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%
  1. Hi Melanie,
    I am a bit confused about the new LTT as it applies to first-time buyers. I understand that first-time buyers are exempt up to $400K. So if I buy a $450,000 house am I liable to pay tax on the whole $450,000 or just the amount over $400K (i.e. $50,000). And if the latter is correct. what would the percentage rate be. Thank you.

  2. It’s funny you should mention XCeed. I was watching their stock fall for a while and was kicking myself that I don’t have any money around. In my fake Yahoo portfolio I made a purchase at $3.80 and then again when it fell to $2.40.
    Once this whole credit problem blows over in 18-24 months and they reissue their dividends at 0.24c a share, if you got them at $2.40 you’d be pulling a 10% yield. That one is worth watching in my book. Too bad I didn’t have spare cash lying around for that one.
    Plus, was it any surprise that people that have only worked for (assuming from 20) 5-7 years have fewer houses than those that have worked for 11-13 years? Hmmm, fancy that.
    Why do you think you only see old guys driving big fancy cars . . . (I know, excpetions to every rule, but generally).

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