Banks continue to frustrate brokers
A perennial thorn in the side of every broker, the games that banks play in order to block a broker’s deal are many. So here’s one you may be able to relate to.
Broker: demolish marijuana grow-op houses
Brokers across the country are calling for complete disclosure when it comes to former marijuana grow-ops and one industry leader believes any house known to have formerly housed a grow-op should be demolished.
Mortgage debt keeps climbing
New Equifax data suggests that mortgage debt has eclipsed credit cards as the number one driver of household debt.
Credit unions offer best rates
Credit unions are cashing in on the opportunity to snag business from other lenders in the wake of three big banks and one monoline announcing rate increases last week.
Banks can't keep up with demand
Brokers say they are experiencing longer than average turnaround times with the banks, suggesting it could be a result of a flooded market due to collective client fears that rates will continue to increase.
Monoline changes its preapprovals
One leading monoline announced changes to its pre-approval rates last week.
Brokers aren't ready to trust Flaherty
A year after he imposed stricter guidelines on the housing market, Finance Minister Jim Flaherty announced Wednesday that he has no plans to further intervene. The announcement hasn’t provided comfort for mortgage brokers, though.
Another bank, monolines hike rates
Following BMO’s lead – which raised its fixed rates on Tuesday – both RBC and a number of monolines have raised their rates. And another big bank is expected to announce its increase very soon.
BMO gives a gift to monolines
The bank that rocked the market with its “2.99 no-friller” announced Tuesday it will be raising the rate on its five-year, fixed-rate mortgage to 3.79 per cent from 3.59 per cent, widening the competitive edge brokers enjoy through monolines. At least for now, say industry players.
Brokers to Jim Flaherty: Don't get any ideas...
Brokers warn the federal government not to read too much into the July spike in home sales, specifically the 9.4 per cent rise highlighted in the latest Canadian Real Estate Associate (CREA) report.