News

19 Mar 2019

March is Fraud Prevention Month

Posted by: David Cooke

Dominion Lending Centres - Accredited Mortgage Professional

You may have seen advertisements warning you to be aware of phishing schemes and other scams. In the past week, I have received fraudulent emails claiming to be Shaw Cable, RBC and even the FBI. These are easy to spot because of mistakes in the letterhead, spelling mistakes and formal language that would fit in Read More

15 Mar 2019

February Home Sales Weaken Sharply–Was It Weather or Stress Tests?

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Statistics released today by the Canadian Real Estate Association (CREA) show that national home sales dropped sharply from January to February, plummeting 9.1% to its lowest level since November 2012. The month-over-month decline was the biggest since the B-20 stress test was introduced in January of last year. The number of existing home sales was Read More

15 Mar 2019

Mortgage Stress Test – Not the Bad Guy

Posted by: Kevin Carlson

Dominion Lending Centres - Accredited Mortgage Professional DLC The Mortgage Firm based in Regina, SK

Ever since the federal government regulator, The Office of the Superintendent of Financial Institutions (or OSFI) brought in the Mortgage Stress Test, there has plenty of blame heaped upon it for slowing home sales and new home starts. Even though it has slightly reduced how much of a mortgage I can approve my clients for, Read More

14 Mar 2019

13 Mar 2019

What is an Uninsurable Mortgage?

Posted by: Kristin Woolard

Dominion Lending Centres - Accredited Mortgage Professional

With the mortgage rule changes in recent years, lenders have had to make some adjustments to their rate offerings. There are different tiers and rate pricing based on the following 3 categories: 1) Insured – a mortgage that is insured with mortgage default insurance through one of Canada’s mortgage insurers, CMHC, Genworth or Canada Guaranty. Read More

12 Mar 2019

Why I chose a Mortgage Broker? Our House Magazine – Winter

Posted by: Jeremy Deutsch

Communications Advisor

Amanda Moss and her husband Robert have had a mortgage on various properties for almost 10 years. The Chilliwack B.C. couple was a few years into their mortgage term, but looking to pay off some extra bills and clear up some financing. They hadn’t considered the option of refinancing until Amanda got some advice of Read More

8 Mar 2019

February Canadian Jobs Report Remains Strong, But Slump Continues

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The employment report is the lone bright spot in an economy that has slumped across the board. According to today’s jobs report from Statistics Canada, the economy added 55,900 net new jobs last month, all of them full-time positions. This is the second consecutive monthly job surge for an economy that has barely grown in Read More

8 Mar 2019

Personal Guarantee? Proceed With Caution.

Posted by: Allan Jensen

Dominion Lending Centres - Accredited Mortgage Professional

In my post entitled Personal Guarantee Required? 6 Tips You Should Follow, I set forth that there are significant implications to consider, when providing a guarantee. Similar concerns and strategies are raised in a recent article by Scott Anderson of Lawson Lundell LLP, entitled Buckle Up: How Guarantors of Real Estate Loans Can Limit Their Read More

7 Mar 2019

Buyers are winning now, but for how long?

Posted by: Angela Calla

Dominion Lending Centres - Accredited Mortgage Professional

Homebuyers are starting to see relief and the pendulum swing their way for the first time in years. It’s no surprise, as we’ve have had a collision of circumstances that have both slowed the local real estate market and dropped prices down as much as 30 per cent. We have the stress test forcing borrowers Read More

6 Mar 2019

Bank of Canada Reduces Prospects of a Rate Hike

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

In a very dovish statement, the Bank of Canada acknowledged this morning that the slowdown in the Canadian economy has been deeper and more broadly based than it had expected earlier this year. The Bank had forecast weak exports and investment in the energy sector and a decline in consumer spending in the oil-producing provinces Read More

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