisticate better known for his attention to stunning women than business. Rarely seen without a beauty on his arm (unless there was one on each), Hartford was a visionary who dreamed of transforming a spit of land a short boat ride away from bustling Nassau into a hideaway for the wealthy who wanted nothing more than sunshine and privacy in cold winter months.
Fed playing Whac-A-Mole faces limits in hammering asset bubbles
1/16/2016 1:26:52 AM
What’s more, the potentially dangerous speculative activity has a tendency to shift outside the regulated banking industry to places where the Fed has less oversight and control, San Francisco Federal Reserve Bank President John Williams told the American Economic Association’s annual conference.

His colorful reference to the arcade game where players try to hammer critters that randomly pop out of holes highlights one of the themes that have emerged at the San Francisco meeting: The central bank is going to have a tough time countering speculative excesses that might threaten the health of the financial system in the future.
Brokers comment on acquisition
1/16/2016 1:25:59 AM
t was another feather added to the cap of the country’s largest network, one that industry professions are saying points to the strength of the industry.

Dominion Lending Centres acquisition of Mortgage Architects “is good for us; it gives us a bigger presence in the industry and more clout with lenders,” Walter Faria, a mortgage agent with Mortgage Architects, told MortgageBrokerNews.ca. “It’s nice that we now have the backing of DLC.”
Fading real estate prospects sour Canada consumer sentiment
1/16/2016 1:25:12 AM
The Bloomberg Nanos Canadian Confidence Index fell to 53.8, from 54.5 a week earlier, the seventh consecutive decline, with the energy-rich prairie provinces reaching their lowest level in seven years, according to telephone polling by Nanos Research Group. While optimism about job security and personal finances has remained relatively stable, expectations for home prices have dropped after the government moved to tighten mortgage rules.
Guest column: The Big Short – an American film about America
1/16/2016 1:24:31 AM
Many Canadians, particularly those in Vancouver and Toronto where real estate is spoken of like a sport, will gravitate to the film The Big Short over the coming weeks. It is an adaptation of an excellent book written in 2010 by Michael Lewis. As a Canadian Mortgage Broker who read the book when it came out to better understand the differences between the two countries' mortgage markets, I was into a theatre within the first few days of its release.

Short version:
Ryan Gosling is the only significant Canadian content in this film.
Forget Fed hike – oil prices are real concern
1/16/2016 1:23:46 AM
The stock market seems to like it – but a lot of other elements are going to drive the markets more than just what the Fed did, says Dominion Lending Centres chief economist Dr. Sherry Cooper, and the biggest concern right now should be oil prices.

“Oil prices continue to flounder, and for Canada that is a huge deal,” says Dr. Cooper. “In the U.S. it is probably not bad news, but it certainly is bad news for Canada and the Canadian dollar.”
Canada pension plan adds huge real estate investment to portfolio
1/16/2016 1:22:57 AM
The Canada Pension Plan Investment Board has entered into a joint venture to purchase student housing properties in the United States for a total of US$1.4 billion.

The deal would see CPPIB and global investment firm GIC each own a 47.5 per cent stake in University House Communities Group.

The Scion Group, a U.S. owner and operator of student housing communities, would own the remaining five per cent and manage the properties.
Three keys to creating a positive culture
1/16/2016 1:22:09 AM
Maintaining a positive company culture is vital – particularly in today’s ever-changing world of work. One expert argues that employers cannot facilitate change without establishing a culture to suit a diverse workforce.

“It’s difficult for organizations to implement change if they don’t promote a collaborative culture,” said Charles Ashworth, vice president of employee success at FinancialForce.com. “Working within a collaborative environment aids in removing barriers or walls within the workplace.”

So, what do you need to address to uphold a healthy company culture?
Mortgage growth expected to slow as Canadian banks assume more risk
1/5/2016 12:13:57 AM

It’s going to get more expensive for Canadian banks to do business in the country’s housing market as the government seeks to limit its exposure to surging home prices and the risk of default.

The Office of the Superintendent of Financial Institutions, which oversees federal banks and insurers, is seeking to raise the amount of capital that lenders hold to back residential mortgages, while the Canada Mortgage & Housing Corp. is increasing the cost to securitize those loans. The result will be increased standards at the banks, narrower margins, and a slowdown in the issuance of mortgages and lines of credit.

Waiting to see if new mortgage rules will pop a bubble or prevent one: Don Pittis
1/5/2016 12:12:12 AM

I guess it's not much use saying that something should have been done sooner. To some extent, you have to give the new federal government credit for making an attempt to put a lid on what so many experts fear is a Canadian property bubble.

The debate now is what impact the move to increase down payments on houses worth more than $500,000 will have.

Broker network announces acquisition of a major competitor
1/5/2016 12:10:11 AM
Dominion Lending Centres has acquired Mortgage Architects.

The broker network will now boast close to 40% market share, with a combined $32 billion in annual mortgage volume.

Dominion Lending Centres is thrilled to welcome Mortgage Architects and its team into the DLC family,” Gary Mauris, president and CEO of Dominion Lending Centres, said in a release. “Since its inception in 2005, Mortgage Architects has been a strong brand in the Canadian mortgage space.
Real estate silver lining in year of 'serial disappointments' - Poloz
1/5/2016 12:09:20 AM
Bank of Canada Governor Stephen Poloz summed up the Canadian economy best by calling it “another year in the serial-disappointment series.”

For investors in Canadian assets the disappointments ran the gamut from stocks to bonds to the currency as the collapse in commodity prices sapped growth in the world’s 11th-largest economy. So let’s catalog the pain, say good riddance to Canada’s horrible year and contemplate sunnier days ahead:
Abu Dhabi, Canada Funds buy US properties for $3.15bn
1/5/2016 12:08:38 AM
A unit of the Abu Dhabi Investment Authority and the Public Sector Pension Investment Board, one of the largest Canadian pension investment managers, purchased 209 U.S. industrial properties from Exeter Property Group for $3.15 billion.
The buildings have 58 million square feet (5.4 million square meters) of space and are located in 25 markets throughout the U.S., according to a statement Thursday. The properties are used by both Internet and traditional retailers, suppliers and wholesalers, the companies said.
Blackstone buying US centers from RioCan for $1.9bn
1/5/2016 12:07:41 AM
RioCan Real Estate Investment Trust is ending its six-year foray into the U.S. with a deal to sell its 49 shopping centers in the country to Blackstone Group LP for $1.9 billion.
The sale to the Blackstone Real Estate Partners VIII fund will provide capital for RioCan’s recently announced acquisition of 23 properties from Kimco Realty Corp. and to cut debt, Canada’s largest retail landlord said in a statement Friday. The U.S. shopping centers are located in the Northeast and Texas.
Creative strategic alliance
1/5/2016 12:06:50 AM
Strategic alliances are referral partnerships that provide a win-win benefit for both parties. In most cases, your strategic partners will be other complementary businesses (not competitive) that have the same target market as you do. For example, you could partner with Realtors, financial planners, accountants, divorce attorneys, real estate attorneys, insurance agents, etc.
Brokers take concerns to politicians
1/5/2016 12:05:44 AM
Five brokers from three different networks expressed their worries about proposed disclosure rule changes to members of legislative assembly.

“I think the meeting went really well,” Laurie Baird, a broker with Verico Complete Mortgage Services, said.  “We each handled part of the meeting and referenced the position letter provided by Mortgage Professional Canada; I think the MLA's are interested in supporting our position and we’re going to find out why this move by FICOM was initiated.”
New Ottawa mortgage rules could diminish 2016 housing sales
1/5/2016 12:04:47 AM
The Canadian Real Estate Association (CREA) said that Canada home sales – which are projected to reach an eight-year record high of 504,000 by year’s end – might drop next year in response to recent changes to mortgage rules.
Effective February 15, 2016, the federal government will set the minimum down payment from 5 per cent to 10 per cent for any home valued at above $500,000. CREA officials warned that as much as 10 per cent of sales could be affected by the new rules.
Lagging wholesalers and inflation show weak Canada recovery by | 21 Dec 2015
1/5/2016 12:03:56 AM
Falling wholesale sales and slower than expected inflation add to signs that a drop in crude oil prices is damaging Canada’s economic recovery.

Wholesale sales dropped by 0.6 percent in October from the prior month, the fourth straight decline. Economists surveyed by Bloomberg forecast an increase. Statistics Canada also reported Friday from Ottawa that consumer prices in a so-called core basket of goods also had a surprise decline in November from October, the first time in a year it registered a drop.

The reports suggest Bank of Canada Governor Stephen Poloz’s two interest-rate cuts this year may not be enough to kickstart growth. Inflationary pressures are muted even as the Canadian currency slumped Friday to the lowest since 2004 against its U.S. counterpart.
Federal government to raise capital that lenders need to back mortgages by Ephraim Vecina | 21 Dec 2015
1/5/2016 12:03:03 AM
Mortgage growth is projected to slow down after the Office of the Superintendent of Financial Institutions announced its intention to increase the capital requirements for lenders who will back residential mortgages, experts said.
In addition, the Canada Mortgage & Housing Corp. is contemplating a raise on the cost to securitize home loans.
Observers said that these moves are in line with the federal government’s effort to stave off further price increases. Costs have spiked up by an average of 9.9 per cent, translating in a rise to $621,883 in Toronto and to $893,864 in Vancouver.
OSFI, brokers recognize fraud risk
1/4/2016 11:56:43 PM
Less than a week following fresh mortgage rule change announcements, OSFI is expressing its concern over inadvertent mortgage risk in the channel; for their part, many brokers are already doing what they can to avoid the issue.

“Just this week we had a client who provided documents, and we could tell the income had been, should we say, adjusted,” Len Lane, broker/owner of Verico Brokers for Life, told MortgageBrokerNews.ca. “It’s something we’re always aware of.”
Debt to continue rising in 2016, but most Canadians in decent shape: experts
1/4/2016 11:55:55 PM
OTTAWA - Canadian households will close out 2015 carrying thicker layers of debt after worrisome gains over the past 12 months - extra padding that's expected to get even fatter in the new year.

But even with the borrowing binges, many experts still believe the finances of most Canadians remain in decent shape.

Rising real estate costs force Canadians to choose between property and family
1/4/2016 11:54:59 PM
In early 2015, a study revealed that a family would need to make over $147,000 a year just to afford the payment, mortgage, and taxes of an average home in Vancouver (valued at around $820,000). This translates to each partner needing to earn $73,500 per annum just to break even, a losing proposition considering the $66,400 average local salary.
These difficulties have seemingly reached full maturity, as according to the latest “Terrible Money Twos” survey by Ratesupermarket.ca, 55 per cent of Canadians are finding it difficult to settle down because of ever-growing property prices. Most affected are Millennial respondents, 72.11 per cent of which said that progressively expensive real estate is blocking their ability to start families.
Billionaire investor says Fed ‘fiddled too long’ by | 18 Dec 2015
1/4/2016 11:53:56 PM
The Federal Reserve’s interest-rate increase was long overdue and won’t provide much support to the U.S. economy by itself, according to billionaire investor Wilbur Ross.

The Fed "fiddled far too long with it," Ross, chairman of WL Ross & Co., said in a Bloomberg Television interview on Thursday. "If this is the only underpinning of the economy, we don’t have much going for us."
Poll results: The industry is worried about potential changes by Justin da Rosa | 17 Dec 2015
1/4/2016 11:52:13 PM
The majority of the industry is concerned about an upcoming disclosure rule change and, perhaps, rightfully so, as one company already trying to take advantage.

MortgageBrokerNews.ca recently held a poll to determine what percentage of readers are concerned about a FICOM-proposed change to disclosure, which will require all brokers to clearly demarcate on documents how much they earn in commission. Not only did a record number of readers take part; the results show the majority of brokers are worried.
Canada's key vulnerability of household debt highest among younger people: BoC
1/4/2016 11:49:16 PM
In its latest assessment of Canada's financial health, the central bank said the most indebted borrowers tend to be under 45 years old and usually earn less money, which puts them more at risk in an economic downturn.

The bank's semi-annual financial system review was released as the economy struggles to build momentum after contracting over the first two quarters of 2015. The lack of economic growth early in the year was largely due to the sharp tumble in commodity prices.
National housing prices increase for 11th consecutive month by MBN | 17 Dec 2015
1/4/2016 11:48:26 PM
The National Composite House Price Index (as measured by Teranet-National Bank) has seen a 0.2 per cent rise from October to November, a report released on earlier this week revealed.
The November figures represented the 11th straight month of increase in home prices across the country, bringing the total gains in the composite index up to 6.1 per cent compared to that a year ago – which marks the most substantial 12-month growth recorded since March 2012.
Batten down the hatches
1/4/2016 11:47:39 PM
An emerging consensus among industry observers and players is saying that the current economic and geopolitical climate is a challenging one for Calgary’s real estate industry, especially for those in the high-end property sector.
Observers noted that Calgary has been especially affected by global oil price declines, job losses in the high-paying oil and gas industries, and realtor reports of a sharp 20 to 30 per cent fall in sales of pre-owned homes. Experts projected Calgary to be a predominantly buyers’ market for at least the next six months.
Pockets of risk in housing market: report
1/4/2016 11:46:05 PM
The federal government should pay close attention to several pockets of risk in the Canadian housing market, according to a new C.D. Howe Institute report.

In “Mortgaged to the Hilt: Risks From The Distribution of Household Mortgage Debt,” authors Craig Alexander and Paul Jacobson expose pockets of vulnerability by going beyond national averages and focusing on the distribution of house mortgage debt by income, age and region, all of which matter most when assessing risk.

Fed rate decision comes in by Justin da Rosa | 16 Dec 2015
1/4/2016 11:44:07 PM
The Federal Reserve announced its benchmark rate target Wednesday afternoon and, as expected, raised the target for its benchmark rate.

“Given the economic outlook, and recognizing the time it takes for policy actions to affect future economic outcomes, the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent,” the Fed said in a release. “The stance of monetary policy remains accommodative after this increase, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.”
‘My most rewarding deal’ by Justin da Rosa | 16 Dec 2015
1/4/2016 11:40:21 PM
As all brokers know, each file is different. Some are especially rewarding, and this “miracle” deal is one for the ages.

It’s a story of a tough-to-fund property type and a strange lender/buyer dynamic that somehow resulted in one industry veteran’s most rewarding file.

“I was referred by a lawyer to an industrial building for sale that the buyer wanted to convert into a church; it was a $5 million property and the buyer had a low down payment,” Dale Bilton, a broker with Dominion Lending Centres, told MortgageBrokerNews.ca. “I got together with the pastor and the financial planner for a two-and-a-half hour meeting, and the financials just didn’t work.
Bank of Canada sees elevated housing-crash risks as debt climbs
1/4/2016 11:39:25 PM
The risk of a sharp correction in home prices is “elevated,” Bank of Canada policy makers said Tuesday from Ottawa in their semi-annual Financial System Review, leaving the rating unchanged from the June report. The central bank uses five grades of risk ranging from low to very high, with elevated being in the middle.

High debt levels among younger families with fewer assets are increasing the danger of housing imbalances, the report said. The report reiterated Governor Stephen Poloz’s view the risk of a crash is low and should be avoidable short of a severe recession and major job losses.
Poll: Two-thirds of Canadians prefer 10+ per cent down payment by MBN | 16 Dec 2015
1/4/2016 11:38:33 PM
Citing their recent survey, real estate giant RE/MAX said that over 66% of Canadian consumers agreed that 10% (or greater) is a reasonable level for home mortgage down payment.
The poll results come as the Department of Finance is contemplating on their housing market recommendations, which would involve, among others, a graduated pay scheme of up to 10 per cent of a home’s value and a greater responsibility on the part of the banks to absorb insured losses on homes.
Vancouver and Toronto lead Canada housing sales and price gains
1/4/2016 11:37:29 PM
Existing home sales gained 1.8 percent in November from the previous month, rising for a second straight period, the Canadian Real Estate Association said in a statement Tuesday. The average sales price was up 1.4 percent from October and 10 percent from a year ago, to C$456,186.

The gains were led by the country’s two most expensive housing markets. Sales in Vancouver were up 7.1 percent, with average prices gaining 1.7 percent on the month and 16 percent from a year earlier. In Toronto, sales were up 3.4 percent as prices rose 1.2 percent from October and 10 percent from a year ago.
CREA releases latest figures by Justin da Rosa | 15 Dec 2015
1/4/2016 11:36:41 PM
Homes sales were up on a month-over-month basis once again in November, and that trend is expected to continue in light of upcoming mortgage rule changes.

“Recently announced changes to mortgage regulations will likely boost sales activity in the short term, as buyers jump off the fence to beat the changes before they take effect next year,” CREA president Pauline Aunger said in a release. “Even so, some housing markets stand to be affected by the changes more than others.”

