We hate to be the bearers of bad news but according to the Vancouver Sun, the average BC home value is “only” expected to rise 6% next year. That means the average mortgage payment will only jump $160 a month! (assuming 10% down, 6% interest, and a 25-year am.)
ICICI Bank Canada, the subsidiary of India’s 2nd largest bank, is rumoured to be starting a Canadian mortgage broker division by early 2008.
An estimated 50,000+ people will have moved to Toronto in 2007. That’s helped downtown Toronto condo prices jump 15.7% this year.
1 million British Columbians rent–largely because it’s a lot cheaper than carrying a BC mortgage. Toronto has the highest rents in Canada, however, followed by Vancouver. Montreal is the most affordable.
Scotia Capital’s Kevin Choquette says it is surprising “how Canadian banks have essentially missed the U.S. subprime mortgage debacle, while a significant number of global players have large exposure.”
Dorado, a U.S. based lending systems developer, wants to give industry leader Filogix a run for its money. Dorado has partnered with First Canadian Title to distribute Dorado’s mortgage origination applications to Canadian lenders and mortgage brokers.
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