OREA In the News

Better Dwelling: The Canadian Mortgage Machine Fires Up Again, As Debt Levels Resume Growth 

Canadian mortgage numbers are back to growth, after taking a very brief vacation. Bank of Canada(BoC) numbers show outstanding household credit continued to rise in February. The trend was driven by an increase in mortgage balances. The increase comes after last month’s decline, which was the first monthly decline in over six years. Household credit, the total debt held by consumers, made a small gain. The balance rose to $2.125 trillion, a 0.05% increase compared to the year before. The balance has made a 5.51% increase over the past 12 months. Total household credit can be divided into 2 categories, mortgage and consumer debt. Let’s break them down. 

 

Globe and Mail: Yes, variable-rate mortgages can still be cheaper 

The safe and sound choice in today's mortgage market is to lock down a rate for five years and let borrowing costs do what they may. That's how you should proceed if you're a nervous firsttime home buyer or just holding things together financially as you renew. Everyone else, consider the variable-rate option. While they leave you exposed to rising interest rates ahead, variablerate mortgages can be cheaper in two important ways. 

 

Mortgage Broker News: AIC backs Ontario's new rules on syndicated mortgages 

The Appraisal Institute of Canada has expressed support for the Ontario Government’s regulatory changes covering syndicated mortgage investments in the province. Starting 1 July this year, Ontario mortgage brokers will have to comply with new and expanded rules set forth by the Lenders and Administrators Act. Among other things, they will have to collect and document expanded disclosure information using a new Financial Services Commission of Ontario (FSCO) form. This includes information regarding the appraisal of the property in question. 


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Mississauga Real Estate Board
3450 Ridgeway Dr #1
Mississauga, ON L5L 0A2, Canada
Phone: 905.608.6732
Fax: 905.608.9988