News

22 May 2020

Why does CMHC’s Evan Siddall think Canada is headed for a ‘deferral cliff’?

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

  In comments delivered to the Standing Committee on Finance on Tuesday, Canadian Mortgage and Housing Corporation CEO Evan Siddall laid out a potentially bleak scenario for the country’s homeowners. Siddall told parliamentarians that by September, if Canada’s economic recovery fails to generate enough momentum, 20 percent of mortgages could be in arrears. “A team is at Read More

15 May 2020

Canadian Home Sales and New Listings Plunge in April

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Record Declines in Canadian Home Sales and Listings in April The pandemic shutdown has put every sector of the economy into a medically induced coma, so, of course, the housing sector is no exception. Data released this morning from the Canadian Real Estate Association (CREA) showed national home sales fell a record 56.8% in April, compared Read More

14 May 2020

The CHIP Reverse Mortgage as your Debt Consolidation Solution

Posted by: Agostino Tuzi

HomeEquity Bank - National Partnership Director, Mortgage Brokers

The CHIP Reverse Mortgage as your Debt Consolidation Solution Canadians are choosing to carry more and more debt For many Canadians, borrowing money has become an increasingly necessary means of keeping up with ongoing expenses. Whether it’s a traditional mortgage to get into a home, a line of credit to cover a major purchase or Read More

8 May 2020

Historic Job Losses in April in Canada As the Economy Bottoms

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Pandemic Batters Canadian Jobs Market A Recession Like No Other The Canadian economy has been put in a medically induced coma. Never before in modern history have we seen a forced shutdown in the global economy so, not surprisingly, the incoming data for April is terrible. There is a good chance, however, that April will Read More

1 May 2020

Mortgages to the Power of 30 – How You Can be Better Off With a Higher Rate

Posted by: Todd Skene, MBA

Dominion Lending Centres - Accredited Mortgage Professional

Every now and then markets remind us why some times cash is king. Setting up your mortgage with a 30 year amortization that reduces your monthly cash outflow is a powerful and beneficial financial strategy that can increase your overall wealth, despite often having a higher interest rate than a 25 year amortization. Yes this Read More

15 Apr 2020

The Top 7 Misconceptions About Reverse Mortgages

Posted by: Agostino Tuzi

HomeEquity Bank - National Partnership Director, Mortgage Brokers

The Top 7 Misconceptions About Reverse Mortgages How much do you really know about reverse mortgages? Maybe you know that reverse mortgages can help Canadians 55+ access the equity in their home, tax-free. Maybe you know that tens of thousands of Canadians are using a reverse mortgage as part of their financial plan. But did Read More

15 Apr 2020

Bank of Canada Puts The Economy on Life Support

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Bank of Canada Stands Ready To Do Whatever It Takes On the heels of a devastating decline in the Canadian economy, the Bank of Canada is taking unprecedented actions. With record job losses, plunging confidence and a shutdown of most businesses, this month’s newly released Monetary Policy Report (MPR) is a portrait of extreme financial stress Read More

15 Apr 2020

Home Sales and Listings Plunge in March as the Bank of Canada Steps Up Economic Support

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Housing Market Another Victim of the Virus   Data released this morning from the Canadian Real Estate Association (CREA) showed national home sales fell 14.3% on a month-over-month (m-o-m) basis in March, the first national indication of the early impact of social isolation. The economic disruption and massive layoffs caused both buyers and sellers to increasingly Read More

9 Apr 2020

Record Job Losses, Yet Loonie and Stock Market Rally

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canada Loses Over a Million Jobs in March Employment in Canada collapsed in March, with over one million jobs lost, wiping away over three years of job creation in a single month and highlighting the economic pain the coronavirus pandemic has swiftly delivered. The decline in jobs in Canada, on a proportional basis, was steeper Read More

9 Apr 2020

The Math on Mortgage Deferrals

Posted by: Todd Skene, MBA

Dominion Lending Centres - Accredited Mortgage Professional

The Real Costs. The Facts. The Myths. There are opinions and articles circulating that say taking the 6 month mortgage deferral option could result in your payments increasing by $800 a month at the end of the deferral period. This is just not so. You’ve probably also heard that lenders will charge interest on top Read More

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