Canadian Mortgage Market - Government to Buy $50 Billion in Residential Mortgages
In an effort to loosen up the tough financial markets the Governement of Canada has announced they will be buying $50 Billion in residential mortgages from the banks. The move is done in an effort to privide some cash and liquidity to banks that, while certainly not facing the strains of other contrys’ banks, have tightened up guidelines and rates such that markets across the country are suffering. By providing banks with money, it isn’t just providing profits. Instead, it will free up money for
Canadian Mortgage Market - Government to Buy $50 Billion in Residential Mortgages
In an effort to loosen up the tough financial markets the Governement of Canada has announced they will be buying $50 Billion in residential mortgages from the banks. The move is done in an effort to privide some cash and liquidity to banks that, while certainly not facing the strains of other contrys’ banks, have tightened up guidelines and rates such that markets across the country are suffering. By providing banks with money, it isn’t just providing profits. Instead, it will free up money f
CMHC Releases 2008 Report on Housing in Canada
The Canadian Mortgage and Housing Corporation (CMHC) released their annual Canadian Housing Observer today. The 115-page report examines the state of Canada’s housing market from a variety of perspectives, combining national coverage with provincial and metropolitan detail. The report discusses influences on housing demand, current market developments, housing finance, housing affordability, sustainable communities, and other topics. The report is full of useful statistics and analysis but fai
Government to purchase up to $50 billion more mortgages
The Honourable Jim Flaherty, Minister of Finance, today announced the Government will purchase up to an additional $50 billion of insured mortgage pools by the end of the fiscal year as part of its ongoing efforts to maintain the availability of longer-term credit in Canada. This action will increase to $75 billion the maximum value of securities purchased through Canada Mortgage and Housing Corporation (CMHC) under this program. “At a time of considerable uncertainty in global financial mar
Home Equity Income Trust cuts monthly distributions by a third to six cents a unit (Canadian Business)
TORONTO - Home Equity Income Trust (TSX:HEQ.UN, a company with a portfolio of reverse mortgages originated by Canadian Home Income Plan, says it is cutting its distributions by a third to save cash in the wake of uncertain financial markets.
Financing Canadians for Las Vegas Real Estate
We have discovered a great lender for Canadians wanting to buy Las Vegas homes or condos, either as a second home or as an investment! This lender charges no loan discount points or origination fees, and the rates are the same as what a US citizen can obtain. Lately all our blog posts have been about finding Las Vegas mortgages for our clients. With the high rate of national foreclosures, many traditional venues and programs have been discontinued, leaving buyers, even those with substantial dow
Great news for Canadians (and other Foreign Nationals!)!!
Great news for Canadians (and other Foreign Nationals!)!! Posted in Real Estate, Mortgages, canadian, canadian, foreign national loans on October 31st, 2008 | Post to: del.icio.us After mourning the loss of our own access to Foreign National loan programs and letting the “Blogiverse” know about it, we have actually come across several new sources for Foreign National loans. We STILL cannot lend on these ourselves, sad to say, BUT I would be more than happy to pass on our contacts to anyone
Great news for Canadians (and other Foreign Nationals!)!!
After mourning the loss of our own access to Foreign National loan programs and letting the “Blogiverse” know about it, we have actually come across several new sources for Foreign National loans. We STILL cannot lend on these ourselves, sad to say, BUT I would be more than happy to pass on our contacts to anyone in need of this type of financing. What do these loans look like? Well, let’s say you are a Canadian from Toronto. The bank will need a minimum of 20% down, a clean Canadian credit
Should You Follow Your Banker's Advice to Lock In?
Bay Street economists met last Thursday to discuss these indicators of Canada's financial state: 1) The Canadian Real Estate Association reports resale home prices decreased 6.2% last month, in comparison to September 2007. The average price is now $315,461, compared with $336,321 last year. 2) Statistics Canada reported factory sales dropped 3.7% in August because of a decreased demand for Canadian commodities in the U.S.A. The economists are urging the Bank of Canada to reduce the prime in
Should You Follow Your Banker's Advice to Lock In?
Bay Street economists met last Thursday to discuss these indicators of Canada's financial state: 1) The Canadian Real Estate Association reports resale home prices decreased 6.2% last month, in comparison to September 2007. The average price is now $315,461, compared with $336,321 last year. 2) Statistics Canada reported factory sales dropped 3.7% in August because of a decreased demand for Canadian commodities in the U.S.A. The economists are urging the Bank of Canada to reduce the prime in
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