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Mortgage Bytes

  • What you need to know about Toronto’s new land transfer tax.
  • 84% of Canadian baby boomers surveyed are not scared of buying real estate, despite the subprime crisis, says Mortgage Intelligence.
  • MyNext Mortgage has a somewhat unique business model.  They use all 3 major mortgage insurers to increase a client’s probability of approval. Deals go to the insurer with the best terms at the time.
  • National Bank is supposedly launching a new readvanceable mortgage in 2008 that automatically increases your line of credit as you pay down principle.
  • Stock in Xceed Mortgage is up 58% from it’s lows.  The subprime lender just bagged $300 million in new financing.  It should be “sufficient to meet Xceed’s funding requirements until market liquidity is restored,” says its CEO.
  • CAAMP will push “responsible lending” in 2008.
  • David Dodge suggests Canada’s commercial paper restructuring won’t meet the Dec. 14 deadline.
  • Landlords beware.
  • Home ownership percentages by age group (Source: StatsCan via the Vancouver Sun):
    • 25-27-year-olds:  38%
    • 31-33-year-olds:  63%
    • 37-39-year-olds:  73%