All eyes are on Bank of Canada governor Stephen Poloz this week as those in the mortgage business await this Wednesday’s decision in interest rates. Analysts are not united but there are plenty who are calling for a cut in interest rates to give a shot in the arm to the economy, especially the key export market. […]

Some economists may be calling for a recession but the federal finance minister has once again dismissed the assessment saying it’s too early to make that call. Joe Oliver spoke Tuesday at a meeting between Canadian and Australian delegates to discuss a mutual trade deal. He said that with the US economy growing and new investment in […]

The recent events in Greece have created an unprecedented situation and one which is causing ripples throughout the world’s economies. It has meant a surge in speculation by analysts about whether the bank of Canada will take a pre-emptive strike against potential weakness emanating from the Eurozone. However the talk of an interest rate cut […]

Statistics Canada will release the latest insight into the employment market Friday and analysts are not optimistic. At best they are calling for the numbers to be flat but there could be a decline in the number of new jobs and unemployment could edge higher. With sentiment in the labour market lower there are more analysts predicting […]

A Bank of America economic team says that Canada is now in a technical recession following two quarters of decline. The bank’s estimate is that the economy declined by 0.6 per cent in the second quarter of 2015; the same as in the first three months. It’s the first bank to call for a recession, […]

The chief economist of Royal Bank of Canada’s asset management division says there is a 35 per cent chance that the BoC will make a further cut in interest rates in the coming months. Eric Lascelles says that with the weaker loonie still not boosting exports enough and the oil price staying low there may […]

One broker believes clients will have to turn to high interest loans as a result of refinance loan-to-value limits – and that these high interest loans may become more ubiquitous as a result. “I’m afraid we might see a resurgence of high rate refinance companies as a result of CMHC’s 80 per cent loan-to-value cap,” […]

According to the Manulife Bank of Canada Debt Survey, released Tuesday, many Canadians would struggle to make mortgage payments in the event of a rate hike — an indication that buyers aren’t given the proper mortgage advice, according to one player. “I think people are taking on a huge amount of debt and it could definitely […]

It’s one of the clear advantages brokers offer clients hunting for a mortgage, but even that is being threatened by mortgage specialists arguing the hit attached to their credit checks are much lower than those undertaken by brokers. “It’s totally false,” says Ron Butler of Butler Mortgage. “We hear this constantly – the bankers are […]

Brokers frustrated by high prepayment penalties for clients are calling for more government oversight. “The federal government needs to step in and set a single formula that all lenders are mandated to follow, thus protecting all consumers,” Blair Goodman of Dominion Lending Centres National wrote on MortgageBrokerNews.ca Several industry players were quick to agree with […]