Home sales rose 1.8% from October to November, and activity was up 10.9% year-over-year last month
Further tightening coming? by Justin da Rosa | 15 Dec 2015
1/4/2016 11:12:18 PM
The government will reportedly set its sights on the big banks in its next bid to minimize risk in the housing market, but one industry veteran believes the banks may put up a fight.

 “The government could consider increasing banks’ capital retention requirements or removing the securitization aspect of their mortgages … which would increase their risk,” Ian Murray, a broker with The Mortgage Centre, told MortgageBrokerNews.ca. “If that were the case, I could see the banks crying foul; I can’t imagine the government kicking the banks in the knees like that.”
Bank of Canada to provide unconventional monetary policy by MBN | 15 Dec 2015
1/4/2016 11:09:36 PM
Speaking in Toronto last week, Bank of Canada governor Stephen Poloz provided details on the updated framework that will be utilized for unconventional measures, which remain unchanged from the previous version apart from the effective lower bound for interest in a worst-case scenario. The amount has now been set at -0.50 per cent, down from the previous 0.25 per cent.
Poloz also outlined the Bank of Canada’s projections, which expect steady growth of approximately 2.0 per cent that would end up closing the output gap on or around mid-2017. This estimated growth rate would remove the need for monetary easing.
Canada debt-to-disposable income ratio climbs to fresh record by | 15 Dec 2015
1/4/2016 11:08:40 PM
Canadian household debt ascended to another record in the third quarter, underscoring why policy makers are stepping up efforts to limit the risks of a collapse in the nation’s real estate market
Credit-market debt including mortgages was 163.7 percent of after-tax income, up by 1 percentage point from the second quarter, Statistics Canada said Monday in Ottawa. That figure was balanced by ratios of debt to assets and debt to net worth, which at 17 percent and 20.5 percent remain little changed over the past several quarters.

Concerns about the obligations some families are taking on to buy homes, particularly in Toronto and Vancouver, led Finance Minister Bill Morneau to tighten mortgage lending requirements on Friday. Bank of Canada Governor Stephen Poloz has identified housing-market strains as a key risk to stability, a view he updates tomorrow in the semi-annual Financial System Review.
What brokers value in a mortgage network
1/4/2016 11:07:45 PM
Douglas Emmanuel is one of three newcomers to the Verico network, and he believes strategic partnerships with peers in the real estate and finance industries are key components to success.
“We will start with mortgages,” says Emmanuel, a mortgage agent with Verico Dynasty Wealth Management in Toronto, Ont., “but we will by no means be limited to them. We consider our Realtors and other Financial Service professionals as valued partners.”
Study: Canadian households with heavy mortgages unprepared for higher interest
1/4/2016 11:07:03 PM
A recent study by the C.D. Howe Institute revealed that young Canadian homeowners from around half a million households are currently struggling with a debt-to-income ratio of above 500 per cent, leaving them vulnerable to financial hardship.
The study, titled Mortgaged to the Hilt, found that around 10 per cent of indebted households have less than $1,500 in assets, liquid or otherwise.
Lifelong learning by MBN | 15 Dec 2015
1/4/2016 11:06:15 PM
The most successful NCAA basketball coach of all time, the late John Wooden, once said: “It’s what you learn after you know it all that counts.” Similarly, superstar mortgage professionals know that their education never ends. They understand how
important it is to continue to feed their minds with positive, uplifting and useful ideas, especially new marketing ideas they can use to take their business to the next level.

The superstar mortgage pros that I know invest thousands of dollars every year in books, home study courses, audio programs, seminars and conferences. They all have an insatiable appetite for learning. They can’t even go to the gym or drive in their vehicle without listening to an audio training program. They turn their car into a “university on wheels” because they know that just one good idea put into practice can unlock a breakthrough in their health, wealth and happiness.
New rules to impact certain buyers
1/4/2016 11:04:41 PM
Here you can type the beginning of your post. It will be displayed on the main page of the blog.Buyers in these two major markets will feel the effects of the upcoming down payment rule changes, according to one industry professional.

“It’s going to affect first-time buyers in Toronto and Vancouver who are trying to buy a house instead of a condo,” James Laird, president of CanWise Financial, told MortgageBrokerNews.ca. “It may push some of those buyers to the condo market; it may force them to borrow from their parents; or it may force them to put off buying and rent for longer.”
Watch: Ryan Gosling explains the market collapse using Jenga
1/4/2016 11:03:38 PM
The Big Short, an upcoming movie based on Michael Lewis’ book of the same name, is a biographical look at the housing market collapse in the United States. And in one leaked teaser, the housing market collapse is explained using the Jenga.

 “What is that?” Mark Baum, played by Steve Carell, asks, as the Jenga blocks fall to the ground.
“That’s America’s housing market,” Jared Vennett, played by Ryan Gosling, replies.

Check out the clip below. The movie just hit theaters and it will draw millions – including mortgage players past and present.
The five most important things for your clients
1/4/2016 11:02:59 PM
Finance Minister Bill Morneau announced Friday the government is increasing the down payment requirements for homebuyers seeking to purchase properties over $500,000. The move is designed to cool down the smoking-hot housing market in some of Canada's biggest cities. Here are five things to know about the changes:

Who's affected: Given Toronto and Vancouver are thought to be the targets of the new rules, first-time buyers in those cities _ and perhaps their parents _ will feel the pinch since they'll be required to cough up bigger down payments to get into the market. Those selling their homes in order to size up, especially in cities with hot housing markets, likely won't feel the pain since they've built up equity in those properties.
DLC Buys Mortgage Architects
1/4/2016 11:01:11 PM

Canada’s mortgage behemoths have long been the likes of RBC, TD and Scotiabank. But as of today, they have stiffer competition: Dominion Lending Centres (DLC).

After months of negotiation, DLC has won the bidding for Mortgage Architects (MA), one of Canada’s top national superbrokers with 1,287 mortgage agents and brokers.

That now gives DLC’s three brands (Dominion Lending Centres, Mortgage Centre and Mortgage Architects)

Data Highlights from the Fall Mortgage Report
1/4/2016 11:00:15 PM
Mortgage Professionals Canada (previously CAAMP) released its marquis fall mortgage research report this month. We’ve extracted all of the trends that seem new or notable.

You’ll see the most relevant findings below. (Data points of special interest appear in blue.)

No More Slack For Broker Cheats
1/4/2016 10:59:27 PM

This year’s Home Trust broker fraud debacle was headline news, and it marred our industry.

It made the public question broker ethics, it made top brass at banks more skeptical about broker-originations and it put brokers under the microscope with regulators.

Fraud from brokers and lender reps, especially the widely publicized variety, is costly in so many ways. It results in

  • greater default risk for borrowers
  • higher potential losses for lenders
  • higher compliance costs for lenders
  • higher investigation and enforcement costs for regulators, and
  • damage to the industry’s image, which can result in higher capital costs and tighter lending guidelines

While small relative to the $1.3-trillion-plus mortgage industry, these costs are nonetheless unacceptable.

Merry Christmas & Happy Holidays!
1/4/2016 10:58:33 PM
Whether you’re having a white Christmas or a rainy one, the spirit of the holiday holds true. May you enjoy this special time of year with those closest to you.
Mortgage Debt: Is the Scale Starting to Tip?
1/4/2016 10:57:44 PM
The “sustained low interest-rate environment” has caused a “significant minority” of Canadians to take on more mortgage debt than they can comfortably manage. That was the conclusion from a recent study by C.D. Howe.

Out of all the study’s findings, the one garnering the most headlines was the percentage of homeowners with a mortgage debt-to-disposable income ratio in excess of 500%. That number has rocketed from 3% in 1999 to 11% in 2012 (the latest data available). That’s upwards of half a million households.

Follow up and boost revenue
1/4/2016 10:56:46 PM

“Thank you” can be a powerful pair of words, in personal life and equally in business.

A recent survey from Mortgage Professionals Canada found that 75% of mortgage consumers would have liked to receive a follow-up from their mortgage provider after closing, with most expecting just a simple “thank you for your business.”

That Was Painless
1/4/2016 10:55:50 PM
Ever since the infamous 2013 Taper Tantrum, we’ve been hearing about impending Fed rate hikes and all of their implications. It was like a giant raincloud following us month after month.
Q4 2015 Bank Earnings – Mortgage Morsels
1/4/2016 10:55:06 PM

Just when you thought profits at the Big Banks couldn’t soar any higher, they do. And then some.

The Big 6 Banks earned a whopping $35 billion combined in 2015. Much of that is thanks to strong performance from residential mortgages, despite the slowdown in Alberta and Saskatchewan. Wider spreads on variable rate products also helped boost net interest margin for several of the banks.

New Down Payment Rules: Time to Exhale
1/4/2016 10:54:08 PM

If you’re trying to scratch together a down payment, or you sell mortgages for a living, today’s news could have been much, much worse.

The new down payment rules Finance Minister Bill Morneau announced this morning were as benign a policy change as one could hope for. This refers, of course, to the new minimum down payment requirement, which takes effect on February 15, 2016.

Student debt impacting home buying
1/4/2016 10:49:32 PM
Navient, the country's largest student debt servicer, put out a report Wednesday that suggests young people are doing just fine with their finances. The study surveyed 3,000 millennials and concluded that they are happily taking out mortgages, starting families, saving money, and managing their budgets. "Young adults are not only financially healthy but also actively focused on saving," the report said. Navient may be overstating things. Here are four reasons you should not be convinced that things are going that well for young people who took out student loans.
Finance minister announces down payment rule changes by Justin da Rosa | 11 Dec 2015
12/11/2015 11:50:05 PM
New down payment rules will go into effective February 15, 2016.
“The Government’s role in housing is to set and maintain a framework that is equitable, stable and sustainable. The actions taken today prudently address emerging vulnerabilities in certain housing markets, while not overburdening other regions,” Finance Minister Bill Morneau said in a release. “They also rebalance government support for the housing sector to promote long-term stability and balanced economic growth.”
Leading veteran shares advice by Justin da Rosa | 11 Dec 2015
12/11/2015 11:39:51 PM
It’s a tough segment, but one that can prove fruitful for brokers willing to put the time into mastering it. But there is one pitfall all eager commercial newbies should avoid, according to one veteran.

“A lot of brokers’ first commercial deal is a storefront with an extra apartment, and most have no trouble with those,” Dale Bilton, president of Dominion Lending Centres Commercial and Residential Mortgages Ltd., tells MortgageBrokerNews.ca. “After that they think they’ve got the philosophy figured out.”
Condo building hits highest share of Canada market since 1971 by | 11 Dec 2015
12/11/2015 11:38:44 PM
Construction of multiple units as a share of total new housing starts is at the highest level since 1971, data from Canada Mortgage & Housing Corp. show, as builders in Toronto and Vancouver press ahead with new development.

The condo boom -- fueled in part by affordability issues in Canada’s two priciest markets -- is helping offset a slump in construction of single detached homes across the country.
Contribution limit on tax-free savings account to revert to $5,500 by MBN | 11 Dec 2015
12/11/2015 11:36:22 PM
Federal Finance Minister Bill Morneau announced that the Liberal government will roll back the annual contribution limit to $5,500, reversing a move by Conservatives that set the limit at $10,000 in the 2015 budget.
Morneau said that the reduction will take effect on January 1, 2016, and that TFSA contributions will be indexed to take into account inflation moving forward, giving investment income some space to grow tax-free.
U.S. and Canadian economies on diverging paths by MBN | 11 Dec 2015
12/11/2015 11:35:10 PM
New currency, commodities, jobs and trade reports and figures released last week have shown signs of an impending major bifurcation between the U.S. and Canadian economies, analysts said.
In the event of such a divergence, experts warned, Canada will bear the brunt of the effects as the smaller partner – a stark contrast to the situation around six years ago, when the U.S. economy was reeling from the recession and it had to lean on Canada to fulfill its demand for oil, iron, and copper.
CFF franchises on Home Trust integration by Justin da Rosa | 10 Dec 2015
12/11/2015 11:33:36 PM
While the transition is still ongoing, one industry veteran – and a CFF Centre operator – is optimistic about the future of the bank following its purchase by Home Trust.

“On the mortgage-side, we have benefitted already,” Brian Matthey, broker owner of Verico The Mortgage Professionals and a CFF Centre operator, told MortgageBrokerNews.ca. “Home Trust has always supported the industry and whatever Gerry (Soloway) says he will do, he will do; he has an excellent track record.”
Suspicious transactions tied to foreign buyers by Justin da Rosa | 10 Dec 2015
12/11/2015 11:32:22 PM
Vancouver-based banks reported more suspicious applications coming from mainland China than any other country.

Banks are required to report any suspicious activity to the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC), and the Globe and Mail received that data through an access of information act. It shows that Vancouver banks reported suspicious transactions originating from mainland China 17 times more often than transactions originating from any other country.
Wealthy parents buying kids’ homes outright
12/11/2015 11:31:17 PM
The number of U.K. first-time homebuyers who step on to the housing ladder mortgage-free has tripled since the financial crisis, largely thanks to wealthy parents paying the entire cost of a home.

Some 19,000 people bought their first homes outright in the past year, according to research by Hamptons, the estate agent, illustrating the growing reliance on outside help in enabling people to become homeowners.
Homes aren't great investments. Buy a REIT instead: Gadfly by | 10 Dec 2015
12/11/2015 11:26:27 PM
Jason Zweig recently suggested that homeowners make far less money selling their houses than they believe. He cites Yale University economist Robert Shiller's data, which finds that “real estate generally keeps pace with inflation but seldom offers any return premium above that.”

Homes have done a bit better than that, but not by much. The S&P/Case-Shiller U.S. National Home Price Index, which measures the changes in value of single-family homes, has grown at a real rate of 1.1 percent annually since 1975. In reality, even this pittance overstates homeowners’ fortunes since it doesn’t account for the myriad expenses that also accompany homeownership and eat away at returns.
Experts: Canada housing markets might be poised for another bust
12/11/2015 11:25:21 PM
The Canada Mortgage and Housing Corporation said last month that the Toronto, Regina, Saskatoon, and Winnipeg markets were showing signs of “problematic conditions”.
The statement echoed a report by the Organisation for Economic Co-operation and Development earlier this year, which noted that Toronto housing and Vancouver real estate are at risk of a sharp decline.
5 ways to make your web (re) design easier by MBN | 10 Dec 2015
12/11/2015 11:24:08 PM
It’s rare for any professional to love every aspect of their job, but just because you don’t like something doesn’t stop it from needing to be done.
Jon Dale, director of Small Fish Business Coaching, takes a no-nonsense approach to confronting your excuses for what they are. Often the tasks professionals enjoy doing involve dealing with their existing clients, whereas jobs such as marketing and prospecting new clients can often be postponed.
Poll: Are you worried about the proposed disclosure rule?
12/11/2015 11:22:56 PM
It seems to be top of mind for brokers across the country – but just how worried is the industry about a proposed rule that would force them to disclose to clients how much commission they make on deals?
Woman found guilty of mortgage fraud by Justin da Rosa | 09 Dec 2015
12/11/2015 11:03:58 PM
Adina Harms Barbour was found guilty of mortgage fraud for allegedly falsifying documents and cheques to acquire mortgages from CIBC.

“You never know what’s going to happen, and I never pretend to know what’s going to happen,” Crown prosecutor Steven Johnston said, according to Global News. “But, obviously, the Crown is satisfied with the decision.”
Housing market on shaky ground: expert by Donald Horne | 09 Dec 2015
12/11/2015 11:02:46 PM
“The housing market is on shaky ground here in Canada,” says Dr. Sherry Cooper, chief economist for Dominion Lending Centres. “Actually, I believe the BoC would cut the rate if they could. The bank is concerned about the economic outlook for Canada.”

The Bank of Canada kept its key interest rate unchanged and said the economic recovery is unfolding as expected, with momentum from non-energy exports and the weaker currency helping to contain the damage from lower oil prices.
Canada has tools beyond zero rates if needed, Poloz says by MBN | 08 Dec 2015
12/11/2015 11:01:11 PM
Policy makers still have firepower to spur growth even with borrowing costs near zero, Bank of Canada Governor Stephen Poloz said, citing unconventional policies and fiscal stimulus.

