Will the Bank of Canada cut interest rates again tomorrow (March 4, 2015)?
The Bank of Canada has kept the key interest rate steady and banks have been quietly cutting their rates for fixed and variable mortgage rates. They are also fighting for a shrinking pool of borrowers so it sounds like a great time to renew your mortgage. Yet many Canadians simply sign their mortgage renewal papers. A 2011 Manulife survey found […]
The Government of Canada announced earlier this week, that changes are coming to prepaid credit cards in Canada, part of a new ‘consumer-friendly agenda’. “A consumer code will help Canadians make more informed financial decisions today and in Canada’s rapidly changing, increasingly digital financial marketplace in the future,” said Maxime Bernier, minister for small business […]
Earlier this week, the Canadian Association of Accredited Mortgage Professionals (CAAMP), held its annual Mortgage Forum. At the Forum Julie Dickson, Superintendent of the Office of the Superintendent of Financial Institutions (OFSI), made headlines with her speech on the residential mortgage market. Here are some of the highlights of her speech: The basics are not […]
After numbers were released by CAAMP this week in their Annual State of the Residential Market Report, we’re able to have a pretty good picture of what the mortgage consumer in 2013 looks like. The information tells us quite a bit about the marketplace and who’s looking to buy right now. 450,000: The number of […]
Information from a recent CMHC survey, gives us a bit of a look at what the average Canadian first-time homebuyer looks like: • 2/3 are under the age of 35 (only 20% of repeat buyers are under 35) • 2/3 have household incomes of under $90,000 (50% for repeat buyers) Although First-Time Buyers […]