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U.S. Gives Kudos to Canada’s Mortgage Market

Canada’s mortgage market was a highlight of a recent industry meeting sponsored by the U.S. Federal Reserve Bank of Cleveland. Virginie Traclet from the Bank of Canada was there to present rules governing our mortgage market. Wall Street Journal housing reporter and blogger James R. Hagerty noted key differences in the Canadian mortgage system presented by Traclet, that likely helped stave off ...

At CENTUM, We Take Your Privacy Very Seriously

The Office of the Privacy Commissioner (OPC) recently issued an audit report on the Mortgage Broker Industry. Included in the audit were privacy concerns related to a few unlicensed industry agents pulling unauthourized consumer credit reports.  CENTUM Canada takes privacy policies very seriously and fully supports the recommendations of the OPC and The Canadian Association of Accredited ...

Sell High, Buy Lower – Market Predictions Say Home Prices Cooling

There is no shortage of media fallout from the Canadian Real Estate Association (CREA) announcement on June 2 that it is revising its forecast for home sales. Some news reports blame inflated prices in BC for precipitating the CREA decision to revise its forecasts. Whatever the source, word of mouth often leads to realization of predictions as more homebuyers take a wait-and-see attitude. But, ...

Central Bank Rate Hike Not Enough to Worry Mortgage Holders

The Bank of Canada raised its target overnight rate by a quarter of a percentage point to 0.5 percent today, making it the first of the G7 countries to do so. The Bank Rate rose correspondingly to 0.75 percent, with the deposit rate kept at 0.25 percent Housing and consumer spending in Canada fed a robust 6.1 percent growth in the economy in the first quarter of this year. However, in a ...

Legend of the Fall - Is a Correction On the Horizon?

The Canadian Imperial Bank of Commerce came out with a report Wednesday on the heels of a Royal Bank of Canada study suggesting that Canada’s real estate market is already heading towards a correction. Figures published in the The Financial Post say that Canadian house prices are 14 percent above their fair market value, with BC and Alberta homes being the most overpriced.  The average ...

Put On Your Seat Belts – We’re In for a Mortgage Ride

As we head into the Victoria Day long weekend, Canada’s major banks have announced that they are lowering five-year rates on mortgages – for the second time this month – effective today. Rates started out the month at 6.25% and have since dropped by 26 bases points, according to a Canadian Press report published Thursday by major media outlets. In an interview with ...

Fixed or Variable Rate Mortgage?

How about both? According to the annual RBC Homeowners Survey released this week, 40 percent of people surveyed who are planning on buying a home in the next two years would opt for a combination mortgage. This is a stark rise above the 32 percent who chose this option last year. Not surprisingly, 16 percent of those surveyed say they would opt for a variable rate mortgage in 2010 down ...

Canadians in More Debt than Greeks?

The Certified General Accountants of Canada (CGA) released a study today showing a trend by Canadians toward investing in riskier assets, leaving them more prone to market fluctuations and financial stress. The study reveals a steady decline in investments by Canadians in ‘safe’ assets over the past 20 years. For example, stocks and mutual funds accounted for 19.2% of all household assets in 2009 ...

Rising Consumer Confidence in Real Estate Market

A TNS Vibe survey released today by TNS Canadian Facts – a marketing, opinion and social research organization – suggests that intentions among Canadians to buy a house or condo have risen to 14% from 11% last September. The survey, which interviewed more than 1,000 Canadians online between March 18 and 25, 2010, also shows that despite those who indicated their intentions to buy six months ago, ...

The Score in the 2009 Tax Refund Game

Debt Reduction 1, Blowing the Cash 0 According to a recent survey, 48 percent of Canadians expecting tax refunds this year plan to use them to pay off credit cards and other bills. Only four percent of those surveyed plan to use tax refunds to pay down their mortgages.  The Leger Marketing survey was commissioned by BMO Nesbitt Burns. Of those surveyed: 21% plan to reinvest their ...
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