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Survey Says: Canadian Housing World’s Most Affordable, Least Affordable

In what may have come as a shock to anyone living in Toronto, Montreal or Vancouver, the 7th Annual Demographia International Housing Affordability Survey recently ranked Canada and the United States the most affordable markets among countries surveyed in 2010. To be ranked affordable, a market could not have an average housing price of more than three times the median income for that ...

Key Interest Rate Holds, Mortgage Rules Tighten

Canadian banks and mortgage brokers are having mixed reactions to the latest mortgage rules introduced by Finance Minister Jim Flaherty. The federal knuckle rap is a warning to Canadians to curb our appetites for borrowing more than we can afford. On the heels of the announcement, the Bank of Canada left the key interest ...

Should You Buy a Home in 2011?

Attractive mortgage rates lured more home buyers into the market in 2010. Doom and gloom predictions brought on by the HST, tighter mortgage rules and projected interest rate increases failed to materialize.  While not all housing markets experienced the best of times, overall, real estate investors didn’t experience the free fall that many had feared. What are forecasters ...

'Twas the Debt Before Christmas...

If recent news reports about our collective appetite for credit are any indication, Canadians may wake up in the new year with a doozy of a post-holiday debt hangover. As new or future homeowners, make it your resolution in 2011 to commit to a long-term program of debt and expense reduction. Pay yourself with the savings, either through lump sum payments on high ...

Forecast: Stable Home Sales, Mortgage Rates in 2011

By some reports, including those by Statistics Canada and TD Canada Trust released this week, real estate speculators hoping to take advantage of a housing market crash may be waiting a long time. Housing sales activity weakened in the latter half of 2010, but home prices didn't tank like some feared after the boom earlier in the year. Statistics Canada figures released ...

Chinese Consumers Dominant Force in Next Decade

Some interesting highlights emerged from the Canadian Association of Accredited Mortgage Professionals (CAAMP) conference in Montreal last week. Senior economist for CIBC World Markets Benjamin Tal pointed to Chinese consumers and those from other emerging markets as driving forces in the future global economy. According to a report by Mortgage Broker News, Tal urged mortgage brokers ...

Housing Bubble Fears Appear Unfounded

A Canada Mortgage and Housing Corporation (CMHC) report shows national housing activity slowing in 2011. However, prices are not predicted to collapse as many homebuyers have feared. Overall, housing starts in Canada will slow to rates more in line with long-term trends. Sales activity - driven by the pent up demand that pushed home sales in Canada to record levels in 2009 ...

Report: Canadians Doing Well at Managing Mortgage Debt

A report by the Canadian Association of Accredited Mortgage Professionals (CAAMP) shows Canadian mortgage holders acting responsibly and even paying down their debts faster than required. The news was released today as part of CAAMP's sixth annual State of the Residential Mortgage Market. It suggests that despite carrying a total outstanding mortgage credit load of more than one ...

Less Than Half of Baby Boomers Have Paid Off Their Mortgages

The influential baby boomer generation is positioned to retire 'en masse' over the next decade. A recent TD Waterhouse survey shows that while three quarters of them think paying off their mortgage before they retire is important, less than half have done so. According to the TD report, about four in five Canadian boomers plan to move to smaller homes, ...

More Canadians Turning to Mortgage Brokers

A report released this week by Deloitte shows a significant rise in the number of home buyers who choose to use a mortgage broker to negotiate their home loans. The report says that 38 percent of mortgages in Canada were generated by mortgage brokers in 2009, up from 26 percent in 2003. Brokers are most popular among first-time buyers – with 44 percent of originations coming from this group. ...
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