Mortgage Bytes

January 22, 2008

Mortgage Bytes

All but one of Canada's primary security dealers expect another 0.25% rate cut from the Bank of Canada on March 4. Reuters
BMO senior economist, Sal Guatier, says the Bank of Canada "is certainly on track to cut rates again in March."
All the big banks have followed RBC's lead and cut their prime rates to 5.75%.
FSCO wants your comments on its new Ontario mortgage broker legislation. You have until Feb. 15.
The average homeowner obtains 12 mortgages in their lifetime. Source: Mortgage Architects.
Sources tell us the elimination of withholding tax on cross-border interest should increase U.S. investment in Canadian subprime mortgages. That could mean better terms and more choices for mortgage shoppers.
Seniors Money now offers reverse mortgages in Western and Atlantic Canada. Facts of note:
- Their average reverse mortgage is $75,000
- According to what we hear, the company pays about 75 basis points on broker referrals
- 93% of seniors 65 and over live in private households
- Those aged 60+ own over 2.35 million homes in Canada. 60% of those are mortgage free.
We had a feeling it might happen... Toronto home sales spiked 21% in the 4th quarter as buyer raced to beat the new land transfer tax deadline.
Straight from the grape vine (don't quote us)...
- We're hearing unconfirmed chatter that HSBC may be paring back it's broker business--and focusing primarily on their top producing brokers. They're supposedly also building up their own national sales force. Could it be a pre-cursor to them exiting the broker channel? We hope not!
- Within six months Maple Trust, Dundee, and Scotia Express could all be merged together.
National Bank is reportedly revamping its All-in-One mortgage in April. It will become fully readvancing with the ability to lock in different portions at low fixed and/or variable rates.
The average property tax in Ontario is $1,270 per $100,000 of assessed value according to a recent BMA Management Consulting study.
Scam artist gets one year for mortgage scheme.

Posted in Reverse Mortgages

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All but one of Canada's primary security dealers expect another 0.25% rate cut from the Bank of Canada on March 4. Reuters
BMO senior economist, Sal Guatier, says the Bank of Canada "is certainly on track to cut rates again in March."
All the big banks have followed RBC's lead and cut their prime rates to 5.75%.
FSCO wants your comments on its new Ontario mortgage broker legislation. You have until Feb. 15.
The average homeowner obtains 12 mortgages in their lifetime. Source: Mortgage Architects.
Sources tell us the elimination of withholding tax on cross-border interest should increase U.S. investment in Canadian subprime mortgages. That could mean better terms and more choices for mortgage shoppers.
Seniors Money now offers reverse mortgages in Western and Atlantic Canada. Facts of note:
- Their average reverse mortgage is $75,000
- According to what we hear, the company pays about 75 basis points on broker referrals
- 93% of seniors 65 and over live in private households
- Those aged 60+ own over 2.35 million homes in Canada. 60% of those are mortgage free.
We had a feeling it might happen... Toronto home sales spiked 21% in the 4th quarter as buyer raced to beat the new land transfer tax deadline.
Straight from the grape vine (don't quote us)...
- We're hearing unconfirmed chatter that HSBC may be paring back it's broker business--and focusing primarily on their top producing brokers. They're supposedly also building up their own national sales force. Could it be a pre-cursor to them exiting the broker channel? We hope not!
- Within six months Maple Trust, Dundee, and Scotia Express could all be merged together.
National Bank is reportedly revamping its All-in-One mortgage in April. It will become fully readvancing with the ability to lock in different portions at low fixed and/or variable rates.
The average property tax in Ontario is $1,270 per $100,000 of assessed value according to a recent BMA Management Consulting study.
Scam artist gets one year for mortgage scheme.