While the central bank doesn’t expect another crisis that will force it to resort to such policies, a number of tools are still available, including charging banks for deposits, forward guidance and asset purchases, Poloz said. Fiscal stimulus could be even more effective than monetary policy in extreme circumstances, he said.
2015: Busiest year ever in one market by Justin da Rosa | 08 Dec 2015
12/11/2015 5:57:38 PM
It’s already been the best year on record for this one booming market, but have brokers benefited?
Are you ready for a digital evolution? by Donald Horne | 08 Dec 2015
12/11/2015 5:51:52 PM
We asked one recent inductee to the Mortgage Hall of Fame where the mortgage channel was headed – and the dangers of not keeping pace
Lenders look to increase commercial real estate allocation by Justin da Rosa | 08 Dec 2015
12/11/2015 5:50:38 PM
A comprehensive industry survey suggests lenders are still bullish on the Canadian real estate market
Canadian household credit growth increases due to mortgages by MBN | 08 Dec 2015
12/11/2015 5:49:36 PM
Mortgages fueled Canada’s household credit growth for the month of October, according to a report by the Royal Bank
Online-2-Offline: Where sales and money are made by MBN | 08 Dec 2015.
12/11/2015 5:48:42 PM
Online-2-Offline: Where sales and money are made by MBN | 08 Dec 2015.
Brokers scoff at O’Leary’s housing take
12/11/2015 5:46:19 PM

He may have a large platform, but Kevin O’Leary’s track record when it comes to speculating the housing and mortgage markets isn’t exactly sterling

Lawyer accused in fraud case wins new hearing by Justin da Rosa | 03 Dec 2015
12/11/2015 5:44:19 PM
Ottawa-based real estate lawyer Luigi Savone had the Law Society’s 2014 findings overturned. The Law Society alleges Savone played a role in 12 alleged fraudulent real estate purchases between 2000 and 2003.

Savone’s attorney has accused the Law Society of unfairly treating his client, according to Canadian Lawyer Magazine, when it would not consider lender documents presented by Savone before stripping him of his license.
Broker to broker advice: Structure your business for optimal success
12/11/2015 5:42:06 PM
Getting back to basics and taking advantage of three trusty referral sources is the key to growing your business. Though each has tricks of the trade that should be kept in mind.
Bank of Canada announces rate by MBN | 02 Dec 2015
12/11/2015 5:40:19 PM
The BoC announced its latest target for the overnight rate Wednesday morning
How much have oil declines impacted housing? by Justin da Rosa | 02 Dec 2015
12/11/2015 5:38:18 PM

How much have oil declines impacted housing?

 by Justin da Rosa | 02 Dec 2015
Who should bear housing market risk? by Justin da Rosa | 02 Dec 2015
12/11/2015 5:21:25 PM
A roundup of the heated discussion about mortgage defaults and future risk
Professional boasts ‘most boring’ Black Friday sale
12/11/2015 5:19:38 PM
One broker held a Black Friday mortgage special; were clients rushing to take advantage?
Titan drama highlights broker responsibility by Justin da Rosa | 01 Dec 2015
12/11/2015 5:17:49 PM
With brokers increasingly hungry for alternative revenue streams, one industry veteran is warning colleagues about the due diligence required in presenting clients with investment opportunities.
Five tips: Close more hard money deals by MBN | 01 Dec 2015
12/11/2015 5:16:46 PM
Have you wondered why some brokers close more deals than others? Here are five tips to try
Oil at $35 would trigger 26% Canada home price drop, CMHC says by MBN | 30 Nov 2015
12/11/2015 5:15:47 PM
Oil at $35 a barrel for a period of five years would trigger a 26 percent collapse in Canadian home prices, according to stress tests run by Canada’s housing agency
Brokers exiting market? by Justin da Rosa
12/11/2015 5:14:21 PM
Real estate agents in this once red-hot market are leaving in droves, but will that trend extend to mortgage brokers?
CMHC announces quarterly results
12/11/2015 5:13:07 PM
The Crown corporation released its quarterly results Friday, drawing attention to its low arrears rates and commitment to portfolio stress testing
Mortgage broker says banks aren't giving Canadians the interest savings they deserve
11/28/2015 5:33:19 AM
Bank of Canada Governor Stephen Poloz responds to a question on the banks interest rate cut decision during a news conference in Ottawa, Wednesday July 15, 2015.
In its fifth year, CMP’s top brokers list received a record number of submissions and once more an increase in funded volumes. CMP r reports on the results
11/28/2015 5:30:31 AM
In its fifth year, CMP’s top brokers list received a record number of
submissions and once more an increase in funded volumes. CMP
r reports on the results

An Examination of the Canadian Mortgage Broker Industry By Andrew T. Williams
11/28/2015 5:27:33 AM
An Examination of the Canadian Mortgage Broker Industry
                                   By Andrew T. Williams.
Ontario on track to regain some of its economic power
11/28/2015 5:21:54 AM

As Canada looks to retool its economy after years of relying on the energy sector, Ontario hopes to recapture some of its heft as the country’s economic powerhouse.

Canada’s most populous province is on track to grow about 2 per cent this year, outpacing the projected 1.1-per-cent gross domestic product increase for the country. Rachelle Younglai - ECONOMICS REPORTER

Canada must reshape economy to escape slow-growth future, CIBC CEO says
11/28/2015 5:19:46 AM

To escape a slow-growth future, Canada must urgently transition to an economy that’s focused on advanced skills, high-value products and innovation, says Victor Dodig, chief executive officer of Canadian Imperial Bank of Commerce.

With the energy sector “in the dumps” and real estate slowing, it’s time for Canada to get serious about reshaping the economy, Mr. Dodig told The Globe and Mail.

Black Friday barely shifts Canadian shopping habits
11/28/2015 5:16:50 AM

Canadian retailers are putting a lot of effort into promoting Black Friday, but according to Statistics Canada, shoppers aren't likely to have shifted their spending habits.

Retailers are extending shopping hours and offering discounts for Black Friday, the day after American Thanksgiving, and a traditional work day for most Canadians, but only a few retailers are expected to benefit.

China’s slowed economy could have 'double impact' on Canada: Morneau
11/28/2015 5:13:35 AM
Experts are warning that China’s slowed economy may push the already-unstable global economy into another recession. A Bloomberg report last week said that Chinese borrowers are taking on “record amounts of debt” to repay interest on their existing financial obligations. Bloomberg cited Hua Chuang Securities Co., which predicts that the amount of loans, bonds and shadow finance arranged to cover interest payments will rise five per cent this year. Michelle Zilio, CTV Question Period@michellezilio
Titan Equity Group placed in receivership
11/28/2015 4:51:45 AM
Titan Equity Group and its CEO, Lance Kotton, are under investigation by the Ontario Securities Commission for allegedly misappropriating investor funds. No charges have in fact been made or those allegations yet proven in court.
The OSC alleges that Kotton used investor’s funds to purchase a home, luxury cars, and pay himself “excessive” management fees. by |
Exclusivity agreement leads to poor service?
11/28/2015 4:50:07 AM
Despite a recent negative experience with a broker and an exclusivity agreement, this client still chooses to support the broker industry.

“I’ve never seen one and I’d never think of using one,” Nick Bachusky, a broker with Verico The Mortgage Advisors, told MortgageBrokerNews.ca. “That broker even used legal threats against the client.
by |

Exclusive: Open letter to the industry
11/28/2015 4:48:17 AM
By Gary Mauris
There has been much discussion recently about the proposed changes to the form 10 by FICOM, British Columbia’s regulator. Many of the industry leaders including Lenders, Originators and Associations have come together to discuss the consequences of these potential changes.

 First off, this is not a Commission disclosure issue. We all universally agree that transparency, regulating meaningful disclosure and enforcement are critically important for our Industry and for the public at large.
Broker channel giving back to the community
11/28/2015 4:47:13 AM

Giving back is nothing new for DUCA President & CEO Richard Senechal, who once again took part in the Covenant House Sleep Out: Executive Edition on last Thursday.

“This is the second consecutive year we have raised the most money for the kids,” said Senechal. “I am so proud of what we do, making a difference in the community.” by |

Clients feel lender demands are ‘lunacy’
11/28/2015 4:46:10 AM
Lenders have had to adapt to changing guidelines, which have caused tighter underwriting resulting in delays – much to the mounting frustration of clients as well as their brokers.

 “ … I attended a lenders meeting a while ago and expressed concerns about policies versus the customer (sentiment),” Lorne Rackel, general manager with Jayman Financial, wrote in the comments section of MortgageBrokerNews.ca. “The process is all about documenting a file and the customer pays the price of inconvenience and then becomes frustrated with us as brokers.
“They think some of our requests for documents borders on lunacy.” by |
CMP wins national journalism award
11/28/2015 4:45:10 AM
Masthead online hosted the annual Canadian Online Publishing Awards Thursday night in Toronto, and CMP Magazine was recognized as one of the best B2B publications in the country – winning a silver in its category for best online magazine.

“The award was for CMP’s digital magazine and a nod to its redesign, diverse news coverage and features,” Vernon Jones, editorial director for KMI Media, said. “Well done, Justin da Rosa, Trevor Biggs and the rest of the CMP team.” by |
Endorsement places Canadian company at forefront
11/28/2015 4:43:59 AM
D+H Corporation’s MortgagebotLOS loan origination system has been endorsed by the American Bankers Association through its Corporation for American Banking subsidiary.

“We are proud to have the ABA, an organization that represents many small, mid-sized and regional banks around the country, endorse our complete mortgage solution suite,” said Eric Cummins, senior vice president and general manager of Lending at D+H. “Many of these institutions are being challenged by alternative lenders on one side of the market, and very large financial institutions on the other.” by |
Oil Slump Puts Canada in C$3 Billion Hole as Trudeau Takes Reins
11/28/2015 4:42:51 AM
(Bloomberg) -- Canada’s finances are taking a bigger hit than projected from the oil-price slump, putting the country on pace for red ink even before Prime Minister Justin Trudeau kicks off his plan for deficit spending.

After a surplus of C$1.9 billion ($1.4 billion) in the last fiscal year, the latest finance department projections are for a C$3 billion deficit in the fiscal year that began in March, followed by deficits of C$3.9 billion in 2016, C$2.4 billion in 2017 and C$1.4 billion in 2018. Canada is on track to run surpluses in 2019 and 2020, according to figures released Friday by Finance Minister Bill Morneau in Ottawa. By Theophilos Argitis
Impact on clients
11/28/2015 4:39:38 AM
A pending rule implementation that will require all broker compensation to be explicitly stated to clients could actually harm homebuyers and result in fewer lending options for purchasers, according to one industry player.

“If you’re going to introduce legislation, it should truly benefit clients,” Dustan Woodhouse, a broker with Dominion Lending Centres Canadian Mortgage Experts, told MortgageBrokerNews.ca. “But this proposed change could force thousands of brokers out of the channel, which would result in the elimination of some lenders, and lead to fewer options for clients.” by |
Brokers, mark this date in your calendar
11/28/2015 4:36:22 AM
CMHC released its first housing market insight report this week and in it teased the release date of what may be an even more interesting study: its report on foreign ownership.

“On December 3, CMHC will release a national report highlighting foreign ownership as part of the HMI series,” CMHC said in its first housing market insight report, released Wednesday.
by |
HomeNews Mortgage Brokernews News InFocus TV Forum E-mag Special reports Profiles Subscribe Advertise Can brokers step in to help allay seniors’ concerns?
11/28/2015 4:32:55 AM
Canadian seniors worried about finances may be wondering what changes they can expect now that a majority Liberal government has been elected.

“The comments we hear from seniors, every day, are that government changes are needed to areas affecting finances,” says Yvonne Ziomecki, senior vice president at HomEquity Bank.  “Some are struggling while others face dire financial challenges.”by |
A New Mortgage Opinion Poll
11/28/2015 3:43:02 AM
At last week’s Mortgage Forum, Kyle Davies from Bond Brand Loyalty let us peek into the minds of mortgage consumers.

Mortgage Professionals Canada (formerly CAAMP) surveyed 2,000 homeowners from across the country. They were asked about their mortgage experiences and choices. Here were 10 of the top findings:
November 21, 2015  Mortgage Broker News   2k 

11/25/2015 9:22:45 PM
How to buy a house when your credit rating’s been trashed
11/25/2015 5:11:34 AM

More than one in eight adult Canadians will declare bankruptcy or negotiate a debt settlement - consumer proposal - with creditors. That’s a lot of people with devastated credit.

The majority of those people will want a mortgage at some point, but they’ll find their options are limited. Following the credit crisis, funding shrank for high-risk mortgages, causing more than a dozen subprime lenders to close their doors in Canada.  Robert McLister  Special to The Globe and Mail

CMHC is “walking a tight rope” on mortgage insurance: Author
11/25/2015 4:27:27 AM

Hilliard MacBeth says the Canada Mortgage and Housing Corporation (CMHC) is becoming increasingly serious about sharing the risk of insuring mortgages, but the author and portfolio manager warns that asking lenders to put more skin in the game could be risky for Canada’s already vulnerable housing market.

“I’m sure the CMHC feels like they are walking a tightrope on this one,” said portfolio manager at Richardson GMP and author of When the Bubble Bursts: Surviving the Canadian Real Estate Crash in an interview with BNN. by Jeff Lagerquist,

Royal Bank of Canada scraps limit on size of newcomer mortgages
11/25/2015 4:21:53 AM

Nov 2 The Royal Bank of Canada scrapped an internal limit on mortgage loan size for immigrants in the spring to tap into surging demand for financing on multi-million dollar houses by newcomers to Vancouver.

Wealthy buyers, mostly from China, are fueling a booming mortgage business in Vancouver, where the median price for a detached home on the desirable west side jumped 31 percent to C$2.87 million ($2.19 million) in the last two years.


CAAMP Becomes Mortgage Professionals Canada
11/25/2015 4:18:37 AM
CAAMP – that awkward acronym that we all secretly loved to hate – is officially no more.

As of today, the Canadian Association of Accredited Mortgage Professionals will be known as Mortgage Professionals Canada.

The rebranding of Canada’s largest mortgage association is the result of months of work and consultation with key stakeholders, including members, board members, staff and government.
November 16, 2015  Steve Huebl  3k 

Canada Mortgage Insurer Warns of Overheating Housing Markets
11/25/2015 4:14:13 AM

Canada Mortgage and Housing Corp. said there is “strong overall evidence of problematic conditions” in Toronto, Canada’s largest city, as well as in the smaller cities of Winnipeg, Saskatoon and Regina.

2015 Mortgage Forum Wrap-Up
11/25/2015 4:09:15 AM

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf
November 23, 2015  Steve Huebl  483 

Last week Mortgage Professionals Canada (formerly CAAMP) hosted the mortgage industry’s biggest annual gathering of mortgage professionals.

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf
Rising mortgage rates could put damper on housing market
11/25/2015 4:06:30 AM

Mortgage rates are on the rise in Canada, a trend that could cool the housing market even as the economy struggles to recover from the effects of low oil prices.

Lenders have already begun boosting their mortgage rates from their September lows. Five-year, fixed-rate mortgages, which represent the largest share of Canadian mortgages, have risen by as much as 20 basis points in the past two months as Canadian government bond yields have moved higher. (A basis point is 1/100th of a percentage point.) Variable-rate mortgages are seeing their first sustained increase since 2012.

Exclusivity agreement leads to poor service?
11/25/2015 4:01:40 AM
Despite a recent negative experience with a broker and an exclusivity agreement, this client still chooses to support the broker industry.

“I’ve never seen one and I’d never think of using one,” Nick Bachusky, a broker with Verico The Mortgage Advisors, told MortgageBrokerNews.ca. “That broker even used legal threats against the client.
by |
Broker’s mortgage denial story the talk of CAAMP
11/25/2015 3:59:40 AM
Brokers often talk about the hoops they are forced to jump through to verify income, but this one example may take the cake.

During the broker panel at the national association’s conference in Toronto, broker Croft Axsen told those in attendance about a file he lost because a client’s bank account showed $1,600 of unaccounted income that Axsen couldn’t verify.
by |
HomeNews Mortgage Brokernews Home News TV Forum E-mag Special reports Profiles Subscribe Advertise Big bank launches diversified offering for brokers
11/25/2015 3:58:07 AM
TD Bank is offering brokers a  ceditor insurance insurance product that is based on volume and not dollar amount, meaning even the smallest deals will garner extra cash for brokers.

The big bank launched its TD Credit Protection (TD CP) referrals program at the annual Mortgage Brokers Canada (CAAMP) national conference in Toronto. The program officially started November 13.
by |
White lies on loan applications creating compliance nightmares
11/25/2015 3:57:01 AM
One of the speakers at this week’s Canadian Mortgage Conference, Chris Mathers – a 20-year veteran of the RCMP and president of KPMG’s Corporate Intelligence Inc. – cautioned brokers and underwriters that trying to duck around compliance issues can lead to much larger problems down the road.

A serious problem Mathers has seen pop up recently is when the person seeking the loan is an Iranian or Syrian national, as it draws concerns from compliance in regards to potential terrorism.
by |
Empty floors, shadow vacancies new norm for Calgary
11/25/2015 3:56:02 AM
Katia Dmitrieva and Rebecca Penty
Office-tower owners in Canada’s energy hub are about to feel the full force of the oil-price crash.

Vacancy is already at a five-year high in Calgary and rents are the lowest since 2006 after thousands of office jobs were cut. Energy company tenants have now begun to ask for rental relief and are offering subleases for as little as half the going rate, according to real estate brokers including Jones Lang LaSalle Inc. and Avison Young Canada Inc.

