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 […]

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 […]

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 […]

  Canada’s banks climb in rankings as U.S. giants stumble Sean B. Pasternak and Doug Alexander, Bloomberg Published: Monday, March 16, 2009 Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia and Bank of Montreal pushed deeper into the ranks of North America’s 10 biggest banks after U.S. counterparts stumbled or disappeared in the […]

Canadian homebuilders deny market headed for meltdown • TSX +51.40pts (Reuters) for a 5th straight session, supported by rising energy shares, which climbed along with oil prices, and by a rally in financials. • DOW -81.80pts stocks fell on all 3 main indices as investors took some profits following four days of positive gains. • […]

There are some basic costs to the buyer with any mortgages in Canada * Legal costs to transfer title and register the mortgage (typically $900-$1000). It can be slightly higher for a condominium due to the strata requirements *Appraisal on the new home to determine the loan to value for the mortgage lender (typically $250-$350). […]