FlahertyDespite Jim Flaherty’s assertion that “Most Canadians are quite careful and use common sense in their borrowing,” the government tightened mortgage rules for the third time since 2008. For high-ratio insured mortgages, the Finance Department outlawed both 35-year amortizations and refinances over 85% LTV. That led to:     An immediate 40% plunge in insured refinances […]

Consumers to brokers: What do you do? By Vernon Clement Jones | 22/12/2011 6:00:00 PM | 0 comments   Mortgage brokers have yet to clear the “biggest hurdle” standing in their way, according to the latest CAAMP-Maritz consumer survey, pointing to less than 10 per cent of respondents who really understand exactly what it is […]

Stress over finances rising Shutterstock Wed Dec 21 2011 Comment (1) Recommend (1)   TORONTO—A survey suggests that more than a third of Canadians — including well over half of young people — feel more stressed about their financial situation now than a year ago. The survey commissioned by insurer Sun Life Financial and released […]

Two strategies to help tame your debts December 19, 2011 By Krystal Yee 0 Comment(s)   paul gilligan With December coming to a close, we are all starting to think about our New Year’s Resolutions. And in addition to resolving to go the gym more often, there’s a good chance that your list of 2012 […]

The Unlikely Retirement Savings Strategy One of the best risk-adjusted investments you can make requires no commissions, no buying and selling and no management fees. According to a new study from the Certified General Accountants Association of Canada (CGAAC), the boring old mortgage prepayment performs better than most common retirement savings vehicles, including RRSPs.   […]

It’s one of the most agonizing decisions homeowners make: Do you go fixed or variable? Mortgage, that is. The decision could end up costing – or saving – big bucks on what is often the single biggest purchase many will make. Research shows that, in the past, a variable-rate mortgage has been cheaper than a […]

IMF warns about Canadian debt, house prices   The Canadian government may need to act soon to halt the buildup of household debt, according to the International Monetary Fund. The Washington-based IMF issued the words of caution in its latest regional outlook for the Western Hemisphere. “Developments on the housing front require increased vigilance and […]

Class Action Lawsuit Filed Against CIBC Mortgages on Prepayment Penalties Consumers hate mortgage prepayment penalties, largely because they don’t understand them. Now, there is about to be a high-profile challenge of how mortgage penalties are calculated. CIBC Mortgages Inc., a subsidiary of CIBC bank, has just been named the subject of a pending class action […]

Borrowing: 10 things you need to know Canadians love credit cards but the interest rate charges are high. You’re in the driver’s seat when it comes to borrowing money. You don’t need to book an appointment with your bank manager to ask for a loan anymore. Credit is easily available, as long as you have […]

September 26, 2011 OSFI Issues “Early Warning” on Mortgage & HELOC Lending Canada’s lending industry is witnessing rock-bottom interest rates and unrelenting competition. The former has fuelled borrowing volumes. The latter has been known, on occasion, to encourage looser lending criteria. Together, the two can be destructive to a banking system and economy. That’s why […]