That’s before five new office towers with about 3.8 million square feet (353,031 square meters) of space hits the market in the next three years.
by |
Onboarding: Five tips to get the best out of your new hires
11/25/2015 3:54:59 AM
Recruiting is hard, but retaining talent is harder. According to research conducted by the Aberdeen Group, within the first six months in a job 86% of new hires make their decision to leave or stay. This astounding statistic should be at the front of every HR manager’s mind when they make a new hire.
I’ve seen some of our customers lead the way in developing effective ways to ensure a successful, long-term hire. A well-developed onboarding program is a key part of this. Onboarding is, in a nutshell, a program ensuring that new employees are equipped with the necessary knowledge, skills and resources to become a valuable part of an organization. It takes into account the professional but, just as importantly, the social aspects of beginning a new job. It begins before the employee’s first day and can continue for as long as the organisation and the employee need.
by |
News from the trade floor
11/25/2015 3:53:07 AM
Dozens of industry players schmoozed with brokers on the trade floor at the national association’s latest mortgage forum in Toronto, and MortgageBrokerNews.ca has assembled a cheat sheet of what was discussed.

B2B Bank
Anne Wright, VP of business development, and Tom Hickey, VP of operations adjudication, told MortgageBrokerNews.ca about its expanded launch into Quebec in September. Starting September 21, the Laurentian-owned bank began servicing all brokers in the province; prior to that rollout date, only Verico members had access to its products.
by |
Disclosure rule could lead to undercutting
11/25/2015 3:51:18 AM
The industry could see a major change next year when it comes to disclosing income to clients, and one broker is arguing the ramifications could be dire.

“There will be no protection from under cutters, and you will see flat rate brokers who offer cash back to steal broker business,” Dustan Woodhouse, a broker with Dominion Lending Centres Canadian Mortgage Experts, told MortgageBrokerNews.ca. “Clients will bring in approvals to these companies, let the brokers do the planning, and they will take any approved deal.”
by |
Online platform the future for second mortgages?
11/25/2015 3:50:10 AM
The growing popularity of second mortgages has created a scramble to find private lenders – and one online solution is attracting broker attention
 “We have 220-plus brokers on board already in the system,” says Paul DeMelo, CEO of Home Ownership Solutions, a division of Fourth Street Financial Corporation based out of Mississauga, Ont., who describes this “engagement platform” as allowing brokers to avoid dialing for dollars in the second mortgage space.
by |
Mauris: New broker regulation disaster in the making
11/25/2015 3:49:04 AM
FICOM’s proposed disclosure rules changes for British Columbia brokers could have a disastrous impact on the industry across the country, according to one major network head.
“What happens on April 1, 2016  (when the proposed change goes into place) – on that day, instantly, it could be almost the beginning of the end for our industry,” Gary Mauris, president of Dominion Lending Centres, told a packed room at this year’s CAAMP national conference in Toronto
by |
Canada target for money launders, says new report
11/25/2015 3:47:56 AM
A new study called “Just For Show?” by Transparency International (TI), the corruption watchdog, has looked at money laundering and corruption across the G20 countries.
It found that Canada, among most other countries has pretty lax standards when it comes to allowing billions of foreign and illicit funds to filter through our systems. Corrupt foreigners are finding it too easy to launder their dodgy cash here. They do so by buying luxury goods like jewels but most importantly property. It’s thought that the buying of such property with fraudulent funds could be part of the reason people are being out-priced of the cities like Vancouver and Toronto.
by |
Brokers vent No. 1 frustration at CAAMP
11/25/2015 3:46:50 AM
The broker panel at CAAMP always fosters unfettered and honest discussion and this year’s was no different, with several veterans calling on lenders to step up to the plate and push back against the regulators.
“I feel such an obligation to push back against the destruction of productivity in our business,” Croft Axsen of Jencor Mortgage said during CAAMP’s broker panel discussion Monday. “And yet it is so hard because the lenders are just accepting this role …It’s gone too far. At some point the lenders have to take back their jobs.”
by |
BC’s other hot markets
11/25/2015 3:45:22 AM

Homeowners can celebrate the latest news from the Central 1 Credit Union, but would-be home buyers could face even more pressure – and not just in Vancouver.

Central 1 senior economist Bryan Yu predicts B.C. home prices and sales will continue to rise for the next two years, with the BC Interior playing an important role.
by |

Clients: An old but new referral source
11/25/2015 3:44:25 AM
Let’s face it, today’s consumers are skeptical. With all the marketing hype and sales pitches people receive on a daily basis, it’s no wonder why we’re all becoming a bit jaded. Marketing guru Dan Kennedy reasons that, “This is not a consumer trend, but a societal one, largely supported by the repetitive failures of people we once looked up to political leaders, ministers and pro athletes.” Take that default level of skepticism and add to it the plethora of marketing messages from every Tom, Dick and Harry in the mortgage industry claiming to having the “best rates” and “best service” and now we have skepticism on steroids! People don’t know who to believe any more. It’s like marketing incest – everyone is saying the same thing with ever-decreasing results!

Let’s face it, people don’t like to be guinea pigs. They know pioneers get arrows in their backs! That’s why it’s mission critical that we find ways to increase our credibility and thereby build trust with our prospects, so that we have a better chance of closing the deal. The question is how.

by |

CAAMP announces rebrand, new name
11/25/2015 3:43:22 AM
The industry association announced a rebranding initiative, a new name, and a new slogan at the opening ceremonies of its national conference in Toronto, Monday morning.
“Something was missing,” Cindy Freiman, director of marketing and communications at CAAMP, told hundreds of brokers in attendance at the opening ceremony. “We had made all these changes but our brand was tired.”
by |
The double standard that loses clients
11/25/2015 3:41:40 AM
It’s a necessary step in the origination process, according to industry professionals – but only in the broker channel.

Brokers are asked by lenders to verify funds conspicuously placed in accounts by clients prior to closing, and some are arguing the big banks aren’t held to the same requirement.
by |
Spectre of household debt rises again
11/25/2015 3:40:02 AM
Predictions of slowing markets and rising rates are not being voiced by just economic forecasters, but the CEO of the CMHC as well.

“Although residential mortgage arrears rates remain low and credit scores are strong, household debt remains a vulnerability that would amplify an economic shock,” says Evan Siddall, president and CEO of the Canada Mortgage Housing Corporation (CMHC). “In the event of a material increase in the unemployment rate, many households may need to access their wealth to make ends meet for a period of time.”
by |
Some much-needed optimism about the housing market
11/25/2015 3:38:55 AM
The second in command at the Bank of Canada has a rather optimistic view of the housing market – despite various reports to the contrary.

Carolyn Wilkins, senior deputy governor at the bank of Canada, believes the Canadian housing market will achieve a soft landin
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Some much-needed optimism about the housing market
11/25/2015 3:34:32 AM
The second in command at the Bank of Canada has a rather optimistic view of the housing market – despite various reports to the contrary.

Carolyn Wilkins, senior deputy governor at the bank of Canada, believes the Canadian housing market will achieve a soft landing.

“Our base case, and one that we outlined in the [October Monetary Policy Report], is that the housing market and household debt are going to evolve in a constructive way,” Wilkins told The Globe and Mail. “We don’t see the risk as part of our base case at all.”
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Central bank snapshot
11/25/2015 3:33:23 AM
by Lyle Adriano
Following the stronger than anticipated gain in employment in October, expectations for the US Federal Reserve to raise fed funds at its December meeting increased, according to data compiled by Royal Bank of Canada.

Employment increased by 5.0%, reflecting continued steady domestic spending activity for the final quarter of the year.
First-time buyer habits revealed
11/25/2015 3:32:15 AM
CMHC released its 2015 first-time homebuyer survey, which details the buying habits of one of the industry’s most lucrative segments.

“For many Canadians, buying their first home is the single, largest purchase they have ever made,” Nathalie Fredette, vice-president, client relationship management for CMHC, said in a release. “Our aim is to provide mortgage brokers, lenders and other industry professionals with valuable information and useful tools so they can better guide their clients through this major life event.”
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Book answers key question: Are you broker material?
11/25/2015 3:30:58 AM
Starting out in the mortgage channel can be intimidating – but one broker is trying to make that initiation less daunting with his own how-to book.

“There isn’t really a textbook for brokering,” says Dustan Woodhouse, a mortgage professional with Dominion Lending Centres in Vancouver, B.C. “I’m trying to put something useful out there, the first book in the series begins at the beginning for those contemplating entering the profession.”
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Calls for finance minister to cool the market
11/25/2015 3:29:06 AM
Cooling the housing market may be a good plan, according to one broker, as long as the government focuses on reining in this one type of buyer.
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“I would say cooling the market sounds like a good plan, but how they cool it is the main question; in our area – it’s foreign money that is coming in and inflating prices,” Jeff Evans, a broker with Mortgage Architects Canada Innovative Financial in B.C., told MortgageBrokerNews.ca. “If the government were to do something to cool that segment, I would support it; if the measures make it harder for the average Canadian to buy, I wouldn’t support that.”
Oil could hit US$130 as U.S. output 'falls off a cliff': Analyst
11/12/2015 11:03:26 PM

Emad Mostaque has had a profound change of heart on oil prices. The analyst with London-based consultancy Ecstrat says US$130 per barrel crude could be less than a year away for the European benchmark as lower prices drive demand in both emerging and developed markets, while a weakening stream of capex dollars constrains new exploration and production.

“What we are seeing is supply is about to roll over dramatically. Demand is continuing to rise,” he said an in interview with BNN.

Unlike many analysts, he says U.S. shale production is set to decline, and as such won’t provide the necessary stop-gap to supply the increasing appetite in world markets.

CMHC chief paints bleak picture of risks to Canadian housing
11/12/2015 11:00:57 PM

Canada’s housing agency is painting a bleak picture of the damage that a severe housing market correction would inflict on the country, pulling back the curtain on its stress tests for the first time.

As with all stress tests, the limits are pushed to provide a worst-case scenario - or something pretty close.

Finance minister Morneau plans economic update by year-end
11/12/2015 10:54:48 PM

Canada's Finance Minister Bill Morneau said on Tuesday he intends to deliver an economic and fiscal update before the end of the year, though he did not yet have an exact date.

Morneau said it was not really a surprise that a report released by the country's parliamentary budget watchdog earlier on Tuesday had been somewhat more pessimistic than its previous one, although he said it does not form part of the government's formal analysis.

What a former Calgarian learned from Canada’s runaway real estate markets
11/12/2015 10:51:59 PM

ANALYSIS: Free money is impossible to resist, and that’s precisely what was pitched to me when I dipped my toe in two of Canada’s biggest housing markets.

It certainly seemed impossible for me to resist when I decided to make my first-ever real estate investment in early 2014; purchasing a modest downtown Calgary condo. At the time, Alberta’s largest city was by far the hottest housing market in Canada. With prices increasing by double digits every year it was outpacing even the likes of Toronto and Vancouver.

Detached houses becoming scarcer commodity in Vancouver region
11/12/2015 10:47:58 PM

Single-family detached houses are becoming an ever-shrinking portion of the total housing stock in the Vancouver region, adding to pricing pressures in an already hot market.

The share of detached houses as a percentage of all residential properties in the region has tumbled from 65 per cent in 2000 to 54 per cent last year, Central 1 Credit Union senior economist Bryan Yu said Tuesday.

Canada's coal industry hoping for rebound despite drop in demand
11/12/2015 9:19:48 PM

CALGARY - Coal industry watchers say that while their sector is hurting, the picture isn't as bleak as two reports this week have painted.

Canada's coal export market, which is made up almost entirely of metallurgical coal used in steel making, has taken a major hit in recent years as prices have dropped from more than US$300 a tonne in 2011 to less than US$90 a tonne this quarter because of continued oversupply and slowing demand from China.

Statoil to put up $82M for exploration of Nova Scotia's offshore
11/12/2015 9:14:44 PM

HALIFAX -- A Norway-based oil and gas company has been awarded $82 million in exploration licences in Nova Scotia's offshore.

The Canada-Nova Scotia Offshore Petroleum Board has awarded Statoil Canada Ltd. two deepwater parcels, one for about $76 million and the other for roughly $5.8 million.

Ontario raises $5B from sale of Hydro One shares
11/12/2015 9:09:58 PM

TORONTO - The Ontario government raised a total of $1.83 billion from the sale of the first 15 per cent of shares in Hydro One, the giant electricity transmission utility.

The province also gained about $2.2 billion from a deferred tax asset benefit and another $1 billion from a special dividend and payments-in-lieu of taxes.

Growing number of university grads overqualified for their jobs: study
11/12/2015 9:06:02 PM

OTTAWA -- A new report says a growing proportion of recent university graduates are overqualified for their jobs.

The analysis by the federal parliamentary budget office also found a decline in the rate of young graduates with jobs that match their education level.

War of words intensifies between Suncor and COS
11/12/2015 9:03:18 PM

CALGARY -- The war of words is intensifying between oilsands giant Suncor Energy and its reluctant takeover target, Canadian Oil Sands.

In an open letter issued today, Suncor tells COS shareholders hope is not a strategy when it comes to weathering the downturn in crude prices.

The leadership of COS has urged its shareholders to do nothing, accusing Suncor of being opportunistic and exploiting inside information it has about an oilsands project they jointly own.

Small fiscal changes that can make a big difference during holidays
11/12/2015 9:00:43 PM

It is the holiday season and coming up with a few extra dollars can be harder at this time of year due to all the demands to entertain more, buy gifts and the list goes on.

However, when we try to save money, are we sometimes being cheap? Or, as put a better way by a new survey done by Credit Canada Debt Solutions, is it possible to be frugal without compromising quality?

Tips on paying your mortgage off earlier
11/12/2015 8:58:35 PM

Sean Cooper`s story has gone viral as at the age of 30 he paid off his $255,000 mortgage in three years and two months.

I spoke with Sean a few years back and trust me he has always been financially savvy and very frugal.

But it was more than that; he was driven by a deep desire to free himself from the stress and risk of carrying huge amounts of debt.

New broker lender provides more details
11/12/2015 8:51:01 PM
Manulife will be entering the broker channel next year, and its offerings will help brokers focus on debt management solutions for clients.

“The unique features of Manulife One and Select [include] sub-accounts and full banking capabilities, with brokers being supported by a team that will be able to work closely with and help them position their existing customers on the benefits of managing and eliminating their debt,” Manulife rep Sean Pasternak wrote in an email to MortgageBrokerNews.ca.
Brokers earning media praise
11/12/2015 8:49:38 PM
Brokers have been frustrated by some salacious – and sometimes inaccurate – media coverage, but they seem to have influential allies in their corner.

A recent CBC news story profiled a Hamilton woman whose family is struggling under the burden of massive debt.
The boom days are over – and that’s a good thing
11/12/2015 8:46:50 PM
Better-than-expected job numbers both here and in the U.S. should mean a hike in interest rates by the Federal Reserve, which means the long love affair with low interest is coming to an end, and a positive sign that a potential housing crisis isn’t looming.

“The boom days for mortgage brokers are behind us,” says Dr. Sherry Cooper, chief economist for Dominion Lending Centres. “And I think it is a good thing frankly. If you were to see the boom continue for another year, we would be setting ourselves up for a bubble bursting, and that isn’t good for anyone.”
The digital threat: How brokerage can mitigate cyber liability
11/12/2015 8:45:52 PM
Cyber attacks resulting in theft are a growing risk for organizations. Cybercrime can be an issue for any sized organization that has care, custody or control of any confidential information, whether in electronic or paper format, as well as any company with a computer system or website.
In the new normal of the online world, companies need to take steps to protect themselves against the financial loss that can result from online attacks. The cost of recouping the damages of an attack and the cost of investigation can build and result in significant financial loss for an organization.
Brokers react to the channel’s newest lender
11/12/2015 8:44:14 PM
Manulife will soon offer its products through the mortgage broker channel, and brokers are wondering what – if any – advantages the partnership will provide.

“If it feels a need it’s going to be a positive,” Daniel Lewczuk, a mortgage agent with Dominion Lending Centres Parato Mortgage Group, told MortgageBrokerNews.ca. “I’ve compared the Manulife One product to other products we can already offer and the differences seemed negligible; I saw some advantages of the offerings already available in the channel.”
Broker frustrations grow
11/12/2015 8:42:35 PM
It’s been a tough but lucrative year for brokers, with many struggling with underwriting delays that have resulted from a boom in business.

“Underwriters seem to satisfy files to audit requirements these days and not common sense underwriting,” Brad Currie, a broker with Verico Coastal Pacific, told MortgageBrokerNews.ca. “For example, there is one lender that won’t lend on condos that have had problems with leaks, even if the building has been remediated. Who thinks of that?”
CMHC outlines plans to collect foreign data
11/12/2015 8:41:02 PM

(Bloomberg) -- Canada’s housing agency is considering ways to collect more data on foreign investment as home prices continue to surge in Toronto and Vancouver.

