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How will rising mortgage rates affect Canadian house prices?

posted by The Mortgage Associates    |   May 30, 2014 08:34

How will rising mortgage rates affect Canadian house prices?

Article by Tara Perkins, The Globe and Mail, May 30, 2014

"A 2 percentage point increase in mortgage rates would likely cause a significant price correction in the Canadian housing market if it happened all at once, but not if it took place gradually between now and the end of 2016, says Bank of Montreal economist Robert Kavcic."

To read the full article, please click here.

Mortgage interest never as easy to pay as now - as long as rates stay low

posted by The Mortgage Associates    |   May 29, 2014 10:44

Mortgage interest never as easy to pay as now - as long as rates stay low, DBRS report shows

Article by Garry Marr, May 28, 2014, Financial Post

"It hasn’t been this easy to pay the interest on your mortgage in almost 25 years.

Credit rating agency DBRS Inc. has been tracking our ability to pay loans since 1990 and says today we only need on average 3.7% of our household disposable income to cover the interest on those loans — the lowest percentage on the books.

All this comes as Canadians continue to ramp up their mortgage debt, albeit at a slower pace. Mortgages outstanding were up only 5.5% year over year in January, 2014 from a year earlier but still reached $1.2-trillion in the first quarter. That’s a 202% increase since 1999."

To read the full article, please click here.

Eight Banks Agree to No-Cost Accounts For Low-Income Clients

posted by The Mortgage Associates    |   May 28, 2014 10:44

Eight banks agree to no-cost accounts for low-income clients

Article by Bill Curry, Globe and Mail, May 27, 2014

"The Conservative government has secured a pledge from Canada’s largest banks to offer no-cost banking accounts for an estimated seven million youth, students and low-income seniors.

Finance Minister Joe Oliver will make the announcement Tuesday at an Ottawa seniors centre, The Globe and Mail has learned.

Canada’s eight largest banks have agreed to voluntarily adopt new rules starting next year that would offer no-cost accounts for low-income senior Canadians that would allow at least 12 debit transactions per month.

The definition of low income would be tied to the existing rules for the Guaranteed Income Supplement, which was paid in 2013 to seniors with incomes under $20,204 (a figure that does not include Old Age Security benefits).

A move in this direction was first hinted at in the October Speech from the Throne. The promise was repeated in the government’s February budget.

The announcement is also expected to include measures to waive extra fees related to deposits, debit cards, monthly printed statements and cheque-writing privileges."

To read the full article please click here.

"Scott even answered his phone during a basketball game he was playing in to give me advice on my mortgage"

posted by The Mortgage Associates    |   May 26, 2014 08:49

Scott Trainor in the office"Why bother with a banker who doesn't answer his phone.  Scott even answered his during a basketball game he was playing in and gave me advice on how to proceed with my mortgage."

Joseph, 2013




Shawna made us feel valued as clients

posted by The Mortgage Associates    |   May 23, 2014 16:27

Shawna MacDonald"Shawna went over and above what we expected.  We felt like she really wanted to make it work for us and we felt valued as clients.  She was always available to answer ANY questions.

Mark & Kerstin Hettinga, July 2013







Toronto tops for speedy home sales: How does your city measure up?

posted by The Mortgage Associates    |   May 20, 2014 08:30

Toronto tops for speedy home sales:  How does your city measure up?

Article by Tara Perkins, The Globe and Mail, May 15, 2014

"Calgary might have the hottest housing market in the country right now, and Vancouver’s might be the priciest, but Toronto is tops when it comes to the speed with which homes are selling.

The homes that sold in the Toronto area last month were on the market for an average of 20 days. Homes that sold in and around Calgary, in contrast, were on the market for an average of 34 days before they sold.

In other markets homes generally take longer to sell. The average number of days on the market for homes in Greater Vancouver that sold in April was 43. Homes in Ottawa are taking an average of 45 days to sell. Edmonton homes were on the market an average of 42 days, in Regina 34 days."

Click here to read the full article.

Shawna's professional yet laid back attitude has made this whole experience amazing!

posted by The Mortgage Associates    |   May 16, 2014 08:46

Shawna MacDonald"We were searching for a mortgage broker over google to assist us in buying our first home and we came across Shawna MacDonald.  Her website was well set up and easy to follow, within minutes we were in contact with her over the phone.  She has been EXTREMELY helpful.  Super knowledgeable and friendly.  Her professional yet laid back attitude has made this whole experience amazing!  Shawna and her team are wonderful, helpful and quick to respond back whether it be over phone or email.  I highly recommend Shawna to anyone!  Thank you Shawna, I look forward to continuing our journey with you as we buy our first home!"

Brittany Kletzel, May 2014




Interesting article on Canadian debt .. we owe more but we are paying it off with ease .. so it appears.

posted by The Mortgage Associates    |   May 15, 2014 14:20

Canadian's spendthrift ways:  and now, the good news

Article by Rob Carrick, The Globe and Mail, May 14, 2014

"No more shrill warnings about the dangers of high household debt levels. I’m moving on.

Don’t freak – the personal finance law that debt is bad has not been repealed. Debt makes you vulnerable to a drop in income or job loss, and it may prevent you from saving enough for retirement. Reducing the amount you owe is a good thing to do, period.

But today’s high debt loads are not as dangerous as once thought. We need a more nuanced discussion on debt than just shouting at people about how bad it is.

Part of the change in thinking on debt reflects a sense that we are returning to a more normal economy after five years of confusion and disruption. Things that seemed almost apocalyptic a few years ago now seem liveable, if not desirable.

Click here to read the full article.

Scott was able to get us approved in one day and allow us to get the home that we loved

posted by The Mortgage Associates    |   May 14, 2014 08:36

Scott Trainor"We went to our bank and were told we could not get a mortgage for the home we put an offer in on.  Scott was able to get us approved in one day and allow us to get the home that we loved.  Thank you, thank you, thank you!"

Steve, 2013







Think Outside The Branch - TMG The Mortgage Group

posted by The Mortgage Associates    |   May 13, 2014 09:09