Highlights of CAAMP report: – 23% of mortgage borrowers voluntarily increased their regular payments– 19% made lump sum payments– 10% made both lump sum payments and increased their regular payments– 50% of borrowers pay at least $100 per month above their required payments– 74% of borrowers who renewed in the last year saw their rate […]

A new report is backing up broker concerns OSFI is about to fix what ain’t broke – this new research identifying already-reduced amortizations, low arrears and high levels of homeowner equity. “Mortgage borrowers are making significant efforts to accelerate repayment, such as voluntarily increasing their regular payments (23 per cent) and making lump sum payments […]

Canada’s mortgage brokers are warning the banking regulator that its proposed mortgage underwriting rules could result in people losing their homes. The brokers are concerned about a number of the potential rules, but the one that worries them most outlines what banks would have to do when a consumer wants to renew or refinance their […]

National Post/Brent Foster Canada Mortgage and Housing Corp. has been in the crosshairs of the federal government for a while now. Late last month, Ottawa pulled the trigger, announcing the agency would come under tougher scrutiny. OTTAWA — It’s not often a Crown corporation bangs its drum loudly, appears to question market sentiment and misrepresents […]

Consumers with less than 20% down must get mortgage default insurance in Canada if they are borrowing from a federally regulated bank. It doesn’t make much sense, but a skimpy down payment on a home might actually get you a better mortgage rate in today’s market. Blame the government subsidy known as mortgage default insurance, […]

 I suspect everyone in our industry is familiar or has some basic understanding of OSFI’s responsibilities. The Office of the Superintendent of Financial Institutions is an independent agency of the Government of Canada, and the agency reports directly to the Minister of Finance. OSFI’S mandate? Simply stated OSFI’S role is to ensure that Canadians have […]

Support for banks ‘more substantial than Canadians were led to believe’: CCPA report Canada’s biggest banks accepted tens of billions in government funds during the recession, according to a report released today by the Canadian Centre for Policy Alternatives. Canada’s banking system is often lauded for being one of the world’s safest. But an analysis […]

Finance Minister Jim Flaherty would consider taking Canada Mortgage Housing Corp. out of the mortgage default insurance business he told the National Post’s editorial board. ‘I don’t think it’s essential that a government financial institution provide mortgage insurance in Canada’ “Over time, I don’t think it’s essential that a government financial institution provide mortgage insurance […]

The Bank of Canada sounded the alarm on growing household debt on Wednesday, taking aim in particular at the growing tendency of Canadians to take out lines of credit using home equity. While the Bank has repeatedly warned on household debt levels in the past, on Wednesday it provided more detail about the type of […]

When our mortgage came up for renewal about a year ago, my husband and I did what many couples do and debated whether to go variable or fixed. What we never seriously considered was locking in to a fixed rate for a decade – that option wasn’t even on the table. What a difference a […]