"It’s clear that we need to capture more detailed information on foreign investment, to better inform the Canadian government and housing market participants," Evan Siddall chief executive officer of the Canada Mortgage & Housing Corp. said in the text of a speech delivered in Toronto. "A lack of accurate and reliable data makes it difficult to determine if or how foreign investment may be affecting the market. Most of the available information is anecdotal. And the problem is that many foreign investors may prefer to hide their ownership."

Lender reaches mortgage cap … for now
11/12/2015 8:39:51 PM
It’s far from the norm, but still an indication of just how busy brokers have been this year: One lender has told its broker partners it has no more money to lend for mortgages.

In a memo to brokers – the full text of which was published by B.C.-based broker Dustan Woodhouse on his personal Facebook page – local credit union Northern Savings Credit thanked its partners for the busy year. And told them it will not lend any more money for mortgages for the time being. 

Brokers prepare to school young buyers
11/12/2015 8:38:30 PM
Young Canadians are most at risk in the event of a housing market correction, according to a recent report. But brokers can help them prep for what many fear is the inevitable.

“Obviously you want to advise clients to not get in over their heads; they should build a three-month savings cushion,” Doug Whelpton, a broker with Verico Worry Free Mortgage, told MortgageBrokerNews.ca. “Using pre-payment tools can help as well; some lenders allow some wiggle room for clients who prepay and may miss a payment.”

Canada consumer confidence hits one-year high on economy outlook
11/12/2015 8:36:11 PM
(Bloomberg) -- Canadian consumer confidence reached a one- year high, continuing a surge since the federal election last month, polling conducted by Nanos Research shows.
Automated lead generation
11/12/2015 8:35:02 PM
Did you know that there are literally thousands of people every month in your local market that are searching for mortgage information online. At the time of this writing, just in Vancouver, British Columbia alone, there were over 2,240,000 local searches in one month for the keywords: mortgage calculator. Do you think there might be an opportunity here?
Pace of new home construction slows in October, fewer multi-unit starts: CMHC
11/12/2015 8:32:30 PM
The pace of new residential construction in Canada slowed down in October after a red-hot September, but the decline in housing starts wasn't enough to change the upward trend over the past six months.
Toronto housing market at mounting risk of ‘sharp correction,’ OECD warns
11/9/2015 9:50:26 PM
The OECD has issued a long to-do list to Canada’s new government and the provinces: Cool down house prices, act as a group on climate change and cover essential drugs in public health plans.
Pay off your mortgage, live debt free: how one guy did it in 3 years
11/9/2015 9:46:43 PM
"Ding dong, the mortgage is dead," a jubilant Sean Cooper announces as he sets fire to his mortgage in front of cheering friends outside a Toronto restaurant.
Home Capital’s probe into alleged fraud by mortgage brokers widens
11/9/2015 9:45:34 PM
TORONTO – Home Capital Group Inc. says mortgage brokers who were suspended for allegedly falsifying income information generated roughly twice as much in mortgages as the company originally estimated.
20% housing correction would push young homeowners under water
11/9/2015 9:43:53 PM

Young Canadian homeowners are disproportionately vulnerable to a housing correction, and more than 1 in 10 would owe more than they owned in the event of a modest or larger pullback in the market, according to a report.

The report, by the Canadian Centre for Policy Alternatives, was released Monday. The left-leaning think-tank urges governments to implement policies aimed at bringing down debt loads before its too late.

Lender reveals bank plans
11/9/2015 9:40:58 PM
Home Capital has specified how much capital it has injected into CFF, and what it plans to do with the newly acquired Schedule I bank.
Accused: ‘No evidence that I committed fraud’
11/9/2015 9:39:25 PM
A woman involved in a multi-million dollar mortgage fraud case is suggesting her husband is the real perpetrator.
Brokers: Market your skills for success
11/9/2015 9:38:27 PM
Brokers have the skillset that can save clients tens of thousands of dollars and countless headaches when securing a mortgage – but few take advantage of it. Here are five tips from one industry veteran to change all of that.
Will hiking taxes on Canada’s rich really help the economy?
11/8/2015 9:36:31 PM

Experts say the Trudeau government should have little trouble meeting its Jan. 1 deadline to rejig tax brackets. But will the tax increase rake in as much revenue as the Liberals expect?

Tanking commodities could mean dark days for Canadian economy
11/7/2015 9:11:00 PM
In 1929, the true sign of an impending problem for the Canadian economy was not the stock-market crash, but rather the collapsing price of wheat and other commodities on global markets. As primary producers’ incomes shrivelled, the retrenchment rebounded to other sectors of the economy, unemployment grew and a decade of serious depression followed. It had begun on the Winnipeg Grain Exchange, not on Bay or Wall streets.
Jobs up, loonie falls on U.S. interest rate speculation
11/7/2015 9:07:34 PM
The loonie fell sharply on Friday despite robust job creation data as U.S. labour market gains raised expectations the Fed will hike its benchmark interest rate next month, the first increase in nearly a decade.
11/7/2015 9:06:41 PM
The dramatic greying of Canada’s population will reshape the economy, stifle growth and force governments to provide for a growing number of seniors with a shrinking pool of taxpayers
‘Brutal market’ for oil services makes rebound elusive
11/7/2015 8:58:42 PM
An “industry-wide state of depression” is weighing heavily on Canada’s oil-field service sector as Precision Drilling Corp. and Mullen Group Ltd. kicked off earnings season this week.
Oil patch woes deepen as spending cuts mount
11/7/2015 8:56:14 PM

The oil patch is cutting ever deeper to cope with the longest crude-price rout in more than 15 years.

Royal Dutch Shell PLC took the drastic step of halting its multibillion-dollar Carmon Creek oil sands development in Alberta after it had already started construction. The oil major on Tuesday blamed weak crude markets and insufficient pipeline capacity to export the eventual production.

Shell’s profit slammed by big Arctic, Canadian writeoffs
11/7/2015 8:52:46 PM
Royal Dutch Shell on Thursday reported a hefty $8.2-billion charge, equivalent to around 5 per cent of its market value, due to write-offs on projects in the Alaskan Arctic and Canada as Europe’s biggest oil producer grapples with weak oil prices.
Shell extends olive branch to Notley after halt to Carmon Creek project
11/7/2015 8:50:11 PM
Royal Dutch Shell PLC has extended an olive branch to Alberta Premier Rachel Notley after releasing news about the company’s plans to cancel its Carmon Creek project Tuesday afternoon, casting a pall on the new provincial budget unveiled at the same time.
UBS house ‘bubble index’ warns Vancouver among world’s frothiest
11/7/2015 8:46:22 PM
Vancouver’s “significantly overvalued” housing market is among the most bubbly in the world, a new report suggests.
A house for three times your income? Think again
11/7/2015 8:44:39 PM
The late 1990s were the last time prices were that low in the city. The actual average in September was $627,395, which is a gross undersell because it includes homes in the suburbs around the city. In Toronto proper – the 416 area code, in other words – the average cost of a detached house was around $1-million.
An opportunity for monolines?
11/7/2015 8:41:48 PM
When it comes to second mortgages, there aren’t enough viable options in the broker – and bank – space, argues one player who is calling on his lender partners to distinguish themselves by focusing on this segment.

“I think there should be better options for second mortgages; there should be more avenues for clients with good credit to obtain second mortgages from A-lenders,” Steve Gilmour, a broker with Dominion Lending Centres Alliance, told MortgageBrokerNews.ca. “Most of the time these products are costly and I would like something with a competitive interest rate; people with good credit shouldn’t have to pay exorbitant amounts of interest.”

Let's talk
11/7/2015 8:39:58 PM
Unless you’re planning on speaking at a nudist camp, imagining your audience naked is probably not going to help you give a great seminar.
There are lots of tricks to help people overcome their fear of public speaking, but according to communications expert Brett Rutledge, the key is to practice. “Prepare. The more you know your material, the more likely you are to overcome nerves,” he says.
HomeNews Mortgage Brokernews Home News TV Forum E-mag Special reports Profiles Subscribe Advertise Brokers in this one market could influence condo rules
11/7/2015 8:38:21 PM
The Alberta government is looking at changes to condominium legislation, and it wants public input.

Some of the proposed changes include allowing buyers to cancel purchase agreements if developers don't meet move-in dates and requiring developers to make detailed operating budgets.
The growing chorus of housing critics
11/7/2015 8:37:24 PM
It’s the sort of media coverage brokers don’t like to see, but one agency is adding its own voice to the chorus of overvaluation talk – especially in two major cities.
Mortgage network launches Mortgage Dragons
11/7/2015 8:34:55 PM
The mortgage industry now has a certification program based on the Dragon’s Den Guides to Business – and it is being offered exclusively to brokers of one major network.
Voices added to the chorus calling for more options
11/7/2015 8:33:38 PM
Brokers are echoing the argument that the industry needs more second mortgage options for prime clients.

“I do run into A+ clients requiring - or more accurately - wanting a second mortgage. These are prime, sophisticated clients and the request is to leverage their equity as an investment tool,” MortgageBrokerNews.ca reader, Kristin Woolard of Dominion Lending Centres wrote in the forum. “More often than not I set them up with a HELOC with a credit union and they invest and pay off as needed. More selection of standalone second mortgages would be beneficial.”
What brokers should know about the new regime
11/7/2015 8:32:11 PM
Justin Trudeau was announced as the 23rd Prime Minister, as the Liberals won a majority government Monday night … so what now for brokers?

In the lead-up to the election, the Liberals made a number of promises that could impact the housing, and broker, industries, and these are the things brokers should be looking out for.
BoC makes rate announcement
11/7/2015 8:31:00 PM
The Central Bank will maintain its target for the overnight rate at 1/2%.

“Total CPI inflation remains near the bottom of the Bank’s target range, owing to declines in consumer energy prices,” the Bank said in a release. “Core inflation is close to 2% as the transitory effects of the past depreciation of the Canadian dollar are roughly offsetting disinflationary pressures from economic slack, which has increased this year.

Get over your fear of public speaking and you will succeed
11/7/2015 8:30:01 PM
Top broker secret: They use public speaking to leverage their marketing efforts
Admittedly, the words “public speaking” freak most people out. In fact, there was a survey done asking people what they feared most and surprisingly, most people put public speaking ahead of death as their greatest fear. When you translate the logic in that, if you’re at a funeral, you’re better off in the casket than delivering the eulogy!
Innovation spurs growth of mortgage channel
11/7/2015 8:29:02 PM
“The franchise conference is really where new ideas are conceived and new initiatives are launched that change how the organization looks like and impacts the brokerage industry as a whole,” says Michael Beckette, CEO Mortgage Alliance. “(It is) one of my favourite events that I believe is integral to our organization’s continued success.”
Canada's new Finance Minister urged to act on hot housing market
11/7/2015 8:27:33 PM
The country’s new Finance Minister had better look soon, and possibly act, given what’s happening in soe of Canada’s hot housing markets, the chief economist at HSBC Bank Canada warns.
BoC prediction is a double-edged sword for brokers
11/7/2015 8:26:18 PM
The Bank of Canada expects inflation to hit its 2% mark in mid-2017, which would put an end to economic stimulus. But growing mortgage and household debt may speed up the move.

Who’s the ideal finance minister … for brokers?
11/7/2015 8:25:23 PM
The Liberal government has yet to appoint the next minister of finance, but one leading broker has some suggestions for how he or she should oversee mortgage lending policy.
Employment Insurance claims hit major markets
11/7/2015 8:22:47 PM
The number of Employment Insurance (EI) claims in Canada increased by 4.9% month-on-month to 242,400 in August, according to figures from Statistics Canada on Thursday.
MICs thriving in a low-yield investment landscape
11/7/2015 8:21:48 PM
With the continuing low yield environment, mortgage investment corporations have seen dramatic growth over the last couple years as investors search for return and capital preservation, says one mortgage investment analyst.

“Capital sourcing by many established MICs has appeared to be steadily reliable and available in the current environment,” says Michael Graves, manager of marketing and communications with W.A. Robinson Asset Management Ltd. and Pillar Financial Services Inc.

Broker: It’s time for CMHC reform
11/7/2015 8:19:48 PM
One industry professional is arguing the crown corporation should be a non-profit organization that should focus on helping a certain segment break into the housing market.

“CMHC should operate on a break-even basis,” Bob Cameron, a broker with Cameron Financial Services, told MortgageBrokerNews.ca. “Their purpose [should be] to help first-time homebuyers purchase, but they are making big money and they shouldn’t be increasing fees.”

The campaign promise flying under brokers’ radar?
11/7/2015 8:11:06 PM
The legalization of marijuana in Canada will open up a new segment for brokers and it’s one that will be ignored by the big banks, according to one major player.

Details around commission disclosure revealed
11/7/2015 8:04:48 PM
FICOM has confirmed it will require brokers to reveal compensation details to clients, but has yet to confirm an implementation date.
We’ve hit bottom, says industry analyst
11/7/2015 8:03:30 PM
Interest rates – and in particular mortgage rates – can’t go any lower, and the growth of lending has peaked or is close to peaking, says one industry analyst.

Alberta brokers struggle
11/7/2015 8:01:13 PM
Alberta brokers have more than just dwindling home sales to grapple with, according to one broker who is experiencing tightened lending standards.

“The real frustrating thing out here is there has been real tightening of policy from the lenders,” Dave Trithart, broker/owner of Dominion Lending Centres 1st Financial Link, told MortgageBrokerNews.ca. “One lender recently came out with a policy change and now they will only use half the overtime and bonus income over the past two years (for qualification); in the past, they used the average for the prior two years.”
Regulator offers reason for requirement
11/7/2015 7:57:49 PM
An upcoming disclosure change in B.C. is being implemented to ensure brokers put their client’s interests above their own … but is it necessary?

“Disclosure of conflicts of interest in terms that consumers can easily understand,” FICOM said in an email to MortgageBrokerNews.ca, “reduces the risk that brokers provide advice that is not in the consumer’s best interest, but rather, in the broker’s pecuniary interest (for example, where lender A provides higher compensation than lender B).”
Brokers, do your research: what to know before opening a mic
11/7/2015 7:52:06 PM
Lending experience
In my opinion, it takes at least 10 years of consistent lending experience before you should consider raising investor funds. Until you have been through some fluctuations with the economy and/ or real estate market, you do not know how your mortgage portfolio will truly perform over time. This experience is needed to mitigate the risk of the mortgage portfolio and will assist in determining the right lending criteria. Also key is having a great team, making sure you have enough experienced individuals to manage all areas of the mortgage lending business. That includes third party appraisers, lawyers, etc.
Alberta brokers, take note
11/7/2015 7:50:26 PM
Here are a few things to watch for in Tuesday's Alberta budget, the first since the NDP was elected in May

The bottom line: Low oil prices have stripped billions from one of the Alberta government's key revenue streams. Finance Minister Joe Ceci has already said the deficit could be just under $6.5 billion and the budget won't be balance until the 2019-2020 fiscal year, a year later than promised.

CMHC signals end of housing boom
11/7/2015 7:47:50 PM
The housing market will begin moderating in 2015 and continue to do so until 2017, the Crown Corporation said in its Q4 Housing Market Outlook, released Monday. That kind of trend will lead to a greater focus on refi business, according to one broker.

“We follow the market as it goes and try to go about business as usual,” Derek Sherbinin, broker/owner of Centum Mortgage Store in Castlegar, B.C., told MortgageBrokerNews.ca. “What we do is we focus a lot on renewals and make sure our clients are taken care of.”

A deeper look at condo volatility
11/7/2015 7:46:13 PM
Unsold condo data in Toronto – long thought to be an indication of the risks posed by that hot market – doesn’t provide an entirely accurate picture of the segment’s stability, according to one economist.

“To be sure, the GTA’s condo market will be tested as interest rates start rising in the coming years, and increased resale activity from domestic condo investors will result in excess supply and some downward pressure on prices,” Benjamin Tal, deputy chief economist for CIBC, wrote in a research note released Monday. “But for now, those who look at the rise in unabsorbed units as a sign of increased vulnerability are barking up the wrong tree.”
Land transfer tax updated
11/7/2015 7:41:13 PM
It’s bad news for clients in Ontario – and one that could have a lasting effect on broker business – still the industry is bracing for an influx in business prior to a new tax being enacted.
The Liberal government is planning to permit all municipalities in Ontario to double the land transfer tax homebuyers pay.
Broker: ‘Every deal is a documentation nightmare’
11/7/2015 7:33:29 PM
It seems to be the complaint of the season, as brokers continue to struggle with last minute requests from lenders.
“On this particular deal, the lender was so busy they didn’t make the call [requesting follow-up documentation] to rectify the situation until the last minute,” Layth Matthews, a broker with Rate Miser, told MortgageBrokerNews.ca. “I had to scramble to verify pension income in addition to the employment income; the employment income wasn’t as high as originally thought.”
Rate decision revealed
11/7/2015 7:27:40 PM
Brokers – and the industry – will have to wait a little long for the expected rate hike.
“To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4% target range for the federal funds rate remains appropriate,” the U.S. Federal Reserve, headed by Janet Yellen, said in a release Wednesday afternoon. “In determining whether it will be appropriate to raise the target range at its next meeting, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2% inflation.”
Testing and measuring your ROI
11/7/2015 7:24:52 PM
The purpose of testing is to develop maximum performance from every marketing effort and dollar invested. Frankly, I find it amazing how few mortgage professionals actually test and measure their marketing metrics and return on investment (ROI). If you were to ask them what their ROI is on their paid advertising campaigns, most of them wouldn’t have a clue! Most of them use what I call the S.W.A.G method – Scientific Wild Ass Guess!
We’ve hit bottom, says industry analyst
11/7/2015 7:18:56 PM
Interest rates – and in particular mortgage rates – can’t go any lower, and the growth of lending has peaked or is close to peaking, says one industry analyst.

