Average bankrupt person is 41, married and has four credit cards, study says The average Canadian who files for bankruptcy owes $59,800 not counting his mortgage and is a 41-year-old married man with four credit cards, according to a report by a Kitchener-based bankruptcy trustee. The information, released Monday by Hoyes Michalos & Associates, says […]

  Bank of Canada leaves key rate unchanged   Malcolm Morrison, The Canadian Press   The Canadian dollar gave up early gains and moved lower after the Bank of Canada’s announced it was leaving interest rates unchanged and warned of the negative effects of a rising currency.   The loonie was 0.12 of a cent […]

CANADIAN HOMEOWNERSHIP COSTS EASE FOR SECOND CONSECUTIVE QUARTER: RBC ECONOMICS   TORONTO, Feb. 24 /CNW/ – Canada’s housing affordability continued to improve in the fourth quarter of 2010, thanks in part to slight decreases in five-year fixed mortgage rates and minimal home price appreciation across the country, according to the latest Housing Trends and Affordability […]

Housing market will be stable next two years: RBC A stronger economy will offset the effects of higher mortgage rates and keep Canadian house prices stable over the next two years, according to the Royal Bank of Canada. In a market update that has the bank forecasting price gains of 0.5 per cent in 2011 […]

Lifestyle and expenses determine how much money is needed in retirement By LuAnn LaSalle, The Canadian Press MONTREAL – Your current lifestyle may impact your retirement more than you think. Can it be sustained? How much money will it take to maintain the standards you’re used to? What will it take in RRSPs, investments, savings […]

Did you know effective March 18, 2011   –         The maximum amortization period will be reduced from 35yrs to 30yrs for new insured mortgages with loan-to-value ratio’s of more than 80% –         The maximum amount that applicants can borrow when refinancing will be reduced from 90% to 85% of the value of their home   […]

Canada’s housing market could prove more resilient in 2011 than predicted By Sunny Freeman, The Canadian Press TORONTO – Canadian home sales this year will be better than previously thought, helped by improving consumer confidence that will partially offset the anticipated deterrent of interest rate hikes, the Canadian Real Estate Association predicts. CREA released a […]

  Scheme saw large mortgages obtained with stolen identification   HAMILTON — A 45-year-old Hamilton woman has pleaded guilty to six charges in connection with the use of false documents to defraud local financial institutions of more than $200,000 in mortgage funds.   Lauren Paolini is believed to be one of six accused involved in […]

As many of you are aware, when most mortgage lenders price their 5 year fixed rates, they do so with a spread above the Government of Canada 5 year Bond yield. Just before Christmas most lenders re-priced the 5 year fixed at 3.99%-4.04%, given a Government of Canada 5 year bond yield of about 2.48% at […]

Rate hikes could spark house price collapse, economist warns Steve Ladurantaye  Globe and Mail Blog Any move by the Bank of Canada could “easily” cause house prices to collapse, Capital Economics warns in a bleak report that suggests the Canadian housing market is likely to suffer the same sort of crash that has plagued countries […]