Buyer’s vs. Seller’s Market There is a lot of talk in the media: ‘Sky is falling in Canadian Real Estate’. The market is going to ‘crash’, etc, etc. The consensus is that the Canadian economy and bank system are more…
Tag Archive for mortgage rules
Turning up the screws
by Vasko DeLev • • 0 Comments
Banks to home buyers: “Show me the money” They call it “streamlining”, “modifying the guidelines” or “product enhancement”, but it means only one thing – unless you are the perfect borrower don’t bother applying for a mortgage. The last few…
From here and there: What others think
by Vasko DeLev • • 0 Comments
Tara Perkins is defending here her point that condo buyers are paying more for less these days. Builders keep building apartments with smaller rooms for … higher price. Is it a trend? This young professional argues that renting for now…
The story of a shrinking house
by Vasko DeLev • • 0 Comments
The news was loudly announced on newsprint, radio, TV and social media. Everybody now knows – the Canadian government has changed the mortgage rules by reducing the maximum amortization period to 25 years and limiting refinancing to only 80% of…
The storm is still to come?
by Vasko DeLev • • 0 Comments
Regulator fearing 40% housing decline… Economists from TD Canada Trust have been pointing for quite some time now that according to their metrics housing in Canada is overprices by 10-15%. Diana Petramala confirmed that again in the latest report of…
Rules, not rates will kill the housing market
by Vasko DeLev • • 1 Comment
Who will suffer in the end? A cloud of uncertainty is hanging over the mortgage industry in Canada. High level tough talk from both the Minister of Finance Jim Flaherty and the top man at Bank of Canada, Mark Carney,…
2012 Federal Budget: Friendly towards mortgages
by Vasko DeLev • • 0 Comments
It’s business as usual Minister Flaherty did not deliver yesterday any earth shattering news affecting the mortgage industry. Lenders and mortgage brokers were worrying that rumoured reduction of the maximum amortization from 30 to 25 years and an increase of…
Prepayment penalties: More clarity in the future
by Vasko DeLev • • 0 Comments
Government intervenes to force lenders to offer better disclosure What does it take to make your government listen to you? It took a full-fledged class action lawsuit (against CIBC), lots of complains from burned mortgage holders, critical articles from mass…
Pulling the plug on stated income
by Vasko DeLev • • 0 Comments
Self-employed: smaller and smaller chance to get a mortgage Firstline (the mortgage arm of CIBC) announced sweeping changes affecting self-employed borrowers just two days ago; yesterday Laurentian Bank did, today – Street Capital. All of them either stop lending to…
Prepayment penalties: India started waiving them
by Vasko DeLev • • 0 Comments
As of today home owners and borrowers in India will start breathing easier. Their variable rate mortgages and loans would not be subject to any penalties if prepaid before the term. That opens the door for consumers to go to…