“Canadian interest rates have bottomed. Most particularly, mortgage rates have bottomed,” says Dr. Sherry Cooper, chief economist for Dominion Lending Centres. “With 70% of Canadian households already owning their own homes and housing affordability declining – with the bottoming in mortgage rates and the rise in house prices – lending activity will inevitably slow as will the rise in the price of homes, which has continued strong in Vancouver and Toronto, particularly in the single-family sector.”

Broker lender results revealed
11/7/2015 7:15:44 PM
First National is crediting brokers for its impressive quarter of originations.

“Brokers play a very big role for us; we get all our business from the channel,” Robert Inglis, chief financial officer for First National, told MortgageBrokerNews.ca. “Mortgage brokers do offer a valuable service by helping clients for free; banks are good too but brokers can just get better rates.”
Banks leaving brokers high and dry
11/7/2015 7:11:36 PM
Brokers on both sides of the country are reporting fewer options for mobile home mortgages – and missing out on potential business as a result.

“In our area, one of the frustrating things is trying to fund mortgages for mobile homes; there are only a couple lenders who will do them,” Derek Sherbinin, a B.C.-based broker/owner of Centum Mortgage Store told MortgageBrokerNews.ca. “Most just aren’t interested and I don’t know what it is; lenders have really shied away from them in the last year-and-a-half.
11/7/2015 7:05:23 PM
CMHC releases report on health of various housing markets
11/7/2015 6:59:12 PM
Four major metropolitan areas show strong evidence of problematic housing market conditions, according to a report from the Crown Corporation.

CMHC’s Housing Market Assessment (HMA), released Thursday afternoon, points to “strong evidence” of problematic conditions in Toronto, Winnipeg, Saskatoon, and Regina.
The 75% ceiling for alt lenders
11/7/2015 6:53:24 PM
Where others say no, it is the job of alternative lenders to find a way to say yes. Within reason.
“We look at the ability to repay, the track record of the borrower’s payment history, consider all income and funds coming into the client’s possession, and, of course, the marketability of the property,” says Tiffany Pedersen, assistant vice president, business development, Capital West Mortgage. “With that said, many alternative lenders are not lending past 75% LTV, as there are risks associated with lending high-ratio that most “B” lenders are simply not set up for or interested in.”
Brokers, prepare to serve this market
11/7/2015 6:49:42 PM
Rising self-employment numbers are creating a lucrative opportunity for brokers, who have much more to offer these clients than big bank counterparts, according to one industry player.

“If people have less choice with their bank, they need to find an alternative, and that is often to go to a broker,” Bryan Guertin, a mortgage broker with Mortgage Intelligence, told MortgageBrokerNews.ca. “We have alternative financing options, whereas the banks have one program and clients have to qualify under that program.”
New-build loans: dead horse or business opportunity?
11/7/2015 6:47:46 PM
One sector of the mortgage industry seems to be dying: fewer and fewer lenders are financing self-build mortgages, according to one broker.

“Mortgage options for new construction builds are pretty limited, especially when it comes to self-build homes; I don’t have any options for clients who want to construct their own homes,” Jonah Wright, a mortgage consultant with Mortgage Intelligence, told MortgageBrokerNews.ca. “Any time I get a new construction deal where a client wants to do a self-build, I have to mould it into a contract build.”
MIC advantages are stability, arsenal of lending tools
11/7/2015 6:43:06 PM
Private lenders do have value, but mortgage investment corporations remain the go-to lender for brokers that they can depend on, says one industry insider.

“It allows a broker to know where they can take a deal easily without having to shop it all over the place,” says Gay Andrews, executive vice president, COO, Caplink Financial Corporation, Camrock Capital. “A MIC offers constancy of market area, LTV'S, terms, rates‎. In addition, more than your typical private investor, professional MIC managers are skilled a structuring mortgage financings and, as such, can and do assist mortgage brokers with putting together ‎comped mortgage financings.”

Industry association launches petition
11/7/2015 6:41:49 PM
The MBABC is calling on mortgage brokers to sign a petition against an upcoming disclosure rule.

“As some of you know, the government in BC is in the process of implementing changes to disclosure of remuneration requirements for mortgage brokers,” Samantha Gale, MBABC CEO, said in an email sent to MBABC members, which she shared with MortgageBrokerNews.ca. “Please read our petition and sign it to let government know that consultation with industry is required on this issue.”

Brokers react to overvaluation report
11/7/2015 6:36:02 PM
CMHC released its Housing Market Assessment, detailing the health of various housing markets, and one broker finds fault in the methodology.

“I find that the summary of each of the cities and provinces doesn’t [fully capture] what their individual risks are,” Anthony Cirelli, a broker with Real Mortgage Associations, told MortgageBrokerNews.ca. “They compare Calgary, Vancouver, and Toronto using the same criteria but they all have different risks.”
RBC does away with mortgage limits for foreigners
11/7/2015 6:33:55 PM
The Royal Bank of Canada will no longer limit mortgage size for immigrant buyers in Vancouver.

"We're seeing a lot of affluent newcomers looking to buy high-purchase price homes," Christine Shisler, RBC’s director of multicultural markets, told Reuters. "Now we can actually service any mortgage amount."
Organize your time and business will boom
11/7/2015 6:31:00 PM
What are high-return activities? These are activities that, if implemented consistently, can bring you the most amount of profit in the shortest period of time. In short, they have massive impact on your bottom line. I call these activities “the shortest path to the cash” because they have a way of cutting through all the clutter and BS and getting you to focus on what actually makes you money.
Ontario MIC association long overdue
11/7/2015 6:26:46 PM
Brokers have CAAMP, and Mortgage Investment Corporations out west have their own associations – which begged the question: why not Ontario?
Broker: ‘We have to turn our focus to foreign buyers’
11/7/2015 6:24:49 PM
One broker has a suggestion for better tracking foreign investment in Canada’s real estate market.

“We have to turn our focus to foreign buyers and better track the stats; it’s unfair for Canadians living here that foreigners are coming in and boosting home prices,” Walid Hammami, a Montreal-based broker with Dominion Lending Centres, told MortgageBrokerNews.ca. “The banks should have to report foreign purchases to CMHC so we know exactly how much money is coming in.”
Brokers react to investigation about mortgage fraud
11/7/2015 6:21:00 PM
Mortgage fraud exists – and brokers will be the first to admit that – but it isn’t nearly as prevalent as some make it seem, according to industry professionals.
Teaching life lessons on how to get a mortgage
11/7/2015 6:11:23 PM
Brokers keep running into the same issues with newcomers to the market – a fundamental lack of understanding of what it takes to secure a mortgage loan; but two groups are joining forces to help make next generation financially literate.
How to thrive in the new construction segment
11/7/2015 6:08:33 PM
Brokers complain about the difficulty of working with new construction mortgages, but one of the leading players in that space says those who dedicate the time to understand the market will thrive.
Foreign investor data revealed
11/7/2015 6:06:34 PM
It may be a small-scale study, but the statistics are sobering: One association says a large portion of buyers in Vancouver over the past six months are likely mainland Chinese.
Liberals announce finance minister
11/7/2015 6:02:28 PM
Justin Trudeau has launched a new Liberal era with a 30-member cabinet that features predominantly fresh faces and an equal number of men and women.

Home Capital says loan investigation to continue through 2016
11/7/2015 5:58:24 PM
(Bloomberg) -- Home Capital Group Inc., Canada’s largest alternative-mortgage provider, said an investigation into loans with faulty income information is set to continue through most of next year.
Broker to Broker advice: reaping the benefits of community involvement
11/7/2015 5:57:08 PM
Let’s face the facts: We work within our community on a daily basis. As we become stewards in our community, we have a responsibility to ensure that our neighbourhood is healthy and sustainable. Without a thriving community, we cannot prosper as neighbours, business owners or professionals.
A renewed focus on developing business
11/7/2015 5:56:00 PM
Lenders who have prided themselves on partnering with brokers are making a concerted effort to focus on business development to remain competitive in the lending channel.
Broker wish list for the new Finance Minister
11/7/2015 5:54:23 PM
The Liberal Party announced its new finance minister Wednesday afternoon, and this is what is known about the man who takes over one of the most important posts in the cabinet – and what brokers hope his policy will be pertaining to the mortgage industry.
Niche business wins broker referrals
11/7/2015 5:52:45 PM
Specializes in helping down-and-out clients, Toronto-based mortgage agent Ron Alphonso was recently featured in a major news publication.
Widening of land transfer tax draws flak
11/7/2015 5:50:51 PM
The provincial move to allow individual municipalities to impose land transfer taxes is drawing organized opposition from MPPs and the Ontario Real Estate Association – but one Toronto broker is providing some perspective on what it will mean to the Ontario market.
Lender does due diligence
11/7/2015 5:49:35 PM
Home Capital has an entire team dedicated to reviewing each of the files originated by the 45 suspended brokers.
First National in talks with lenders
11/7/2015 5:46:56 PM
First National may be tight-lipped when it comes to sharing specific details, but it did confirm it is in talks with other lenders interested in outsourcing their underwriting.
Cancellation Fees in B.C.
11/7/2015 5:43:53 PM
On October 2, B.C.’s mortgage broker regulator put the industry on notice that charging advanced fees for mortgages will not be tolerated.
Baseball and Brokering
11/7/2015 5:40:25 PM
Those who know me know I am not a huge sports guy. In fact, I tend to choose late nights in the office over hockey games, and afternoons writing rather than watching football or baseball. Nonetheless, here comes a sports analogy.
The Liberal Effect
11/7/2015 5:37:21 PM
The Liberals’ new majority gives them all the power they need to influence Canada’s mortgage market. Interest rates, mortgage policy and affordable housing initiatives will all be affected.
Royal Bank scraps size limit on newcomer mortgages to keep up with Chinese demand
11/7/2015 5:34:39 PM
The Royal Bank of Canada scrapped an internal limit on mortgage loan size for immigrants in the spring to tap into surging demand for financing on multi-million dollar houses by newcomers to Vancouver.
Canadians owe $1.88 trillion, 5% more than last year
11/7/2015 5:30:04 PM

Canadian households owed $1.88 trillion in outstanding debt in September, as the high cost of housing in some markets pushed borrowing levels higher, according to RBC Economics.

The annual increase in the consumer debt load is five per cent, much greater than the pace of inflation.

Reverse mortgages set to explode as Canadians tap their homes for cash
11/7/2015 5:27:25 PM
Musician John Agius had seen the reverse mortgage advertisements on television for years before he decided to take one out against his own home in downtown Toronto.
FICOM Proposes More Compensation Transparency
11/3/2015 8:16:12 PM
How would you like to know what your mortgage broker is earning on your mortgage?

In B.C., you may soon find out. The mortgage broker regulator there plans on doing what no other major province has done: force mortgage brokers to disclose how much they’re earning from lenders on your mortgage. We’re talking exact dollars and cents.

Explicit Compensation Disclosure – Part II
11/3/2015 8:00:24 PM
It’s shaping up as one of the most pivotal and contentious regulatory issues ever faced by mortgage brokers in B.C.

As noted in yesterday’s story, the B.C. broker regulator (FICOM) is proposing a change that would require mortgage brokers to communicate (to the dollar) the exact amount of compensation and perks lenders give them. That includes finders’ fees, volume bonuses, efficiency bonuses, lender “points,” free travel and other rewards. FICOM believes that consumers need to know how much these items are worth in order to judge the value of, and motivations behind, a mortgage broker’s services.

We have no reason to believe that FICOM’s intentions are not good. But, the way this change is executed could nonetheless have far-reaching unintended consequences for the industry and consumers, and not just in B.C. Here’s a breakdown of the issue.

What’s on the Minds of Lender Execs
11/3/2015 7:58:28 PM
Last month Scotiabank hosted its always-informative Financials Summit. Top brass from various lenders spoke at the event and each had a few sound bites of note. Here are some of the more notable ones:
How mortgage fraud is thriving in Canada's hot housing market
11/3/2015 7:56:29 PM
In early 2013, Kelly Vandenham and her boyfriend were preparing to put an offer on a charming Craftsman-style house in West Kelowna, B.C. They had been preapproved for a mortgage with Canadian Imperial Bank of Commerce, but the couple’s realtor suggested they could get a lower interest rate at Toronto-Dominion Bank, where their realtor’s boyfriend, Kulwinder Dhaliwal, worked as a mobile mortgage specialist. What happened next is a problem that continues to plague the financial industry despite steady changes to mortgage lending rules, a dilemma that some warn threatens to undermine faith in the country’s robust housing market.
Canada must spend wisely — not just spend more: Don Pittis
10/28/2015 11:10:12 PM

"The definition of insanity is doing the same thing over and over again and expecting a different result."  

That is such a wonderful quote it doesn't really matter whether Albert Einstein actually said it or not, but it sure does seem to apply to global attempts to restart the world economy by making money cheap.

Cooper: Canadians fall prey to the politics of resentment
10/28/2015 11:08:36 PM
Historically low interest rates and an increase in population will spur Greater Victoria’s homebuilding activity to a 50 per cent increase this year, according to Canada Mortgage and Housing Corp. - See more at: http://www.timescolonist.com/business/homebuilding-forecast-looks-bright-in-crd-1.2096375#sthash.bCPSLr70.dpuf

Cooper: Canadians fall prey to the politics of resentment

Historically low interest rates and an increase in population will spur Greater Victoria’s homebuilding activity to a 50 per cent increase this year, according to Canada Mortgage and Housing Corp. - See more at: http://www.timescolonist.com/business/homebuilding-forecast-looks-bright-in-crd-1.2096375#sthash.bCPSLr70.dpuf
Historically low interest rates and an increase in population will spur Greater Victoria’s homebuilding activity to a 50 per cent increase this year, according to Canada Mortgage and Housing Corp. - See more at: http://www.timescolonist.com/business/homebuilding-forecast-looks-bright-in-crd-1.2096375#sthash.bCPSLr70.dpuf
Historically low interest rates and an increase in population will spur Greater Victoria’s homebuilding activity to a 50 per cent increase this year, according to Canada Mortgage and Housing Corp. - See more at: http://www.timescolonist.com/business/homebuilding-forecast-looks-bright-in-crd-1.2096375#sthash.bCPSLr70.dpuf
Historically low interest rates and an increase in population will spur Greater Victoria’s homebuilding activity to a 50 per cent increase this year, according to Canada Mortgage and Housing Corp. - See more at: http://www.timescolonist.com/business/homebuilding-forecast-looks-bright-in-crd-1.2096375#sthash.bCPSLr70.dpuf
Historically low interest rates and an increase in population will spur Greater Victoria’s homebuilding activity to a 50 per cent increase this year, according to Canada Mortgage and Housing Corp. - See more at: http://www.timescolonist.com/business/homebuilding-forecast-looks-bright-in-crd-1.2096375#sthash.bCPSLr70.dpuf
Historically low interest rates and an increase in population will spur Greater Victoria’s homebuilding activity to a 50 per cent increase this year, according to Canada Mortgage and Housing Corp. - See more at: http://www.timescolonist.com/business/homebuilding-forecast-looks-bright-in-crd-1.2096375#sthash.bCPSLr70.dpuf
Historically low interest rates and an increase in population will spur Greater Victoria’s homebuilding activity to a 50 per cent increase this year, according to Canada Mortgage and Housing Corp. - See more at: http://www.timescolonist.com/business/homebuilding-forecast-looks-bright-in-crd-1.2096375#sthash.bCPSLr70.dpuf
Montreal housing resale market stable, but condo starts drop significantly
10/28/2015 11:03:31 PM
Montreal housing resale market stable, but condo starts drop significantly
Canada’s real estate boom will come to an end in 2016, CMHC says
10/28/2015 11:01:57 PM

Canada’s real estate boom will come to an end in 2016, CMHC says

Will mortgage market save Harper from poor job numbers?
10/17/2015 10:51:02 PM
“The last employment report before the October 19 federal election has to be disappointing for the Harper campaign,” said Dr. Sherry Cooper, chief economist with Dominion Lending Centres. “The unemployment rate edged up to 7.1% - slightly higher than the 7% posting in August - and employment grew a mere 12,000, in line with modest expectations.”
MBABC takes fee disclosure concern to regulator
10/17/2015 10:48:24 PM
In a letter to The Registrar of Mortgage Brokers, the MBABC is voicing its disagreement with upcoming changes around fee disclosure requirements in British Columbia.
Regulators hint at coming rule change
10/17/2015 10:46:44 PM
FICOM will soon implement more rigorous disclosure rules for mortgage broker in British Columbia, according to the MBRCC; much to the confusion of one leading industry player.
MBABC takes fee disclosure concern to regulator MORTGAGE BROKER NEWS
10/17/2015 10:44:52 PM
In a letter to The Registrar of Mortgage Brokers, the MBABC is voicing its disagreement with upcoming changes around fee disclosure requirements in British Columbia.
Donations to Alberta's NDP plummet in most recent fiscal update
10/17/2015 10:37:10 PM
Here you can type the beginning of your post. It will be displayed on the main page of the blog.
Federal Access to Information law 'effectively crippled': new study
10/17/2015 10:29:24 PM
Jim Bronskill, The Canadian Press
Published Friday, October 16, 2015 11:17AM EDT
Last Updated Friday, October 16, 2015 1:17PM EDT

OTTAWA -- The federal access-to-information law is "effectively crippled" as a means of promoting accountability, says a new study that tested open records legislation across the country.

