With a blink of an eye, five years is over and you're starting to get the notices reminding you that your mortgage is up for renewal. You may have conveniently gotten your renewal papers in the mail from your lender offering you a rate that's lower than what you were paying before (this is because current mortgage rates are at a historical low). It's easy to just sign on the dotted line and mail it ...
Posted by CENTUM Canada
on May 18, 2012
Recent studies have shown that self employment is on the rise, making up approximately 15% of the workforce in Canada. However, the trend is making it more difficult for the self-employed and other unique prospective mortgage clients to get a mortgage.
Many major lenders have quietly eliminated their stated income programs or are tightening their lending review process for self-employed individuals. ...
Posted by CENTUM Canada
on April 4, 2012
If you go on The Children’s Wish Foundation of Canada website, you’ll see a video about Darcy Lee. He’s a 6 year old with Idiopathic lymphedema(with pleural and pancardial infusions), an illness usually resulting from an impaired lymphatic system (part of the immune system that deals with infections). The illness causes swelling in the body, most commonly in the arms and legs. There ...
Posted by CENTUM Canada
on March 9, 2012
Budget provides boost for new home buyers
The 2012 budget has good news for property virgins and the home-building industry, but was disappointing for those hoping to simply improve their living quarters.
First-time buyers of newly constructed B.C. homes will benefit from a temporary one-time refundable income tax credit based on income and the price of the home. The credit will be calculated as ...
Posted by Kathryn Grant
on February 21, 2012
If you ever watch HGTV Canada, you’ve most likely seen shows like “Til Debt Do Us Part” or Slice channel’s “Princess” – shows that bring in a professional to help people come to their senses and manage their debt. Everywhere you turn these days, you’ll hear people talking about debt. The economic crisis in the United States and Europe has shone a light ...
Posted by CENTUM Canada
on January 12, 2012
By Claire Sibonney
TORONTO • A deteriorating European economy and weak global growth will keep the Bank of Canada from raising rates for at least another year, though an interest rate cut looks highly unlikely, according to a Reuters survey.
The Reuters poll of 41 economists and strategists released on Tuesday showed the median forecast for the next interest rate hike was pushed back by three ...
Posted by Kathryn Grant
on January 10, 2012
It’s that time of year again. The market slows to a crawl as Canadians prepare for the holiday season, and we all stop to reflect on the year that has passed. What did 2011 mean to CENTUM and to the mortgage industry? When we think about it, one word comes to mind as the best description: Change. The vast majority of Canadians have been sheltered from the economic turmoil seen around the world ...
Posted by CENTUM Canada
on December 19, 2011
Everywhere you turn, people are talking about the economic slowdown and if it’s still a good time to buy that vacation home in the U.S. or someplace else. According to the National Association of Realtors, Canadians were the biggest foreign buyers of American real estate in 2010. That shouldn’t be surprising considering our proximity and the strong Canadian dollar. Real estate companies ...
Posted by CENTUM Canada
on December 8, 2011
OTTAWA, November 4, 2011 — Housing starts are forecast to stabilize into 2012, according to Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter Housing Market Outlook, Canada Edition1.
“Despite continued uncertainty in the global economy, Canada’s economic fundamentals remain positive, particularly with respect to interest rates, employment and immigration. ...
Posted by Kathryn Grant
on November 9, 2011
As promised in our blog last month, I thought we would do an overview of fixed versus variable rates, as this is a constant water cooler topic. As predicated, lenders have made significant changes to variable rate products. Most of the leading lenders are still offering prime rates at 3.00%, and five-year fixed mortgage rates are hovering in the 3.40% – 3.69% range.
What does this mean to ...
Posted by CENTUM Canada
on November 8, 2011
