Bank of Canada Decreases Interest Rates by 0.50%
Economic News / Mortgage News / Mortgages

Bank of Canada Decreases Interest Rates by 0.50%

The Bank of Canada dropped their key target for the overnight rate by 0.50% to 2.50% this morning along with other global central banks including the US, England, Japan, European Central Bank, US Federal Reserve System, Swiss National Bank and Sweden’s Riksbank. This was a co-ordinated effort to try and help the current financial meltdown. … Continue reading »

Bank of Canada Holds Interest Rates Again
Economic News / Mortgage News / Mortgages

Bank of Canada Holds Interest Rates Again

The Bank of Canada announced that it is keeping its target overnight interest rate at 3%. The bank stated that the 3 major reasons for keeping interest rates steady in July remained in August, namely: the course of the U.S. economy ongoing turbulence in global financial markets sharp increases in commodity prices, the risk identified … Continue reading »

Mortgage Survey Reveals 75% of Canadians Agree With New Lending Rules
Mortgage News / Mortgages

Mortgage Survey Reveals 75% of Canadians Agree With New Lending Rules

ResMor Trust did a survey of 1,000 Canadian across the country 18 years of age or older, to gauge their thoughts on the new mortgage lending rulesannounced by the government a few weeks ago. The main points include:   23% of Canadians do not agree with the recent federal changes to mortgage lending rules Opposition … Continue reading »

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 »