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Industry News

Bank of Canada governor Mark Carney is suggesting interest rates will likely rise before the end of 2014.

 

It’s one of the clearest indications Carney has given as to when he may raise the bank’s key benchmark, which has been held at 1% for more than two years.

 

Responding to a question in the Commons finance committee Tuesday afternoon, the Bank of Canada Governor said the bank’s current thinking is that monetary policy will need to be tightened before 2015.

 

Last week, Carney inserted the phrase “over time” to give markets guidance on when the bank’s trendsetting rate may be increased. Tuesday’s response was somewhat more detailed, but still pointed to no immediate plans.

 

Click here for more from Macleans.

 

Mortgage broker regulators from across the country have partnered to establish the Mortgage Broker Regulators’ Council of Canada (MBRCC).

 

Regulators from participating provinces now have a collaborative forum to improve consumer protection, develop national solutions to shared concerns and promote harmonization of Canada’s mortgage broker regulatory practices.

 

“It is critical to work more closely together now,” said Kirk Bacon, Chair of the MBRCC. “Mortgage risks are becoming increasingly prevalent, the market is growing more complex and many regulations need to be modernized to keep up.”

 

The partnership signals a new era of coordination and information sharing among regulators as well as a national approach to identifying and addressing issues in the mortgage broker industry.

 

The MBRCC strategic plan for 2012-2015 has also been released, outlining the strategic priorities and initiatives of the organization for this period.

 

One important initiative is the development of competency standards and curriculum requirements for mortgage brokers.

 

Click here to read the full FSCO press release.

 

There are a lot of horror stories circulating lately around the latest data showing that Canadian household debt to income ratio has hit 165% – not just a record high, but also beating the bubble peaks in the United States.

 

Gluskin Sheff Chief Economist David Rosenberg, however, has taken a closer look at the figures.

 

Click here to read his five reasons why the panic may be a bit overblown courtesy of the Financial Post.

 

CIBC Deputy Chief Economist Benjamin Tal sounds like he’s getting tired of the comparisons linking the Canadian housing market to a US style crash.

 

Canada is just not going to have a severe crash, he says in a report dubbed “Should We Worry About a US Style Housing Meltdown?

 

You could lose a “night’s sleep” if you glance at charts comparing US household debt and prices before their correction with today’s Canadian housing market, but Tal says a closer look reveals vast differences.

 

“To be sure houses prices in Canada will probably fall in the coming year or two but any comparison to the American market of 2006 reflects a deep misunderstanding of the credit landscapes of the pre-crash environment in the US and today’s Canadian market,” says the economist.

 

Click here to read more from the Financial Post.

 

Just 60 short months ago, mortgage rates were double what they are now. That means payments on a 25-year mortgage of equal size were 36% higher than today.

 

Since then, the amortization gods have slashed mortgage rates and payments. Compared to interest costs in 2007, today’s rates would save you $101,700 if projected out over 25 years on a $200,000 mortgage.

 

If you look at the payments on a mortgage that size, they’ve tumbled from $1,284 in 2007 to $945 today. (To put that in perspective, the payment at 0% interest would be $667.)

 

It’s clear that the savings potential of today’s rates is phenomenal. The question is: are Canadians taking advantage of these record-low rates?

 

Click here for the full Globe and Mail article.

 

Owning a home is one of the cornerstones of a solid financial plan. However, making mortgage payments for 20 to 30 years can take a huge bite out of your budget, even with low interest rates.

 

A $300,000 mortgage at 3.29% amortized over 30 years will cost $161,300 in interest.

 

Yet it’s surprisingly easy to reduce your amortization – and the amount of interest you’ll pay.

 

When you’re mortgage-free, a big part of your budget will become available to help achieve your other financial goals.

 

Click here for three ways to become mortgage free faster from The Star.

 

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