Many in the public have been surprised at the rate increases in variable rate mortgages this past month. For myself and some others in the industry, the only surprise was that it took so long to do it. It has been a year in which lenders have been talking about how they were making minimal profits and even losing money on these variable rates. (more…)

The Canadian Association of Accredited Mortgage Professionals (CAAMP) today released their latest set of statistics regarding mortgages and real estate in Canada. In summary: (more…)

On Tuesday the Bank of Canada decided to leave its key lending rate unchanged at 1%, meaning that the prime rate for variable rate mortgages also will remain the same until at least their next meeting. I came across this article which I found very informative and talks about a number of various economic factors and statistics. (more…)

With the recent news that in the past year Greater Vancouver real estate prices had increased by an average of 18% from already very high levels, and historic lows in rates possibly coming to an end soon, the time is a great one for homeowners to refinance their mortgages and reduce their unsecured debt, lower payments and provide themselves extra cash flow to handle life’s expenses and invest. (more…)

Make your mortgage tax deductible and pay it off years sooner!

This is my first note today about Tax Deductible Mortgage Plan (TDMP) mortgages. This is an exciting plan for many people who are paying too much in income taxes every year and are not able to save money or invest as they would like to. Best of all, this is court backed and with TDMP guidance, is a very safe strategy.

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I was reading the Globe website today and saw this article about a mortgage broker in Toronto who thinks that the mortgage changes are a good thing for consumers.

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Attractive mortgage rates lured more home buyers into the market in 2010. Doom and gloom predictions brought on by the HST, tighter mortgage rules and projected interest rate increases failed to materialize.

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As has been mentioned in numerous media outlets the past week, the federal government has made the decision to further tighten the regulations regarding mortgage lending on high ratio mortgages. The changes are due to take effect on March 18th.

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I found this article today in the Globe and Mail commenting on Federal government plans to make lending more difficult again in order to curb an increase in debt levels. Among the discussions that are supported by the banks are to make mortgage borrowing more difficult. (more…)

If recent news reports about our collective appetite for credit are any indication, Canadians may wake up in the new year with a doozy of a post-holiday debt hangover.

As new or future homeowners, make it your resolution in 2011 to commit to a long-term program of debt and expense reduction. Pay yourself with the savings, either through lump sum payments on high interest lines of credit, your mortgage or your retirement fund.

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