Category Archives: Mortgage
With already a difficult year in our hands, things have not been made better with tighter lending rules that came into force July 1st. Of course, that will make it harder for some Canadians to buy homes, but mortgage professionals say there’s no reason to panic 😉 The CMHC announced plans in early June to…
Canadian life has started to look very different as a result of the pandemic, from how/where we live, to how we shop, eat and work. While few changes have been for the better, COVID-19 could bring about some welcome changes to our economy. Where we live The pandemic has certainly wreaked havoc on one of the…
The head of the CMHC delivered a particularly discouraging forecast while testifying remotely before the House of Commons Finance Committee back in May. Among Evan Siddall’s predictions were: Home prices could fall from their peak by 9% to 18% over the next year Mortgage deferrals could jump to 20% from 12% by September Mortgage arrears could top…
Also known as cliff vesting, it’s the process by which employees earn the right to receive full benefits from their company’s qualified retirement plan account at a specified date, rather than becoming vested gradually over a period of time. The vesting process applies to both qualified retirement plans and pension plans offered to employees. The CMHC’s CEO Evan Siddall…
It doesn’t really get easier with the real estate market during this pandemic. Less homes on sale, lower prices, and this latest to name a few! But what makes it more complicated with refinancing? They are uninsurable, so the lending risk sits squarely with the lenders; whereas purchase transactions facilitate changes of ownership, and the…
The 3rd month of 2020 was probably the strangest ever experienced in our modern history; and we’re not talking about strange weather here. The world we live in dramatically changed from one week to another, leaving many people and industries lost as what would happen next. Some interesting and useful interviews from the CREA, economists…
2020 hasn’t been very kind to us, has it? And we’re not just talking about public health, but also from an economic perspective. That is because recently, we’ve had another major problem; global oil prices. They fell around 30% on Monday amid production disagreements between Saudi Arabia and Russia. It’s a new, unwelcome problem for the global…
The crisis is still far from over and we are all trying to figure out the present and future of our economy – and a big part of that includes mortgages. If you’re currently a homeowner paying off a mortgage, you are just as concerned as us, the mortgage professionals. Thanks to our friends at…
The recent drastic change in our economic lives has meant that the big institutions, whether financial or other; has also had to adjust its business model! Fortunately, this is good news because they sympathize with the many affected economically. Some interesting comments were also made by economists and businessmen. Just after mid-March, the Bank of…
We hope your spirits are still up during this trying time – and certainly making the most out of staying at home and getting to know the contents inside those four walls better than you ever have! We believe this phase is a good time to clean up and fix anything you are able to…