Leaders rally across Canada in campaign's last hours
10/17/2015 10:25:40 PM

Leaders rally across Canada in campaign's last hours

Christina Commisso, CTVNews.ca
Published Saturday, October 17, 2015 3:13PM ED
Canada election: will anti-Harper sentiment be enough to bring progressives to power?
10/17/2015 10:23:30 PM

Polling suggests Stephen Harper could lose to Justin Trudeau, but as Canadians prepare to vote on 19 October, recent election upsets in the UK and Israel have taught observers to take polls with a grain of salt.

Mad about your mortgage? Twitter is your best friend
10/17/2015 9:57:30 PM

Mad about your mortgage? Twitter is your best friend

Mortgage Refinance Interest Savings (Canadian)
10/17/2015 9:30:52 PM
How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with new loan amortization, rate and closing costs. We will then determine how much interest refinancing can save you.
Monthly housing expenses worksheet
10/17/2015 9:15:25 PM

Monthly housing expenses worksheet

Summary: Three steps to successful mortgage shopping
10/17/2015 9:13:36 PM

Summary: Three steps to successful mortgage shopping

Your rights and responsibilities
10/17/2015 9:12:23 PM

Federally regulated financial institutions (such as all banks, as well as some insurance companies and trust and loan companies) must provide you with certain important information about your mortgage, in clear language, in or with your mortgage agreement. Depending on what type of mortgage you get, the information required can vary. The most important information will be summarized in a box like the examples below.

Other costs to consider
10/17/2015 9:10:47 PM

Closing costs are upfront costs that you must pay when you purchase a home, usually before you move in. Your lawyer can help explain these costs. In addition to your down payment, you must have funds available to cover these extra costs.

Qualifying for a mortgage
10/17/2015 9:00:11 PM

Mortgage lenders or brokers will use your financial information, including your income and debts, to determine how much they can lend you. They will use two financial formulas to help them:

Understanding the pre-approval process
10/17/2015 8:58:26 PM

A pre-approval is a preliminary discussion with a potential mortgage lender to find out the maximum amount they will lend you and at what interest rate. With a pre-approval, you can do the following:

Check your credit report first
10/17/2015 8:57:01 PM

Before you start shopping around for a mortgage, you should order a copy of your credit report to make sure it does not contain any errors. A credit report is a summary of your financial history. It shows your previous and current debts, and whether or not you’ve had any problems in the past paying off those debts.

Mortgage options
10/17/2015 8:53:31 PM

Porting a mortgage refers to transferring some or all of the terms and conditions and outstanding balance of the mortgage on your existing home to a new property while remaining with the same lender.

Home equity lines of credit (HELOC)
10/17/2015 8:51:48 PM

A home equity line of credit (HELOC) is a revolving line of credit secured by your home. You can borrow money up to the credit limit, which is usually a percentage of your home’s value.

Mortgage security registration: standard charge or collateral charge
10/17/2015 8:50:23 PM

When you are shopping around for a mortgage, ask each lender you contact whether they will register the mortgage security as a standard charge or a collateral charge. Standard charges are also known as conventional charges, non-collateral charges, traditional charges, traditional residential mortgages, residential mortgages, deeds of hypothecary loan and retail mortgages.

Other insurance options
10/17/2015 8:47:36 PM

Mortgage life insurance pays the balance on your mortgage to the lender in the event of your death. This can be useful if you have dependants or a spouse who might like to stay in the home after your death, but who might not be able to continue making the same mortgage payments as before.

Mortgage default insurance
10/17/2015 8:46:03 PM

Mortgage default insurance (sometimes called mortgage loan insurance) protects the mortgage lender in case you are not able to make your mortgage payments. It does not protect you.

Payment frequency
10/17/2015 8:42:02 PM

Payment frequency refers to how often you make your mortgage payments. Options include:

Interest rates: fixed, variable or hybrid
10/17/2015 8:40:42 PM

When you apply for a mortgage, lenders may offer you options with either fixed or variable interest rates. Some lenders also offer a “hybrid” option that combines fixed and variable portions in the same mortgage.

Mortgage term
10/17/2015 8:37:41 PM

The mortgage term is the length of time your mortgage agreement, including the interest rate, will be in effect. Terms can range from just a few months to five years or longer.

Amortization period
10/17/2015 8:34:12 PM
The amortization period is the length of time it takes to pay off a mortgage in full.
Mortgage types: open or closed
10/17/2015 8:32:57 PM
Most lenders offer two types of mortgages: open and closed.
Mortgage payments: interest versus principal
10/17/2015 8:31:24 PM
  • Payments are split between interest and principal. For each mortgage payment you make, the money is first used to pay the interest on your mortgage loan. The rest of your payment is then used to reduce the principal, which is the amount that you borrowed from the lender.
Home Buyers’ Plan Financial Consumer Agency of Canada
10/17/2015 8:29:52 PM

The Home Buyers’ Plan (HBP) allows you to withdraw money from your Registered Retirement Savings Plan (RRSP) tax-free to use for a down payment.

You must meet certain conditions to be eligible for the HBP. For more information, contact the Canada Revenue Agency (CRA).

Step 1: Know what you need and want in a mortgage
10/17/2015 8:28:02 PM
Financial Consumer Agency of Canada MORTGAGE INFORMATION
10/17/2015 8:26:13 PM

Buying your first home: Three steps to successful mortgage shopping

Hazel McCallion To Harper In New Liberal Ad: 'Stephen, Do I Look Scared To You?' CANADA ELECTION NEWS
10/17/2015 6:29:15 PM

A woman described as a Canadian political legend is accusing Stephen Harper of behaving like a phone scammer who targets seniors.

Rick Mercer's Last Rant Before Election Nails Politics' Biggest Problem CANADA ELECTION NEWS
10/17/2015 6:15:51 PM

Rick Mercer's Last Rant Before Election Nails Politics' Biggest Problem

Doug Ford Says Justin Trudeau Can't Lead Because He Smoked Weed The Huffington Post Canada | By Jesse Ferreras Posted: 10/15/2015 6:33 pm EDT Updated: 10/15/2015 6:59 pm EDT CANADIAN ECONOMY NEWS
10/17/2015 6:12:38 PM

Doug Ford Says Justin Trudeau Can't Lead Because He Smoked Weed

Posted: Updated:

Joseph Boyden On Harper, First Nations, The Election, And Canadian Racism
10/17/2015 6:07:59 PM

The irony of this federal election campaign is that no matter who is elected on Oct. 19, many of the most pressing issues — energy, housing, health care — ultimately fall under provincial jurisdiction. There’s really only so much that the next government can do on its own.

Texas Oil Tycoon T. Boone Pickens' $700-Million NAFTA Lawsuit Against Ontario Nears End CANADA ECONOMY NEWS
10/17/2015 6:02:04 PM

Texas Oil Tycoon T. Boone Pickens' $700-Million NAFTA Lawsuit Against Ontario Nears End

Blue Jays A Drag On The Economy? CIBC Says Yes Maybe
10/17/2015 5:58:20 PM

You might think that the Blue Jays’ winning streak this year has been good for the economy, as excitement around the team pushes up ticket and sports-bar sales.

With Election Looming, Canadian Business Mood Turns Downright Foul MORTGAGE BROKER NEWS
10/17/2015 5:53:47 PM

With Election Looming, Canadian Business Mood Turns Downright Foul

Why You Might Want To Switch To A Fixed-Rate Mortgage
10/16/2015 9:03:16 PM
OTTAWA — The difference between the interest on a variable-rate mortgage over a fixed-rate loan has shrunk compared to where it was just a few years ago, making fixed-rate offerings more tempting.
Posted: Updated:
Personal debt level concerns are overblown…! MORTGAGE BROKER NEWS
10/16/2015 8:47:40 PM
There’s a lot of talk in the media about Canadians carrying too much debt.   We’re getting hammered with messages of ‘record high personal debt levels’.   It’s true.  Our mortgage balances are higher, car loans are higher, student loans are higher, personal loans and lines of credit balances are higher.

Consider penalties as well as rate when shopping for a mortgage MORTGAGE BROKER NEWS
10/16/2015 8:44:19 PM
OTTAWA -- Mortgage rates are near-record lows, but brokers say those shopping around for a loan should look beyond the rates they're being offered and pay close attention to how much it will cost to break their mortgages.
Craig Wong, The Canadian Press
Published Thursday, October 15, 2015 9:55AM EDT
It's time for many Canadians to abandon the 20% down-payment rule MORTGAGE BROKER NEWS
10/16/2015 8:31:29 PM

You’re the buyers who keep pushing house prices higher in cities such as Vancouver, Toronto and Hamilton. Incomes are edging higher in these cities, prices are surging. If you’re primed to buy anyway, then listen up. Stop trying to save a 20-per-cent down payment and get into the market now.

Tragedy Shakes Mortgage Industry MORTGAGE BROKER NEWS
10/16/2015 8:28:58 PM
Shock and sadness are reverberating throughout Canada’s mortgage industry following an apparent murder-suicide that has struck painfully close to one of its own.
An economy renowned for sobriety has binged on debt MORTGAGE BROKER NEWS
10/16/2015 8:24:12 PM

WHEN Lehman Brothers collapsed in 2008 and the world economy entered its worst slump since the Great Depression, Canada stood out as a haven of tranquillity. Its economy contracted along with those of other rich countries. But Canadian borrowers and banks had not indulged in the subprime follies of the United States and parts of Europe. Its recession was milder and its recovery stronger, partly thanks to higher oil prices. Canada performed so well that Britain poached its central-bank governor, Mark Carney, to run the Bank of England.

BMO Wealth Institute Report: A Quarter of Canadians Are Using Debt to Build Wealth MORTGAGE BROKER NEWS
10/16/2015 8:20:21 PM

- Thirty-six per cent of Canadians say debt makes them feel nervous and insecure - Forty-seven per cent of Canadians believe that the high level of debt in Canada has been influenced by rising real estate values - Low interest rates have persuaded 35 per cent of Canadians to pay down their mortgage

Finance Canada closely monitoring shadow mortgage lenders: Documents
10/16/2015 8:14:17 PM

TORONTO -- Government documents suggest the federal Department of Finance is keeping close tabs on shadow mortgage lenders, a fast-growing segment of the market that could threaten the country's financial stability if left unregulated.
Alexandra Posadzki, The Canadian Press
Published Thursday, October 15, 2015 5:49AM EDT

10/16/2015 8:11:57 PM

As a broker, most lenders give you a heads up before they raise rates. It’s a professional courtesy, and an important one.
October 13, 2015  Robert McLister  845

Regulators hint at coming rule change
10/16/2015 8:09:14 PM
FICOM will soon implement more rigorous disclosure rules for mortgage broker in British Columbia, according to the MBRCC; much to the confusion of one leading industry player.
by |
Government eyeing ‘shadow’ lenders
10/16/2015 8:07:03 PM
Documents from a meeting between the Department of Finance, the Bank of Canada, and CMHC suggest the department of finance is keeping a close eye on private mortgage lenders – but do brokers have anything to worry about?
by |
Will mortgage market save Harper from poor job numbers? MORTGAGE BROKER NEWS
10/16/2015 8:04:48 PM
“The last employment report before the October 19 federal election has to be disappointing for the Harper campaign,” said Dr. Sherry Cooper, chief economist with Dominion Lending Centres. “The unemployment rate edged up to 7.1% - slightly higher than the 7% posting in August - and employment grew a mere 12,000, in line with modest expectations.”
by |
Tories look to borrow a page from Australian playbook MORTGAGE BROKER NEWS
10/16/2015 8:03:16 PM
As voters get ready to head to the polls on Monday, investors are still being wooed by the incumbent Conservatives who are promising to consider a ban on foreign investors who to buy existing residential housing in tight markets such as Toronto and Vancouver, an idea they’ve borrowed from their counterparts down under.
by |
Home prices continue to grow MORTGAGE BROKER NEWS
10/16/2015 8:01:41 PM
The indomitable Vancouver and Toronto markets continue to drive housing price gains, evidence of inventory challenges that continue to plague key markets.
by |
‘Viking of the mortgage industry’ conquers the airwaves MORTGAGE BROKER NEWS
10/16/2015 7:59:35 PM
If you listen to the radio – specifically 102.1 The Edge in Toronto – you might have noticed a unique advertisement by a mortgage broker who refers to himself as the Mortgage Warrior.
by |
Candidates weigh in on BoC MORTGAGE BROKER NEWS
10/16/2015 7:57:22 PM
If these politicians have their way, the Bank of Canada’s mandate will not be altered once they take office.
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Sorry experts, the housing market sky isn’t falling MORTGAGE BROKER NEWS
10/16/2015 7:55:35 PM
“There is a lot of work involved in taking that press and taking the spin out of it – to put the facts into perspective and actually mitigate the sensational headlines,” said Peter Juretic, a director at MCAP.
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Access and marketability key when getting a mortgage on a cottage MORTGAGE BROKER NEWS
10/15/2015 2:19:54 AM
OTTAWA -- Whether you call it a cottage, a cabin or a camp, when the temperature begins to rise, the dreams of sitting on the dock at a place of your own start this time of year.
Craig Wong, The Canadian Press
Published Thursday, May 21, 2015 11:11AM EDT
Self-employed Canadians looking to buy homes face tougher rules MORTGAGE BROKER NEWS
10/15/2015 2:15:45 AM

 TORONTO -- Cameron Klem, a business owner in the construction industry, is looking to sell his home in Edmonton and buy a new one closer to the school his fiancee, a teacher, has been transferred to.

Alexandra Posadzki, The Canadian Press
Published Monday, July 27, 2015 6:07AM EDT
New home construction slows, especially in Calgary: CMHC
10/15/2015 2:12:10 AM

New home construction slowed in July for the first time in three months, mostly as a result of fewer multi-unit projects started in urban areas -- particularly Calgary, said the Canada Mortgage and Housing Corp. Tuesday.

an Bickis and David Paddon, The Canadian Press
Published Tuesday, August 11, 2015 9:41AM EDT
Last Updated Tuesday, August 11, 2015 5:14PM EDT
Nearly one in six couldn't handle $500 increase in mortgage payment: poll MORTGAGE BROKER NEWS
10/15/2015 1:56:17 AM

OTTAWA - Nearly one in six Canadians would not be able to handle a $500 increase in their monthly mortgage payments, a new survey from the Bank of Montreal suggests.

Tories would gather data on foreign home ownership if re-elected: Harper MORTGAGE BROKER NEWS
10/15/2015 1:51:55 AM

Conservative Leader Stephen Harper said on Wednesday that his government, if re-elected, would begin collecting data on foreign ownership of Canadian real estate – and would consider new taxes and regulations to ensure housing remained affordable.

