Article
Are Payday Loans Criminal'
From Mortgage News in Canada, 6 month ago, Read 0 times. Similar articles
Many of us know about payday loans, or have at least seen one of the many storefronts offering them - there are over 1300 in Canada, after all. And while many of us know of, or have heard of, these storefronts that charge extremely exorbitant fees and interest rates, are payday loans criminal'
A payday loan works very simply. You go in and ask to borrow a certain amount of money (according to the Canada Payday Loan Association, the average amount borrowed is $280. You then write a cheque to...
Read more
Interresting ? 0
Similar articles :
Vancouver Home Prices Set to Rise
From Mortgage News in Canada, 2 year ago, Read 0 times. Similar articles
As if property in Vancouver didn't cost enough, now realty firm Royal LePage is predicting that real estate prices in the Metro Vancouver area will rise by 7.2 per cent in 2010. With the average 2009 price of a home in Vancouver sitting at $592,000 that's not exactly small change.
Obviously, what happens will depend upon how much mortgage rates increase in mid-2010, when the Bank of Canada has stated that the key overnight lending rate is likely to rise.
At this point, Canada Mortgage and...
Read more
Interresting ? 0
New Record for Ottawa Home Sales
From Mortgage News in Canada, 2 year ago, Read 0 times. Similar articles
Last year saw the city of Ottawa set a new record for home sales, surpassing the previous record set in 2007. Obviously, the impact of low mortgage rates and increasing consumer confidence are having the same impact on the residents of Ottawa as those in the rest of the country.
What I didn't realize was how affordable, in comparison to Toronto and Vancouver, housing in Ottawa was. The average price in 2009 for a resale home was $303,900. Meanwhile, that same time period saw the average...
Read more
Interresting ? 0
Preparing for Rising Interest Rates
From Mortgage News in Canada, 2 year ago, Read 0 times. Similar articles
As I've discussed before, there are now three certainties in life: death, taxes and rising interest rates. So what do we know about interest rates'
We know that the Bank of Canada is going to try to keep interest rates steady until mid-2010, which seems far off. Except that 2010 has already crept up on us, leaving approximately six months to prepare ourselves for higher mortgage rates.
At this point, we have the luxury of knowledge of the financial future. Let's use it. It's important to...
Read more
Interresting ? 0
Flaherty Urged to Make Changes to Mortgage Regulations
From Mortgage News in Canada, 2 year ago, Read 0 times. Similar articles
Another day, another point of view about Finance Minister Jim Flaherty's warning that the government is considering making changes to mortgage lending rules to avoid a housing bubble. Recently, I wrote about a mortgage broker who thought that tightening mortgage requirements would have a negative impact on home buyers and thus the overall housing market, which would in turn impact the economy.
While some buyers might feel "punished" by the tightened requirements, the other side of the coin...
Read more
Interresting ? 0
Flaherty Urged to Avoid Changes to Mortgage Regulations
From Mortgage News in Canada, 2 year ago, Read 0 times. Similar articles
With low mortgages rates pushing up housing prices, Finance Minister Jim Flaherty's recent public comments have sparked a debate about whether or not the government should step in to keep the housing boom from becoming a housing bubble. As has been done in the past, the mortgage requirements - notably down payment size and amortization period - needed to secure a high-ratio mortgage would be tightened.
Meanwhile, Joe Santos, President of the Mortgage Brokers of British Columbia, thinks...
Read more
Interresting ? 0
No Space for Families in Condo Boom
From Mortgage News in Canada, 2 year ago, Read 0 times. Similar articles
In my early-twenties, I bought a condo in downtown Toronto. When I bought it, it was an empty lot and a drawing on a piece of paper. It took over three years for it to become a building. I only lived in it for two years before I sold it in search of a detached house with a yard. While the condo was a two bedroom unit, I didn't think that the 700 square foot apartment would be able to hold my growing family.
David Foot, demographer and author of Boom, Bust & Echo, says that it's...
Read more
Interresting ? 0
Recession Top News Story of 2009
From Mortgage News in Canada, 2 year ago, Read 0 times. Similar articles
As we begin 2010, I was not surprised to find that a survey of editors at Canwest News Service picked the recession as the top business story of 2009. With the recession casting a long shadow of uncertainly, it was the single story that had the most impact from coast to coast.
According to experts, the recession is now over, but that doesn't mean that the average Canadian will see a change in their financial situation in the coming year. Although, housing values are expected to continue to...
Read more
Interresting ? 0
"Off the Wall" Realtor Pranks Client
From Mortgage News in Canada, 2 year ago, Read 0 times. Similar articles
It's the Christmas season and everywhere people are wrapping presents big and small. Some are bigger than others, a lot bigger. After days of writing about personal debt warnings and real estate bubbles, I just couldn't resist sharing this article that I came across this morning.
It seems that a self proclaimed "off the wall" real estate agent in Oshawa, Ontario decided to gift wrap a client's new house for them, just in time for Christmas. The agent used gold and silver wrapping paper and...
Read more
Interresting ? 0
Is it Wise to Use Your Home as a Retirement Fund'
From Mortgage News in Canada, 2 year ago, Read 0 times. Similar articles
Almost none of my friends at this point in their lives work for an employer that has a pension plan. My parent's generation counted on having pensions when they retired, but for my generation it's unheard of. Right now we're too busy putting money aside for a 5% down payment on a condo or house - the biggest investment that we'll ever make - to really contribute to our RRSPs. So it makes sense to assume that when we've paid off our mortgages our nest egg will be our nest.
According to real...
Read more
Interresting ? 0
Flaherty Says No Housing Bubble Yet
From Mortgage News in Canada, 2 year ago, Read 0 times. Similar articles
According to Finance Minister Jim Flaherty, the federal government is prepared to further reduce the conditions under which the Canada Mortgage Housing Corporation backs high-ratio mortgages in order to ensure that the housing boom doesn't become a housing bubble.
In 2008, when the sub-prime mortgage crisis hit the United States the Finance Department made new rules for high-ratio mortgages that made it more difficult for prospective home owners to receive government backed mortgage...
Read more
Interresting ? 0