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Mortgage Bytes

  • First-time-mortgage Ontario’s land transfer tax rebate for first-time homebuyers now applies to resale properties! An estimated 50,000 first-time buyers will benefit from the new program in 2008.
  • CIBC’s Benjamin Tal expects the Bank of Canada to “cut [interest rates] again in January 2008…to provide additional liquidly to the market.”
  • November was the first month where more condos were sold in Toronto than houses. Toronto’s average condo and house prices are $347,207 and $429,673 respectively.
  • Ontario’s Bill 152 helps ensure that ownership of a property cannot be lost due to a falsified mortgage. It also now requires that two lawyers register a land transfer.
  • If you’re contemplating buying a U.S. property, the Edmonton Journal’s Ray Turchansky suggests waiting until “next summer or fall.”
  • For the first time since 1994, more Canadians left Alberta than moved in. Alberta Bubble Story
  • Last month, Scotiabank shelved its pilot subprime venture The Mortgage Authority (TMA). In their announcement, Scotia said they’ve “decided to limit any further expansion in the non-prime market segment.”
  • CAAMP members now get a 50% discount on Continuing Education Network courses.
  • Genworth has 10 new free continuing ed. courses.
  • If you’re an AMP mortgage agent and want more words behind your name, you can now elect to be called a “Residential” and/or “Commercial Mortgage Specialist.”  Only the commercial designation has any significant standards, however. The “Residential Mortgage Specialist” title can be had with just an AMP and a signature– and therefore seems relatively meaningless.
  • Need help understanding Ontario’s new mortgage regulations?  IMBA training has it covered.