CIBC economist, Benjamin Tal, thinks the Bank of Canada may postpone any potential rate increases. He says, “If you are shopping for a house and mortgage, you basically saved yourself 25 basis points because of (the U.S. mortgage) crisis.”
How big is Countrywide (America’s biggest mortgage lender who’s flirting with insolvency)? Countrywide funded $463 billion of mortgages in 2006. That’s 2/3’s of all mortgages in Canada combined! Here are some FAQs about Countrywide from Holden Lewis.