Market Update: May 16
Affordability forces baby boomers to make tough choices in B.C...Calgary's commercial market cools down...And our oil rich regions prove the best in the world.
Want a mortgage? Don't eat steak...
Mortgage applicants in the UK are being asked increasingly intrusive questions by lenders including whether they play golf or eat steak, in what has been dubbed ‘Spanish-inquisition’-style interviews.
Business for self deals are all about relationships
Industry players are frustrated by the lack of options for self-employed clients but the best way to navigate this area, according to one broker, is to assemble a solid stable of a few lenders willing to go the extra mile.
Monolines surprised by rate; clients curious
Reports of Investor Group’s recent 1.99 per cent three year variable rate “shaking” the industry weren't exaggerated, with lenders being caught off guard and scores of clients inquiring about similar products.
Soft gains made in April: CREA
Overall, eight provinces saw year-over-year sales drops in April 2014 but big gains in two major softened the blow for the rest of the country.
CMA Twitter highlights
For those who missed the annual Canadian Mortgage Awards, your colleagues have you covered with a comprehensive Twitter recap, using the hashtag #2014CMA – check out some of the evening’s best Tweets.
Brokers lambast IG offering
News broke Tuesday that Investors Group had launched an unprecedented mortgage product but brokers have already poked holes in the offering.
The end of high ratio refinancing
The Canadian Mortgage and Housing Corporation (CMHC) appears to be conceding the death of its high-ratio refinancing.
FSCO warns brokers and clients
The Financial Services Commission of Ontario (FSCO) has issued a warning to consumers and industry professionals that “Norton Capital Lending” is not licensed to issue loans in Ontario.
Mortgage product re-ignites mortgage wars
Move over BMO’s 2.99 “No Friller” mortgage: A new product – from an unlikely source – is the one making waves in the mortgage industry Tuesday.