Mortgage Lenders Closing Canadian Operations
Mortgage News / Mortgages

Mortgage Lenders Closing Canadian Operations

GE Money Canada, a subsidiary of General Electric, has decided to stop its Canadian alternative mortgage business this week, as part of a corporate strategic shift away from consumer finance, which was reported in the Financial Post. They will no longer accept new applications but will continue to honour their current commitments. This decision was … Continue reading »

Loyalty to Banks Over Canadian Mortgage Brokers Continues
Mortgage News / Mortgages

Loyalty to Banks Over Canadian Mortgage Brokers Continues

August 7th, 2008 – Today, RateSupermarket.ca, (www.RateSupermarket.ca), announced the results of its latest survey which revealed that mortgage shoppers remain loyal to their own banks over other funding options such as Canadian mortgage brokers, trusts and credit unions. The website asked visitors where they obtained their last mortgage from and almost half of respondents said … Continue reading »

Canadian Conservatism Helping to Avoid Mortgage Market Meltdown
Mortgage News / Mortgages

Canadian Conservatism Helping to Avoid Mortgage Market Meltdown

The Financial Times reported last week that the Canadian mortgage market remains ‘Boring but Beautiful’ and “an air of quiet self-congratulation has pervaded the mortgage-finance industry”. I think this is a fantastic way to look at how Canadian’s conservative nature at both a personal and government level has helped us avoid the major mortgage market … Continue reading »

Canadian Housing Market Strong Compared to Foreign Markets
Economic News / Mortgage News / Mortgages

Canadian Housing Market Strong Compared to Foreign Markets

The Canadian Real Estate Association (CREA) has released Q1 2008 stats. The results thus far seem to indicate that the housing market in Canada is definitely starting to slowdown, however, it is performing much better than in many other countries. Canadian House Prices: residential MLS® average price set new records for the first half of … Continue reading »

Canadian Housing Market is Safe according to the Finance Minister
Economic News / Mortgage News / Mortgages

Canadian Housing Market is Safe according to the Finance Minister

According to a report by Canoe the Canadian Finance Minister Jim Flaherty has said their are no housing worries in Canada and the government isn’t worried about a subprime housing bubble as we’re seeing in the US. At an event in Calgary he said:   “There is no bubble in the Canadian housing sector,”   … Continue reading »

Bank of Canada holds interest rates steady at 3%
Mortgage News / Mortgages

Bank of Canada holds interest rates steady at 3%

The Bank of Canada decided to hold the target overnight rate steady at 3%.  They cited: “Three major developments are affecting the Canadian economy: the protracted weakness in the U.S. economy; ongoing turbulence in global financial markets; and sharp increases in many commodity prices.   Other interesting points include: gradual recovery in the U.S. economy … Continue reading »

Canadian government stops guarantees on 40 year and 100% mortgages
Mortgage News / Mortgages

Canadian government stops guarantees on 40 year and 100% mortgages

The Canadian government announced last week that they will stop guaranteeing 40 year and 100% mortgages through the Canadian House and Mortgage Corporation (CHMC) effective October 15th, 2008. The announcement stated: The Government of Canada today announced adjustments to the rules for government guaranteed mortgages aimed at protecting and strengthening the Canadian housing market. The … Continue reading »

Mortgage Rates Canada – Compare Mortgage Rates in Toronto, Calgary, Vancouver and Montreal at The Rate Supermarket
Mortgage News / Mortgages

Mortgage Rates Canada – Compare Mortgage Rates in Toronto, Calgary, Vancouver and Montreal at The Rate Supermarket

With the average internet user in Canada spending almost 43 hours a month online, it seems only obvious that a few hours would be spent by anxious homeowners comparing mortgage rates in Canada, particularly considering the current housing market outlook. To simplify this tedious yet necessary task for people across the country, whether they are … Continue reading »

Bank of Canada holds interest rates at 3%, Prime rates stay at 4.75%
Economic News / Mortgage News / Mortgages

Bank of Canada holds interest rates at 3%, Prime rates stay at 4.75%

The Bank of Canada decided to hold interest rates at 3% this morning. Many people had expected at least a 25 basis point reduction due to the slowing of economic growth and the high risk of higher inflation as energy and food prices continue to increase. The Financial Post reports: “If current levels of energy … Continue reading »