Bank of Canada says third-quarter growth was worst since recession By Julian Beltrame OTTAWA – The Canadian economy likely suffered the worst quarter since the recession over the summer months, but Bank of Canada governor Mark Carney warns against taking too gloomy a view. “I wouldn’t obsess about the third quarter,” Carney told reporters Wednesday […]

*BoC Keeps Key Rate Unchanged The market widely predicted the Bank of Canada would not raise rates, and it was right. The BoC has left its key lending rate at 1.00%. In turn, prime rate will remain at 3.00%, making today’s BoC meeting a non-event for mortgage holders in the short-term. The BoC’s call comes […]

There has been a bottoming out  Garry Marr, Financial Post · Rock-bottom long-term mortgage rates appear to have handed the housing sector the lifeline it desperately needs, helping to push up sales for a second consecutive month and keep prices from falling. The Canadian Real Estate Association said Friday sales last month rose 3% from […]

Are Mortgage Brokers Doomed or Are Origination Models Evolving?   by C.M. “Corky” Watts, CMB Mortgage News Daily “In the long history of humankind (and animal kind, too) those who learned to collaborate and improvise most effectively have prevailed” -Charles Darwin Last week I debated one of my Management Advisory Program (MAP) clients who operates […]

October 07, 2010 TD Mortgages To Become Collateral Charges TD is making a big change with respect to how it registers its mortgages.    Effective October 18, all new TD mortgages will be registered as “collateral charges.”   A collateral charge is a different way to secure a home loan than a standard mortgage. “The […]

What’s the difference between a mortgage broker and a road rep? By Charlie Smith Publish Date: October 6, 2010 For some first-time buyers, arranging financing is more daunting than the actual purchase of a home. There’s a glossary of terminology associated with taking out a loan, including variable- and fixed-rate mortgages, debt-service ratio, amortization period, […]

    By Derek Sankey, Postmedia News October 5, 2010     When Laura Parsons’s son, a heavy-duty mechanic, graduated with student debt like so many of his post-secondary peers, he also wanted to get into home ownership. Realizing the financial burden, he found a creative solution. Over two years, he put money that would […]

News Release: October 4, 2010 September previews fall real estate market in the Fraser Valley       (Surrey, BC) – After a slowdown in July and August, the Fraser Valley Real Estate Board (FVREB) saw a modest month-over-month increase in sales on its Multiple Listing Service (MLS®) in September and a decrease in overall inventory for […]

Top 20 grants & rebates for property buyers and owners      1. Home Buyers’ Plan Qualifying homebuyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Homebuyers who have repaid their RRSP may be eligible to use the program a second time. (Go to www.cra.gc.ca, enter […]

 Canada 2011: The Hangover North American & International Economic Highlights Not surprisingly, the Canadian recovery didn’t play out as advertised. While we did see a spike late last year and early 2010, the momentum has faded lately, largely as a result of a strong C$ and a softening US economy. Growth in the second half […]