There has been a sea change at the Bank of Canada. No longer are policymakers setting a specific monetary course. For the first time in more than a year, they have dropped any reference to interest rates eventually rising.   At the same time, they’re also taking a less-rosy outlook for the economic climate, in […]

Mortgage fraud in Canada has increased by a staggering 50% in recent years, according to Equifax.   While accounting for only 13% of attempted frauds in 2011, mortgage fraud was responsible for two-thirds, or $400 million, of the estimated dollar amount of financial fraud in Canada. According to John Russo, Vice President of Equifax, that […]

A recent report from the Conference Board of Canada predicts that Canada’s condo sector will not collapse. This has been a topic of much speculation in major Canadian cities like Toronto, where condo development is booming. Some economists have warned that overproduction will affect real estate prices and could pose a risk for the economy.  […]

OSFI has held off on further tweaks to underwriting rules, but amid speculation that it may soon spring into action, one representative has assured MortgageBrokerNews.ca the public – including brokers – will be allowed their say.   “If we decide to revise Guideline B-20, we will undertake public consultations,” said OSFI’s Annik Faucher. “No decisions […]

  About two-thirds of first-time buyers say they’ll purchase a home as planned and are unaffected by new mortgage rules brought in by Ottawa a year ago, says a new survey.   The findings come as the banks continue to increase long-term interest rates in the face of rising bond yields but refuse to bump […]

About two-thirds of first-time buyers say they’ll purchase a home as planned and are unaffected by new mortgage rules brought in by Ottawa a year ago, says a new survey. The findings come as the banks continue to increase long-term interest rates in the face of rising bond yields but refuse to bump up the […]

Canadians accustomed to cheap money are quickly realizing that the era of rock-bottom rates could soon be coming to a close.   Since the worst of the financial crisis, government interest rates in Canada and the United States have remained exceptionally low, and for the past three years government bond yields have kept falling to […]

CMP magazine is holding its sixth annual review of Canada’s Top 75 Brokers for 2012 funded mortgage volume, giving residential brokers the chance to win the top spots based on individual volumes.   In addition to the CMP Top 75, this year marks the second year of the Small Market Top 20 – a list celebrating […]

First-time homebuyers shopping for a mortgage have all the technology at their fingertips to make informed decisions, and financial experts say those resources should arm them with enough knowledge to prepare themselves, and even negotiate a better rate.   “In today’s environment, with so many things on the Internet, social media in general, there’s no […]

The Conservatives’ 2013 federal budget includes a job training grant, the elimination of CIDA, help for manufacturers and tariff cuts on sports equipment. Here are the key highlights. Spending restraint Finance Minister Jim Flaherty proudly noted the budget “contains the smallest increase in discretionary spending in nearly 20 years.” He also said, however, that money […]