HomeNews Mortgage Brokernews Home News TV Forum E-mag Special reports Profiles Subscribe Advertise Buyers breaking rules to purchase real estate MORTGAGE BROKER NEWS
10/15/2015 1:50:06 AM
A Globe and Mail investigative report revealed affluent Chinese investors are breaking one of their country’s laws -- which limits the amount of money that can be removed per year – often to purchase Vancouver real estate; all with the help of large financial institutions.
Brokers, this should help you plan your business until 2019 MORTGAGE BROKER NEWS
10/15/2015 1:33:08 AM
One of Canada’s largest banks has released an economic forecast, which includes an interest rate outlook that goes as far as 2019 – so when can brokers expect to see rate hikes?
In the lead-up to CAAMP, lenders have already divulged some new products
10/15/2015 1:31:16 AM
It may be raining in Whistler, but brokers attending the Dominion Lending Centres National Sales Conference didn’t let that dampen their spirits at a tradeshow where Caesars flowed as well as product news from major lenders.
Putting together a follow-up marketing system that works MORTGAGE BROKER NEWS
10/15/2015 1:27:44 AM
It has been reported that over 80% of mortgage professionals fail within their first two years! That’s a staggering statistic. My hunch is, most of these mortgage professionals throw in the towel, not because they dislike the business, but because they can’t afford to eat. I know several cases where they exit the business with their families in total financial ruin. And believe it or not, it gets worse.
Providing training to Realtors pays off, says broker MORTGAGE BROKER NEWS
10/15/2015 1:24:48 AM
They’re two of the biggest broker networks in the country, and their brokers – and the industry -- benefit from the expertise of dedicated economists.
Brokers on a big industry advantage MORTGAGE BROKER NEWS
10/15/2015 1:22:47 AM
They’re two of the biggest broker networks in the country, and their brokers – and the industry -- benefit from the expertise of dedicated economists.
Broker accountability on private mortgages MORTGGAGE BROKER NEWS
10/15/2015 1:18:49 AM
As private deals become more prevalent, brokers need to be aware of their responsibilities not only to the client, but to the lenders as well.
Credit Union gets international cred with B-Corp certification MORTGAGE BROKER NEWS
10/15/2015 1:15:27 AM
“We are proud to be Canada’s first credit union to become B-Corp (B-Corporation) certified,” said DUCA Financial Services Credit Union’s President and CEO Richard Senechal. “The achievement underlines DUCA’s core values of putting people before profits and empowering our members to do more, be more and achieve more.”
Leading lender provides tips to expedite deals MORTGAGE BROKER NEWS
10/15/2015 1:10:10 AM
Brokers have dealt with longer than average turnaround times for deals this year and one lender has some advice for players.
Poloz hints at future policy MORTGAGE BROKER NEWS
10/15/2015 1:07:17 AM
Brokers can breathe a sigh of relief, following Stephen Poloz’s latest comments on what role the central bank should play in setting economic policy.
Programs and Financial Assistance
10/14/2015 6:50:29 PM

Did you know that CMHC invests $2 billion a year to help Canadians find quality, affordable homes?

Adaptable Homes
10/14/2015 6:49:00 PM
Adaptable housing design allows homes to be easily modified to meet changing needs over time, while reducing future renovation costs.
Accessible Homes
10/14/2015 6:48:07 PM
Accessible housing design accommodates everyone, including those with disabilities, including houses that are minimally accessible, houses that can easily be made accessible at a later date and houses that are completely accessible.
Green Housing
10/14/2015 6:46:30 PM
CMHC provides information to help you understand green building and renovating practices, ways to save both energy and water and how to make your home a healthier place for your family.
RENTERS Moving Out
10/14/2015 6:45:11 PM
You've found a better place to rent or maybe you've purchased your own home. It's time to move again. This segment is designed to help you through the transition.
RENTERS Issues During the Tenancy
10/14/2015 6:44:27 PM
This section addresses practical tenancy issues such as: process for regular repairs, defining emergency repairs, handling landlord-tenant conflicts, rent increases and lease renewals.
RENTERS Once a Rental Agreement has been Made
10/14/2015 6:43:38 PM
Planning the move, arranging new services, packing: now that you have rental agreement, you must take care of many things. These six sections will help you prepare for the transition to your new residence.
RENTERS Renting a Place to Live
10/14/2015 6:42:22 PM
You're prepared to look for a place to live and you have an appointment to visit a prospective rental accommodation. The information in this section will help you evaluate accommodations.
RENTERS Getting Started
10/14/2015 6:41:25 PM
Whether you are a first-time renter or an experienced tenant, finding the right place takes effort and time. The seven parts in this section will help you prepare to look for rental accommodations.
Settling in Canada City of Windsor PROFILE
10/14/2015 6:38:54 PM
Windsor is known as “the Quiet Giant.”  It has been named the “#1 Best Small City in North America” by London’s Financial Times, and one of the “Most Intelligent Communities in the World.”
Settling in Canada Waterloo Region PROFILE
10/14/2015 6:35:42 PM
Waterloo Region is a vital, prosperous place to live and work. The Region is a unique blend of three cities – Cambridge, Kitchener and Waterloo, and four rural townships –North Dumfries, Wellesley, Wilmot and Woolwich.
Settling in Canada City of Vernon PROFILE
10/14/2015 6:33:00 PM
Vernon is the northern hub of BC’s Okanagan Valley, known for its spectacular natural setting, recreational opportunities and warm climate.
Settling in Canada City of Sherbrooke PROFILE
10/14/2015 7:59:37 AM
Surrounded by lakes and mountains, Sherbrooke can be compared to an oasis in the heart of the Eastern Townships. The city benefits from the best advantages of both city and country living!
Settling in Canada City of Sudbury PROFILE
10/14/2015 7:55:05 AM
Greater Sudbury is known as the “Capital of the North”, an educational, cultural, business and transportation hub for the entire region.
Settling in Canada St. John’s PROFILE
10/14/2015 7:50:34 AM
St. John’s offers all the amenities of the greater Canadian community while keeping its “small town,” European flavour.
Settling in Canada City of Saskatoon PROFILE
10/14/2015 7:39:02 AM
Saskatoon is recognized as one of the best places to live in Canada, successfully combining big city amenities with small town hospitality.
Settling in Canada City of Saint John PROFILE
10/14/2015 7:33:34 AM
The Saint John Community is situated on the world-renowned Bay of Fundy, just 110 km from the US border. This strategic location on Canada’s Atlantic seaboard provides ready access to major markets in Atlantic Canada, Quebec, Ontario, and the northeastern United States
Settling in Canada ity of Québec PROFILE
10/14/2015 7:29:11 AM
A prosperous, attractive and friendly capital city, Québec is the cradle of French civilization in North America. The only fortified city north of Mexico, Québec has managed to retain its European flavour and highlight its extraordinary rich heritage.
Settling in Canada City of Ottawa PROFILE
10/14/2015 7:24:58 AM
Ottawa is one of the most beautiful capital cities in the world. A thriving business and government centre, Ottawa is also rich in culture and heritage with its many national institutions, parklands, waterways and historic architecture.
Settling in Canada Niagara Region PROFILE
10/14/2015 7:21:17 AM
Niagara Region is a world-famous tourist destination for over 14 million people every year. It is also a wonderful place to live. The region is well known for its many parks, beaches, bike paths, waterways and sports facilities.
Settling in Canada City of Moncton PROFILE
10/14/2015 7:17:50 AM
Moncton is the fastest growing urban centre in Atlantic Canada – and one of Canada’s best places to do business.
Settling in Canada City of Lethbridge PROFILE
10/14/2015 7:05:46 AM
Located at the heart of a large trading area, only two hours from Calgary and one hour from the US border, Lethbridge sits on the doorstep of the Canadian Rockies and two UNESCO world heritage sites.
Settling in Canada Halifax Region Municipality PROFILE
10/14/2015 7:01:13 AM
Halifax is Atlantic Canada’s hub city — bringing together industry, commerce, and regional decision-makers in a beautiful and historic city.
Settling in Canada City of Gatineau PROFILE
10/14/2015 6:57:25 AM
Gatineau offers all the advantages of a big city without the inconveniences. People-centred, this city boasts countless green spaces, large sports and cultural facilities, as well as an efficient transit system.
Settling in Canada Edmonton PROFILE
10/14/2015 6:53:31 AM
Edmonton is a booming capital city of over a million people in the centre of Alberta — a province with one of the richest reserves of oil and natural gas in the world.
Settling in Canada Durham PROFILE
10/14/2015 6:46:36 AM
Durham Region is located right next to Toronto, offering easy access to Canada’s largest city without the chaos of downtown living.
Settling in Canada City of Drummondville PROFILE
10/14/2015 6:41:17 AM
Referred to as the capital of expression and traditions, Drummondville showcases tourist attractions that are centred on the cultures of yesterday and tomorrow.
Settling in Canada City of Chatham-Kent PROFILE
10/14/2015 6:34:54 AM
Chatham-Kent is a safe affordable group of 23 cities, towns and villages in the heart of south-western Ontario.
Settling in Canada Brandon Profile
10/14/2015 6:21:43 AM
Brandon is a welcoming community offering the employment and educational opportunities of Manitoba’s second largest city within minutes of quiet country living.
Settling in Canada Abbotsford PROFILE
10/14/2015 6:04:02 AM
Abbotsford calls itself “The City in the Country.” It is a thriving, rapidly growing city surrounded by the lush and fertile Fraser Valley. Abbotsford is close to multicultural Vancouver, sandy ocean beaches, mountains, lakes, parks and farms.
Settling in Canada
10/14/2015 5:57:54 AM
Many newcomers know about Canada’s biggest cities: Toronto, Montréal and Vancouver. But there are many other Canadian cities ready to welcome you. These cities have good jobs, good schools, and housing that often costs much less than in the big cities. Use this guide to find a city you can call home.
Guide to Co-operative Housing
10/14/2015 5:55:20 AM
Co-ops come in many different shapes and sizes, ranging from collections of townhouses and small buildings with 4 – 12 units to large apartment-style buildings with hundreds of units.
CMHC Green Home
10/14/2015 5:53:33 AM

Energy-Efficient Housing Made More Affordable with Mortgage Loan Insurance

Canada’s Housing Construction System
10/14/2015 5:48:48 AM
The purpose of this document is to foster understanding of the elements of the system of construction and operation of buildings and houses in Canada.
10/14/2015 5:46:12 AM
CMHC is the Government of Canada's national housing agency and the go-to resource to better help you settle in Canada.
LANDLORDS Resources for Landlords.
10/14/2015 5:40:41 AM
Presents resources and online links that offer valuable information for landlords and property managers.
LANDLORDS When Taking Legal Action, be Meticulous.
10/14/2015 5:38:48 AM
This section outlines steps you can take to handle complaints and offers tips that will help you if you need to take legal action.
LANDLORDS When the Tenancy Ends.
10/14/2015 5:37:43 AM
Provides information on conducting a final inspection, returning deposits and ending a rental agreement.
LANDLORDS Dealing with Problems.
10/14/2015 5:36:36 AM
Summarizes the landlord's obligations and refers to relevant information in the various province-specific pages.
LANDLORDS Now that You've Found New Tenants
10/14/2015 5:35:34 AM
Information on deposits, rent increases and how to finalize a tenancy.
LANDLORDS Marketing Your Rental Unit.
10/14/2015 5:34:34 AM
These tips will help you find tenants.
LANDLORDS Just Starting? Get Informed.
10/14/2015 5:32:30 AM
Helps new landlords familiarize themselves with the relevant rules and regulations.
10/14/2015 5:31:21 AM
Whether you rent multiple units in a high-rise or an apartment in your basement, you need to know many things about finding tenants and making your rental business work to your advantage.
Government of Canada Homeownership Incentives
10/14/2015 5:28:59 AM
Canada’s Economic Action Plan introduces measures that provide you with additional benefits to help you realize your dream of homeownership.
10/14/2015 5:26:56 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory.
10/14/2015 5:25:50 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory.
10/14/2015 5:22:15 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory.
10/14/2015 5:21:09 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory.
10/14/2015 5:20:01 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory.
10/14/2015 5:18:43 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory.
10/14/2015 5:17:28 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory.
10/14/2015 5:16:16 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory.
10/14/2015 5:14:45 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory.
10/14/2015 5:11:23 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory.
10/14/2015 5:10:12 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory.
British Columbia CONDO FACT SHEET
10/14/2015 5:08:20 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory. (BRITISH COLUMBIA)
10/14/2015 5:05:06 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory. (ALBERTA FACT SHEET)
Provincial/Territorial Fact Sheets FOR CONDO OWNERS
10/14/2015 5:03:08 AM
Before you buy a condominium, it’s important that you be familiar with how laws related to condominiums work in your province or territory.
Condominium Buyer’s Guide GLOSSARY
10/14/2015 5:00:38 AM
Demystify condominium terminology with this list of commonly used words and phrases.
Chapter 5: Checklists, Tips and FAQ's
10/14/2015 4:58:30 AM
Information that will help you find a condominium that is right for you.
Chapter 4: Buying a Condominium
10/14/2015 4:53:57 AM
Know what to look for whether you’re buying a new or a resale condominium as well as the costs you need to factor into your budget.
Chapter 3: The Pros and Cons of Condominium Ownership
10/14/2015 4:51:08 AM
Find out if condominium ownership fits with your lifestyle, financial situation and personality.
Chapter 2: Condominium Governance
10/14/2015 4:50:09 AM
Read about how condominium corporations are run and rules that govern day-to-day condominium living.
Chapter 1: Condominium Basics
10/14/2015 4:48:57 AM
Learn how condominium ownership differs from other forms of homeownership.
Condominium Buyer’s Guide
10/14/2015 4:47:53 AM
This Guide will give you the basic background information you need to figure out if condominium ownership is really for you. It will identify key questions to ask — and the people you should be asking — before you make this important purchase.
FAQs: Mortgage Loan Insurance
10/14/2015 4:45:53 AM
Frequently Asked Questions on mortgage loan insurance.
Home Renovation Financing Options
10/14/2015 4:44:25 AM
Information for a number of financing options, along with practical advice to consider before starting your renovation project.
Financing an Energy-Efficient Home or Energy-Saving Improvements is Easier than You Think
10/14/2015 4:43:25 AM
You could be eligible for a 10% refund on your mortgage loan insurance premium from CMHC when you purchase an energy-efficient home or make energy-saving renovations.
Homebuying Tools — Calculators
10/14/2015 4:42:11 AM
Easy to use mortgage tools to help you establish your financial situation, determine how much house you can afford and the maximum price that you should be considering.
Dealing with Mortgage Payment Difficulties
10/14/2015 4:40:21 AM
Learn how you can work with your lender to find the best solution for your mortgage payment problems.
10/14/2015 4:35:17 AM
As Canada’s national housing agency, CMHC is uniquely positioned to offer you a range of financing options to ensure you have access to a wide choice of quality, affordable housing.
10/14/2015 4:32:40 AM
To obtain CMHC Mortgage Loan Insurance, lenders pay an insurance premium. Typically, your lender will pass these costs on to you.
10/14/2015 4:29:36 AM
Not sure? If insured through CMHC, you can work out the mortgage loan that you can afford, with just a few simple calculations.
10/14/2015 4:24:27 AM

What are the General Requirements to Qualify for Homeowner Mortgage Loan Insurance?

CMHC MORTGAGE LOAN INSURANCE Who needs mortgage insurance?
10/14/2015 4:21:59 AM
Typically, lenders require mortgage loan insurance for loans made to anyone that wishes to purchase a home with less than 20% of the purchase price.
10/14/2015 4:20:38 AM
The Canadian housing finance system has benefited over the years from the simplicity and stabilizing effect of mandatory mortgage loan insurance but what does this mean for you?
What is CMHC Mortgage Loan Insurance?
10/14/2015 4:17:20 AM
Provides a brief outline of the structure and benefits of CMHC Mortgage Loan Insurance.
What is CMHC Mortgage Loan Insurance?
10/14/2015 4:12:00 AM
Provides a brief outline of the structure and benefits of CMHC Mortgage Loan Insurance.
10/14/2015 4:06:54 AM
These user-friendly checklists and worksheets will help you all throughout the home buying process.
Words to Know When Buying a Home
10/14/2015 4:05:34 AM
This glossary provides simple yet accurate definitions of certain terms you may encounter in the Homebuying Step by Step guide.
Step 5: Now That You're a Homeowner
10/14/2015 4:04:30 AM
Practical advice for homeowners on their financial responsibilities as well as the importance of home maintenance and renovations.
Step 4: The Buying Process
10/14/2015 4:03:11 AM
Before you start searching for a home you need to think about your current and future housing needs and what characteristics are important to you in a home.
Step 3: Which Home is Right for You?
10/14/2015 4:01:59 AM
Once you have a good idea about your finances, you’ll need to think clearly about the home you’d like to buy. You need to think about your current and future housing needs and what characteristics are important to you in a home.
Step 2: Are You Financially Ready?
10/14/2015 3:57:18 AM
This step guides you through some simple calculations to figure out your current financial situation, and the maximum home price that you should consider.
Step 1: Is Homeownership Right for You?
10/14/2015 3:55:48 AM
Buying a home is one of the biggest emotional and financial decisions you'll ever make. Prepare by learning about the process of home buying and the responsibilities of homeownership.
CMHC's Homebuying Step by Step guide
10/14/2015 3:50:20 AM
CMHC's Homebuying Step by Step guide is here to make things easier for you by providing the information you need to make a wise homebuying decision.
How to Buy a Home
10/14/2015 3:48:29 AM

Register for Our E-Learning Course on Buying a Home

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