CMHC weighs in on foreign condo investment
This past summer, CMHC attempted to determine the percentage of condos in Canada that are owned by domestic investors, but it has recently admitted it still is unsure what percentage are owned by foreign investors.
Industry org recommends solutions for unregistered brokers
One industry organization has proposed changes to the requirements for broker registration following a supreme court of British Columbia decision that determined an unregistered broker – who collected a $630,000 broker fee -- did not require registration.
Industry professional launches private lending association
One of the leading mortgage broker course providers announced Tuesday it is launching the non-profit Association of Mortgage Investment Professionals (AMIPROS) with the goal of providing higher standards and education to the private lending industry.
Brokers applaud FSCO, but is it enough?
Brokers often call for more regulatory oversight to help weed out unethical professionals and one recent update from FSCO has been met with positive reactions. But some brokers believe more can be done in other areas of focus.
Big bank saddles mortgage borrower with hefty bill
A Canadian couple was shocked to learn that they owed their lender tens of thousands of dollars to end their fixed-term mortgage early.
This one major broker gripe may be futile
A recent Bank of Canada announcement has dredged up an age-old debate but is it one that should finally be put to bed?
OSFI puts kibosh on bank risk-sharing
The Office of the Superintendent of Financial Institutions (OSFI) will not force Canada’s banks to assume more mortgage risk, despite calls from many in the industry for them to do so.
Leading broker founds new brokerage
The former manager/COO of one of Canada’s largest brokerages has resurfaced as the president of a rate site’s brokerage arm – a move likely to drum up some debate in the industry.
Investors taking dangerous steps to get over five door rule
Brokers advised an investor client – who closed two deals in one day -- to not disclose the second planned property purchase to the lender as a work-around for one lending rule.
CMHC confirms potential risk-sharing
The Canada Mortgage and Housing Corporation (CMHC) has announced it will consider implementing risk-sharing measure with lenders in the future, confirming anonymous sources who told the Financial Post in early September that OSFI and CMHC were in talks about the potential policy.