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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

15 February 2019

How strongly are Canadian borrowers affected by growing interest rates?

It turns out there are not so many signs that Canadian borrowers are more restrained by growing interest rates, at least, according to the recent poll by Nanos Research. Such results could assure the central bank that the previous increases weren’t too much.

The survey shows that 55% of Canadians keep saying higher borrowing costs either had no negative effect on them or only a positive one. In October, it was 57%. The number of respondents who felt negative or partially negative influence remained unchanged at 41%.

The poll numbers may be surprising for the Bank of Canada Governor Stephen Poloz, who paused the rate increases cycle last month, noting that previous five hikes since the middle of 2017 may have stronger impact than initially expected. In January, he said he kept a close eye on the real estate market changes, as it slowed down partially due to growing borrowing costs.

14 February 2019

Parents’ financial help doesn’t play that strong role anymore

The recent report shows that although young Canadians are facing difficulties with saving for a mortgage down payment, the bank of mom and dad doesn’t play as significant role as earlier.

“It turns out that 52% of respondents who provided a down payment had it partially financed by a gift from a family member. However, only 17% of those 52% had more than 30% of the total down payment gifted,” - noted Brad Henderson, president and CEO of Sotheby’s International Realty Canada. “In other words, 83% of that 52% had a gift that was 30% or less.”

12 February 2019

CHBA also calls for mortgage rules review

It’s been more than a year since the mortgage stress test was introduced, but its consequences keep showing.

The Canadian Home Builders Association (CHBA) recently polled its members and found out that most homebuyers are facing growing difficulties in getting a mortgage.

According to the survey, 90% of respondents say their customers had to face more difficulty when qualifying for a mortgage last year, than in 2017. Moreover, 84% reported a rise in the number of completed home purchase deals which were cancelled later because of financing problems. They say it caused a 33% decline in the number of first-time buyers.

“We know the reason for a mortgage stress test introduction. However, as the economic and market conditions have changed, and considering the influence of all the rule tightening on the first-time buyers, we believe it’s time to adjust the rules,” - noted CHBA CEO Kevin Lee.

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19 March 2019

CMHC may provide 10% of your house purchase price This year’s federal budget includes a tempting plan for potential first-time home buyers. It’s a pl...Read more >>

18 March 2019

It’s time to review mortgage stress test as home sales are dropping sharply Calls for a B-20 review are getting stronger every day. As you know, a we...Read more >>

15 March 2019

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