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:
Industry not surprised by Flaherty's mortgage rule changes
Federal Finance Minister Jim Flaherty announced three new rule changes connected to government-backed insured mortgages Tuesday morning, saying the government is "taking proactive, prudent and cautious steps" to prevent a housing bubble.
Genworth already using potential new mortgage rule
The federal government is considering a new mortgage rule where clients who take out variable rate mortgages must be qualified based on a higher interest rate, according to the Globe and Mail - a practice Genworth Financial already has in place.
Flaherty has no plans to tighten mortgage rules: Globe and Mail
Following a report in Saturday''s Globe and Mail that banking officials have called for tighter mortgage rules to stave off a housing collapse, Finance Minister Jim Flaherty told reporters he does not see signs of a housing bubble in Canada.