Getting a mortgage – will it be tougher?

The federal government will make it tougher for many homebuyers to get mortgages this year as it grapples with an overheated property market, according to analysts in a Reuters poll, who also ruled out the prospect that prices could suddenly crash. Ten of 14 economists and strategists surveyed last week in Reuters’ first poll on […]

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About the Tax Credit for Public Transit

Find out more about the federal income tax credit for weekly or longer duration public transit passes and electronic payment cards, and how the Government of Canada is encouraging the use of public transit to reduce air pollution and greenhouse gas emissions. http://www.transitpass.ca/about_e.asp What is the tax credit for public transit? On July 1, 2006, […]

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Good news for homeowners and investors for re-qualifying

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 […]

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Canada – slowest sales growth in May 2012

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 […]

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Canada's Debt Situation

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 […]

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First Time Buyers – Verifying Your Down Payment

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 […]

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Government to lower amortization, LTV on refis … again

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 […]

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Smaller down payment better rates?

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, which ultimately makes it less risky to lend money to someone who has only 5% down compared to someone with 20%. Consumers […]

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Choosing the right mortgage

New tack stresses sense, not cents Ray Turchansky, Canwest News Service Published: Monday, March 30, 2009 FP Mortgages-Special Report Traditionally, the most important consideration in choosing a fixed or variable mortgage has been which strategy would save the most money. But that might no longer be the case: Choosing a type of mortgage and term […]

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