Is the Bank of Canada putting its hand in the cookie jar?

Bank of Canada hand in cookie jar

I was quite surprised by the recent announcement that the Bank of Canada plans on purchasing mortgage-backed securities for its balance sheet. Their plan is to purchase a bundle of CMHC-backed mortgages as investments. The Bank of Canada maintains that it will continue to be impartial when setting interest rates despite this transaction.

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Mortgage Rules: Did they just make it harder to buy a house, AGAIN?

Yesterday, OSFI (The Office of the Superintendent of Financial Institutions) announced some new rules to tighten up the real estate market. These rules will affect anyone putting 20% as down payment or more on a home. Currently, anyone purchasing a house over a million dollars will have to put a down payment of at least 20% to qualify for a mortgage. Those who spend less than a million dollars and put down less than 20% have been experiencing this additional stress test for the last year. Continue Reading

Renovation, Construction & Purchase Plus Improvement Financing

Mortgage Agent, Joe Sammut takes us through the ins and outs of renovation financing.

  • How to use the bank’s money to finance your renovations when you buy a house
  • How can a first-time home buyer have their renovations financed?
  • What is Purchase Plus Improvements?
  • How can the bank help you finance major renovations?
  • What kind of downpayment do you need?
  • What’s the process for renovation financing?
  • How can you use your line of credit?

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