Scotia news

  • Flaherty backing away

    Finance Minister Jim Flaherty appears to be backing away from further interference with the mortgage industry, sharing his satisfaction with the housing market and addressing a call for higher interest rates.

  • Brokers frustrated by one big bank's recent changes

    Mortgage professionals are calling for an independent lender to refocus on the rental property market as frustrations mount following rule changes at several lenders – most recently at a big bank.

  • Banks call for interest rate hikes

    Banks and brokers rarely agree, but on this they may: Rick Waugh of the Bank of Nova Scotia suggests there is no housing bubble. However, he also advocates for higher interest rates.

  • Broker boom still in the offing

    He told you so. Nova Scotia’s real estate market was abuzz with speculation after news of a $25 billion shipbuilding contract was announced in late 2011. Brad Compton of Invis, however, warned that brokers and property sellers alike shouldn’t count their real estate boom before it hatches – something echoed in data now pointing to a 9 per cent drop.

  • Jailed broker ordered to repay victims $600K

    A disgraced New Brunswick mortgage broker has now been ordered to repay his victims $600,000 and banned from the investment industry for life, an encouraging sign for tougher regulations in the mortgage industry, said the president of the East Coast brokers’ association.

  • Alberta appraisals backed up for days following flooding

    Lenders are demanding fresh appraisals and inspections for homes in the flood-affected areas of Calgary and High River – with several deals waiting upwards of five days for an appraiser to become available.

  • The real threat to market recovery

    Recent real estate numbers show a stabilizing market in Toronto and Vancouver, but one broker wonders if this recovery can sustain itself in the face of rising rates, and, more especially, OSFI’s tighter guidelines.

  • Broker would welcome application software choice

    There's one application platform that dominates the industry, but some brokers are asking lenders to do what they can to ensure more choice, starting with MorWEB.

  • Brokers preparing to-do lists for FSCO

    This week’s appointment of parliamentary assistant Steven Del Duca to oversee a five-year review of Ontario’s Mortgage Brokers Act has already spawned a slew of broker wish lists for what could and should be tweaked to better the industry.

  • Renewal time for brokers?

    Counsel Corporation has seen its stock price double in less than a year – success that could be worth some attention by mortgage brokers, who are more focused on new volume than renewals.