It’s good news for homeowners, and, indeed, investors, with the federal banking regulator now clarifying its position on re-qualifying borrowers at renewal — effectively maintaining the status quo. “The following provides a brief description of OSFI’s decisions on key issues, which will be reflected in the final Guideline,” writes the regulator in a letter sent […]

Canada suffered its slowest sales growth in May, thanks in large part to good old T.O., according to new Realtor data. The number of homes sold in Toronto rose 11 percent, which was down from an increase of 18 percent in April. Price growth also slowed, with the average sales gain coming in at 6.5 […]

It’s official, Canadians are still piling on debt, just at a slower rate. The latest numbers from Statistics Canada put the debt-to-disposable-income ratio at 152% as of the end of the first quarter this year. That’s up from 150.5% in the last quarter of 2011. However, borrowing growth actually slowed in Q1 to 0.9%. The […]

Verifying The Down Payment The down payment on a home, especially for first time home buyers, is an important part of obtaining a mortgage. From the buyer’s perspective, understanding what documentation the lender needs is essential. To qualify for the mortgage, the lender will want to verify the down payment amount and where the money […]

BILL CURRY, GRANT ROBERTSON and TARA PERKINS OTTAWA AND TORONTO — The Globe and Mail Published Wednesday, Jun. 20 2012, 9:25 PM EDT Last updated Thursday, Jun. 21 2012, 7:53 AM EDT The federal government is moving again to tighten the rules on mortgage lending in Canada amid growing concerns that the housing market is […]

The reprieve Canadian brokers thought they had is no longer, with the Finance head confirming he will now lower the maximum amortization on an insured mortgage to 25 years and cap refinances at 80 per cent of a home’s value. But there’s more, Jim Flaherty said at a press conference in Ottawa Thursday: His government […]