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Tag Archives: Mortgage

CMHC Increase in Mortgage Default Insurance

Last week the Canada Mortgage and Housing Corp (CMHC) announced an increase in its mortgage default insurance applicable to Buyers who pay less than 10% of the downpayment while purchasing a property. This increase is set to come into effect as of June 1st and does not apply to mortgages currently insured by the CMHC. What is Mortgage Insurance? Much …

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Why Buying a Home May Be More Expensive Than You First Thought

Earlier last week, columnist Rob Carrick of the Globe and Mail discussed the types of expenses home owners face when purchasing and maintaining a property. To the surprise of many, it is much more complicated (and much more costly) than making mortgage payments and settling property taxes. First-time home owners are dismayed by the fact property prices have risen above the …

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Finance Minister Still Interfering with the Mortgage Market

Early last month, in the post Hands Off the Interest Rate, Flaherty!, it was mentioned that Finance Minster, Jim Flaherty, has been interfering with the banks in attempt to prevent a rate-fight. While Flaherty’s motives are understandable, the country’s low interest-rates mark an excellent opportunity for investors to cash-in and for individuals to seek revised mortgage loans. In light of …

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As a seller, should I allow an extension to a contract?

I was recently in an offer negotiation where the buyer who was looking to secure a mortgage on their new purchase wasn’t able to do so within the time period specified in their purchase and sale agreement.  The buyer agent contacted me promptly to let me know that they won’t be able to secure the funds within the time period …

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Interview: Mortgage talk with a Mortgage Agent

I recently met up with Aamir Jamil who is the broker of record for Mortgage Alliance and picked his brain to answer questions that I get from our views. Youtube Link Information reviewed was: Mortgage Approval Criteria Used TDS and TDS Income calculations CMHC Criteria Recent changes from CMHC If you have any specific question about mortgages or would like …

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Resale Housing Market Still Healthy, Experts Say at Toronto Real Estate Board Meeting

October 28, 2008 — More than 1,100 Greater Toronto REALTORS® gathered to hear Canada’s top experts talk about the future of the housing market at the Toronto Real Estate Board’s 88th Annual General Meeting October 27th. The following panelists covered a range of topics on the future of real estate: Don Lawby, President and Chief Operating OfficerCentury 21 Canada Limited …

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Bank of Canada cuts interest rate

SOURCE TORONTO (AP) — Canada’s central bank cut its key interest rate by a quarter-point on Tuesday, saying Canada needs the stimulus to ward off the effects of a United States already in recession and a global economy heading there. The cut to 2.25 percent Tuesday follows an unscheduled half-point reduction Oct. 8 in co-operation with other major central banks …

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When is a good time to buy a property during a down market?

I get the question alot, “When’s a good time to buy real estate?” and frankly, my answer always is whenever you’re ready! This answer is usually met with a smirk which reads more like, “I was expecting you to say that since you make a living through purchase and sale!” There is no way anyone can predict when the market …

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U.S. recession would drag Canadian housing market lower: economist

LORI MCLEOD Globe and Mail Update September 30, 2008 at 1:00 PM EDT If the United States falls into a deep and prolonged recession it will drag the Canadian housing market lower and push back its recovery, says Benjamin Tal, senior economist at CIBC World Markets Inc. Each day that probability seems to be drawing closer, and it’s causing understandable …

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The new face of www.HeyAddy.com

We’ve been working on a new website for the past couple of months and we’re happy to report that the new website is now ready and is being launched to the world wide inter web. Following is a comparison between the two websites visually. Old website New website There are some very noticable features that I’d like to point out …

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