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Blog by Linda M Linfoot

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Market Commentary - Dec 22, 2015

December 23rd, 2015
Market Commentary We have "lift-off". Despite months and months and months of anticipation, when the U.S. Fed finally pulled the trigger on a rate increase last week nobody really seemed to care very much. The quarter-point boost puts the benchmark rate in the U.S. at 0.5%. So now what? For us in Canada the implications are broad but not very deep. The most noticeable effect is on the val ...

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Posted in General

Market Commentary - Dec 15, 2015

December 15th, 2015
Market Commentary The federal government is taking three more steps along the road to reducing taxpayer exposure to potential risks in the housing market. The finance minister's announcement that bigger down payments will be needed for homes costing between $500,000 and $1 million got the most attention but it isn't the most significant change. The down payment tweak is seen as an effort to c ...
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Posted in General

UNDERSTANDING MORTGAGE PENALTIES

December 15th, 2015
UNDERSTANDING MORTGAGE PENALTIES Mortgage Penalties. They've become a hot topic recently. We know and accept that they are there, and we know that if we are to break our term - one will be charged. What many consumers don't know, is how those penalties are calculated - and how those calculations differ, according to your product, lender, and term. While most purchasers, and those refina ...

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Posted in Mortgage Information

Market Commentary - Dec 7, 2015

December 7th, 2015
Market Commentary Canada Mortgage and Housing Corporation has made another attempt to tally the level of foreign ownership in the country's real estate market. Unfortunately its latest Housing Market Insight report is fraught with the same deficiencies as the first one, a year ago. The report is limited to condominium ownership with the numbers being gathered from a survey of property manager ...
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Posted in Real Estate Information

Dept of Finance May Soon Mandate Higher Down Payments

December 2nd, 2015
By the end of January, the Department of Finance may recommend raising the minimum down payment to 10%. That’s what I’m hearing from a high-level lender source connected with the DoF, who declined to be identified. Policy-makers are reportedly considering a graduated scale based on either the home value or mortgage amount—something like this: • $0 to $500,000 requires at least 5% down • $501, ...
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Posted in Mortgage Information

Market Commentary - Nov 23, 2015

November 23rd, 2015
Market Commentary A new survey for Canadian Mortgage Professionals is out. Bond Brand Loyalty asked 2,000 Canadian homeowners about their mortgage experience. Of interest to brokers: • 65% of customers who used a broker got more than one quote compared to just 47% of bank customers • 35% of customers say they used a broker to get multiple quotes, 65% say they used a broker to get the best int ...
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Posted in General

Market Commentary - Nov 9, 2015

November 9th, 2015
Market Commentary Strong employment numbers in both Canada and the United States have market watchers focusing on interest rates again, especially in the U.S. The Canadian figures, while impressive, are not as significant as the American numbers. Canada generated 44,000 new jobs in October but Statistics Canada says most were temporary positions created by the federal election. In the U ...

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Posted in General

Using a Reverse Mortgage to Cover Nursing Home Expenses

November 3rd, 2015
Using a Reverse Mortgage to Cover Nursing Home Expenses  John and Debbi (age 77 and 73 respectively) are residents of Burnaby. Recently John was permanently placed in a nursing home because of dementia. Debbi is struggling with the finances and concerned as their savings will be completed depleted within 6 months. She is considering selling their home to get money to pay for the nursing home ...
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Posted in Mortgage Information

Market Commentary

October 27th, 2015
Market Commentary The household debt to income ratio has hit an all time high – 165%. Yet the Bank of Canada seems to have gone strangely quiet on the subject. Former bank governor Mark Carey routinely warned of the potential dangers brought by the lure of low interest rates, especially in the housing market. Recently, though, new governor Stephen Poloz told a banking audience in Washin ...

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Posted in General

Incorporated Companies & Bare Trust Agreements

August 28th, 2015
Do you want to purchase a property under your Corporation??? If you are considering purchasing a property and would like to do so under your incorporation, you can use a Bare Trust Agreement (inexpensive lawyer prepared document) in order to achieve the same benefits to the company and shareholders as though it was owned in the company name. This will allow your broker to choose from the va ...
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Posted in Mortgage Information

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