Britons turn to credit cards to make mortgage payments
In what could be a warning of things to come for Canadians who may struggle their mortgage payments if interest rates rise, it has been reported that more than 2 million people in Britain have used credit cards to pay their mortgage or rent, an increase of almost 50 per cent in a year, according to the housing and homelessness charity Shelter.
Flaherty responds to banks' comments
While he still hasn’t ruled out tightening mortgage rules next year, Canadian Finance Minister Jim Flaherty thinks it is up to banks and not government to slow lending as household debt continues to rise, aided by low interest rates.
Banks won't impose own tighter mortgage rules: TD
Canadian banks are not likely to impose stricter mortgage qualifying rules on their own to curb the nation’s rising household debt, TD chief executive officer Ed Clark told The Globe and Mail.
Further tightening of mortgage rules not necessary say brokers
Finance Minister Jim Flaherty warned again on Monday the government could tighten mortgage rules further if needed, after a report showed the country's household debt levels have soared.
Flaherty says no mortgage rule changes, yet
The federal government has no plans to tighten mortgage rules again, said Finance Minister Jim Flaherty, cooling the speculation surrounding his meeting with the country’s leading economists yesterday.
Flaherty not worried about slowing house market
Federal finance minister Jim Flaherty said Thursday he is not worried about the slowing house sales in some Canadian markets and isn’t planning to reverse mortgage restrictions made earlier this year.
GUIDE TO INSURANCE: Keeping the wheels turning
After a tumultuous year, the mortgage loan insurance industry in Canada has stood its ground. CMP looks back on the lessons learned in the financial crisis, and what criteria changes and tightened guidelines have meant for the industry
Mortgage brokers appear safe from GST
Finance Minister Jim Flaherty said Monday that there will be no additional GST on financial services following heated discussion about a new proposed tax policy that appeared in the federal budget earlier this month.
Consumer complaints about mortgage penalties pile up
The Bank of Canada's record-low interest rates have been in place for almost a year and during that time, consumer complaints about mortgage prepayment and IRD penalties have been steadily rising.
From the Press: What people are saying about the new mortgage rules
A day after Finance Minister Jim Flaherty announced three changes to mortgage rules in Canada, it appears the overall response from the financial community has been favourable; however, questions still remain, including whether clients must qualify at five-year posted rates or five-year discounted rates. Here's a roundup of what's being said in the press: