Mortgage Penalties – Eliminating the confusion

One of the most common issues with refinancing a home is the interest rate penalty that comes with ending a mortgage term before maturity. Due to the sometimes complex calculations the banks use to determine this amount – consumers have been left in the dark when trying to make a decision on whether the cost […]

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The dark side of low interest rates

There is a cost to low interest rates. Just ask savers pondering the merits of the Royal Bank’s so called “high interest” e-savings account, a typical offering in Canada. The rate: 1.2 per cent. For U.S. dollar savings, the return is positively microscopic, only 0.25 per cent. As markets await the results of Thursday’s policy-setting […]

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Cash Back Mortgages – are they still available?

Changes by the Ministry of Finance announced in June 2012 affected the maximum amortization for high ratio mortgages, loan to values on secured lines of credit and debt servicing ratios for qualifying. In addition the discontinuation of cash back mortgages of 5% used for down payment have taken affect with some lenders while others will […]

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Bank of Canada Holds Overnight Lending Rate

The Bank of Canada announced Wednesday it will maintain its overnight rate at 1 per cent, also hinting at the future withdrawal of that stimulus. “In Canada, while global headwinds continue to restrain economic activity, underlying momentum remains at a pace roughly in line with the economy’s production potential,” writes the Central Bank in its […]

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Women are leading the way when it comes to purchasing their first home.

Across B.C. and Canada, recent reports show that females are more likely than men to be first-time homebuyers. Courtesy of: M.J. Whitemarsh is chief executive officer of the Canadian Home Builders’ Association of B.C. A new HGTV Canada show called Buy Herself premièred April 16 to show how single women have shifted from being a […]

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Scotia to buy ING

The gods may be listening to brokers with channel lender Scotia announcing it has reached a definitive agreement to purchase ING Direct Canada. “ING DIRECT has had proven success in meeting the needs of those Canadians who are not looking for the added services, advice and relationships provided by traditional banking channels,” said Rick Waugh, […]

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Young Buyers and Immigrants to Buoy Real Estate

A large bubble of people in their prime home-buying years, coupled with an influx of immigrants, is poised to support Canada’s housing market for the next decade, a major bank economist said Thursday. Benjamin Tal of CIBC put out a report on Thursday in which he argued that Canada’s population demographics are working in favour […]

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Home-ownership levels are rising in Canada

With home-ownership rates headed for record levels and the federal government tightening lending rules to cool the market, the question now is whether we have reached the saturation point. Bank of Nova Scotia economist Adrienne Warren says that when the latest census figures come out next month she expects us to be in the elite […]

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Is Western Canadian Real Estate Becoming Unaffordable?

This article points out the well known fact real estate prices in Western Canada over the past decade have stretched consumers. Will prices come down with new mortgage rules and a slowing economy? Three of the four most expensive Canadian cities in which to buy a home are in the West. Vancouver leads the way, […]

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