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Banks talk down consumer debt hysteria

May 11, 2012 in Kevin's News by Kevin Irvine

The Bank of Canada may be thinking about raising interest rates but there’s apparently no need to because Canadians are hunkering down to cool debt obligations on their own. “The pace of growth in household credit is no longer a reason for the Bank of Canada to move from the sidelines any time soon,” says [...]

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B.C. housing starts rise 6.3 per cent in April: CMHC National numbers surge in spring

May 8, 2012 in Kevin's News by Kevin Irvine

Housing construction starts blew past expectations in April, according to data released Tuesday. Canada Mortgage and Housing Corp. said there was a seasonally adjusted annual rate of 244,900 housing starts last month. That was up 14 per cent from the previous month, and well ahead of what the 204,000 economists polled by Bloomberg had been [...]

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Time is running out to buy your dream home in the U.S., economist warns

May 8, 2012 in Kevin's News by Kevin Irvine

If you’re thinking of buying property in the United States, buy now because prices won’t stay in the basement much longer, says a BMO economist. “While there’s little urgency, now is likely a good time to buy U.S. real estate in regions with relatively low foreclosure rates, as conditions should improve enough to put a [...]

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Why smaller down payments can lead to better mortgage rates

May 8, 2012 in Kevin's News by Kevin Irvine

Consumers with less than 20% down must get mortgage default insurance in Canada if they are borrowing from a federally regulated bank. It doesn’t make much sense, but a skimpy down payment on a home might actually get you a better mortgage rate in today’s market. Blame the government subsidy known as mortgage default insurance, [...]

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Should you pay off your mortgage before you retire?

May 8, 2012 in Kevin's News by Kevin Irvine

Pay off the house before you retire. That’s the conventional wisdom, and there’s some evidence that people are following it. Older families aggressively rid themselves of mortgages between 2007 and 2009, according to U.S. Federal Reserve data. Some 45.5% of American households headed by people between 65 and 74 had mortgages in 2007; by 2009, [...]

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