I had the opportunity to help a few clients purchase a home who had the interpretation they would not be able to enter the housing market for another year. These clients had solid credit, good job stability but they lacked one of the most common first time buyer requirements, a down payment.
In these, like all [...]
First off, I’d like to say hello to everyone and formally introduce myself. My name is Riel Syrenne and I am the in-house Mortgage Broker at Royal LePage Saskatoon Real Estate and happy to be a part of TeamFisher! I have been working in the office for just over 4 years providing financing for not [...]
I’ve just read “Assessing Vulnerabilities in the Canadian Housing Market,” a five-page report written by CIBC economist Benjamin Tal and released on May 25. If you’re looking for some reassurances that the bottom isn’t about to fall out of the Canadian housing market, you may appreciate Tal’s assessment.
Mr. Tal clearly feels that Canadian housing is [...]
According to the CBC, the Bank of Montreal is suing hundreds of people in Alberta, including lawyers, mortgage brokers and four of its own employees, in what is one of the largest alleged cases of mortgage fraud in Canadian history.
Legal documents obtained exclusively by CBC News allege the bank was the target of a sophisticated [...]
The threat of higher fixed term mortgage rates became a reality this morning as the Royal Bank and TD Canada Trust announced significant hikes. The Laurentain Bank followed suit and it’s believed that other major lenders will quickly fall in line.
Effective tomorrow, the posted rate for a five-year closed mortgage climbs by six-tenths of a [...]
On February 16, Finance Minister Jim Flaherty announced new rules that affect mortgage lenders and borrowers starting on April 19 of this year.
One of the changes requires that buyers qualify for their high-ratio mortgage based on the “five-year fixed rate” even if their mortgage payments are actually calculated on an available lower rate. In other [...]
Insisting that Canada is not facing a housing bubble, Finance Minister Jim Flaherty announced a tightening on mortgage lending rules, which he says will “help prevent negative trends from developing.”
Effective April 19, 2010 the following changes will take effect.
Home buyers must qualify for their mortgage using the five-year fixed mortgage rate, regardless of the term [...]
Canada’s Finance Minister, Jim Flaherty will announce this morning a change in lending rules that will further limit the amount of cash buyers can borrow to finance a home according to a report on Globe and Mail.
Stimulus cash, and historically low interest rates have created an enticing environment for Canadian home buyers who have flooded [...]
For the first time since he initially acknowledged concern over a potential bubble in Canadian housing markets, Finance Minister Jim Flaherty has openly indicated in an interview for CTV’s Question Period that higher down payments and shorter amortization periods are both on the table “if” there is further evidence of a bubble.
“If we see further [...]
An estimated 30,000 mortgages granted to Canadians with poor credit or insufficient incomes at the height of the Canadian housing boom will not be renewed when they mature over the next three years, according to a story on globeinvestor.com. The sub-prime lenders who granted the loans say that the investors who financed buyers at above [...]
Saskatoon city council, in a special emergency meeting today, granted a final extension to Lake Placid Developments to cough up the $4.55 million for land the developer purchased at River Landing by October 30 2009. The extension is conditional upon the developer paying interest to the City of Saskatoon in the amount of $214,197 by [...]
