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Mortgage Articles

What's All the Fuss About a ‘Market Correction’?

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Pick up any newspaper today and no one
could blame you if you got a little worried about the
state of the economy or the fear of a pending market
correction in Canadian real estate. What if Greece
defaults? What about the “fiscal cliff” in the US? Are
Canadians taking on too much debt? Have mortgage
rules gone too far? Is there a housing bubble about to
burst? What if there is a market correction?
The real question is, do Canadian homeowners or
prospective buyers need to be concerned? Every time
there is talk about a market correction in Canadian real
estate, the tone is quite negative. But let’s take a closer
look at that situation: rather than argue about whether
we may have a market correction, let’s analyze what it
really means to Canadians if there is one.

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Not all lines of credit are created equal

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Not all lines of credit are created equal

By Peter Kinch

The minister of finance and the Bank of Canada have both
expressed concerns over the amount of debt Canadians
have been carrying. Indeed, a predictable result of an
economy wherein the government is forced to keep interest rates
low for an extended period is that consumers will find it hard to
resist the temptation of borrowing beyond their means.

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Mortgage rules: An ever-changing landscape

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Mortgage rules: An ever-changing landscape

by peter kinch

As we entered the summer of 2012, the Canadian
mortgage landscape was undergoing another overhaul of change. In what has
become an annual tradition, Finance Minister Jim Flaherty announced changes
to the mortgage rules. However, of equal importance to a number of Canadian
mortgage holders, Firstline Mortgages, a division of CIBC Mortgages,
announced it was shutting down its operations as of July 31. Both of these
were major announcements for our industry and provided a great deal of
confusion and uncertainty in the marketplace.

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Is a Variable Rate Mortgage Right for You?

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RBC led the charge recently to cut back on the discount it was offering off the prime lending rate for variable rate mortgages (VRMs). Until last fall, it was common for
borrowers to get prime less 0.75 or 0.80 per cent or in some cases even up to prime minus 0.90 per cent. With the prime lending rate at three per cent, this could mean an initial rate as low as 2.1 per cent in some cases. But, alas, things have already changed, and now the majority of lenders are offering prime minus 0.5 per cent or less.

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Debunking Myths for Real Estate Investors

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Debunking Myths for Real Estate Investors

Real estate investment has become a popular
topic around the water cooler and dinner table
these days. The more turmoil we see in the stock
markets, the more Canadians begin to look for
a safe harbour to safeguard their hard-earned money. One
choice for investors seeking less volatility in their investments
is real estate. Yet surprisingly, real estate investors in Canada
still represent less than five per cent of home purchasers. So
it begs the question: if the majority of people think investing
in real estate is a good idea, why aren’t more Canadians doing
it? The answer is fear. An individual may intrinsically believe
that buying real estate is good, but if the thought of doing
so intimidates them because they’re not sure how or what
to do, it results in no activity. It is easier for most people to
do nothing than to venture into uncharted territory that is
wrought with fear and false information.

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