Keep calm and broker on
Here, according to leading broker network execs, is what the new mortgage rules mean for mortgage professionals
Brokers embrace an old friend
Hello, old friend? That new LTV cap on refis will inevitably increase the number of A clients seeking private second mortgages, says one broker specialist. It will also increase the need for broker vigilance.
Flaherty: No more rule changes ...
Phew? Brokers heard it just before Jim Flaherty moved to change the mortgage rules, but the finance head is once again suggesting no more tinkering is on the agenda.
Slowdown raises questions about mortgage rules
There's real fear among economists that new mortgage rules may add insult to injury, with numbers pointing to a price and sales decline for the Canadian market in June.
Credit unions hounded for HELOCs
Brokers are on the hunt and credit unions are already welcoming a wave interest as new federal guidelines limit HELOCs at the banks and make their own higher LTVs more enticing.
The Big Seven? Eight? Nine?
Major Canadian credit unions are putting their weight behind proposed federal legislation that would turn them into federal players and ultimately more important broker partners.
BMO poll: New rules scare off 14% prospective buyers
Nearly 15 per cent of prospective homebuyers say the latest changes make it less likely they will buy a new home in the next five years, according to a new Bank of Montreal poll.
Realtors: Condo market 'self-corrected' in June
First-time buyers in Canada’s largest market had already begun to cool their jets before the government announced mortgage rule changes specifically meant to accomplish the same, according to new stats.
Flaherty acknowledges possible pain
Jim Flaherty is now conceding the economy may take a bit of a beating because of the new, tighter mortgage rules – billing it as a necessary evil in order to protect the housing market.
Rule changes too late?
Tightening mortgage rules aimed at cooling Canada’s housing market “may have come too late” to avoid a hard landing.