Mortgage Bytes

  • Correction:  Yesterday’s story led to some confusion about N-Brook, for which we apologize. N-Brook is in a solid lending position and accepting new deals according to the company.
  • Home prices in Canada’s biggest cities are up 11.6% since November 2006.  Not coincidentally, Canadian mortgage credit is up a projected 11.7%.
  • Toronto It’s a record year for home sales in Toronto. Sales in 2007 are almost double what they were at the previous 1988 market peak. The average home costs $393,747.
  • Edmonton’s bull market in real estate is fizzling. Royal LePage says prices will increase 1% next year vs. 35% in 2006. Calgary and Vancouver are expected to rise 4%.
  • There are reports that appraisers are getting more conservative in their valuations of Canadian homes due to the run-up in home prices and looming credit worries.
  • 140 Ontario lawyers are being investigated for involvement in mortgage fraud.
  • Laurentian Bank, like many lenders, had higher mortgage funding costs in the 4th quarter.
  • Mortgage Alliance is now offering clients their credit reports and credit monitoring for a discounted fee.
  • MortgageBrokers.com is now using Kendrik to help train it’s mortgage agents.
  • CIBC is promoting its cash-back mortgage in lieu of a rebate so Toronto buyers can pay their land transfer tax.  We’d rather have a rebate, other things being equal.
  • TD now offers a “Green Mortgage” for the environmentally conscious. The rate is high at 1% below posted rates, however. You might be better off getting a loan somewhere else and donating the money you save to a “green” charity.
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