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Lender News...

The Bank of Canada is putting its focus squarely on economic growth.


In a revised statement on its policy intentions, the central bank indicated that it thinks the risk of a housing bubble has passed, dropping language that said future interest-rate increases may be needed to dissuade households from piling on debt.


Leaving its benchmark interest rate at 1%, the Bank of Canada said weak economic growth and muted inflation mean that “considerable” monetary stimulus “will likely remain appropriate for a period of time.”


Policymakers declined to signal how long that period may last, and they stopped short of making a complete pivot from their previous guidance, saying again that the next interest-rate move – whenever it comes – likely will be an increase.


Click here for more from the Globe and Mail.


Ever wondered what kind of mortgage you can get on minimum wage in a big city?


Minimum wage in Canada ranges from $9.75 per hour in Alberta to $11 in Nunavut. In Ontario and BC, it’s $10.25.


Using standard insured lending guidelines, someone earning even $11 per hour and working 40 hours a week could theoretically qualify for a $118,000 house.


Out of curiosity, searched every MLS listing within Toronto, Montreal and Vancouver city limits for such a property.


They figured it would be a tall order to find properties accessible to a near-minimum wage earner in these cities, and it was. Out of thousands of real estate listings, there wasn’t one home that was cheap enough for an $11-an-hour employee to get a typical high-ratio mortgage on.


Click here for the full article.


In the Internet age, information is at your fingertips in a nanosecond. It took Google less than a third of a second to offer 2 billion returns to the phrase: “How to save money.”


The problem with the Internet is not quantity, it’s quality.


Click here for a few places for online information that will help you become a better saver and smart spender and investor courtesy of The Star.


Homeowners who feel the assessed value of their property assessment is too high should appeal. I did and have saved myself $15 a month in a process that took some time, but wasn’t overly complicated.


In August, I bought my first house – a beautifully renovated three-bedroom bungalow in Scarborough, which cost $425,000. I loved everything about it, except the property taxes, which came in at more than $3,000 a year. In October, when I received my property assessment notice, I discovered the assessment and my taxes were going up. The assessed value was $65,000 higher than my purchase price.


My father’s two-storey century house in the Beach area had only been assessed at $100,000 more. It didn’t seem fair, so I decided to appeal.


First I visited and the property taxes section of I spoke with family and friends, and contacted my real estate agent and mortgage broker to get their opinion. They agreed that the assessment was high.


Click here for more details from The Star.


Dramatically growing numbers of mobile, wealthy individuals around the world will push up demand for luxury real estate, making high-end properties in Canada’s biggest cities increasingly valuable.


In 10 years there will be 50% more people around the world with more than $30 million US in net assets – or about 286,000 – according to a new report from British-based real estate consultancy Knight Frank. Emerging markets in Asia and Latin America will see the most dramatic growth, with China’s wealthy population expected to more than double by 2022.


In Canada, the numbers in that category will rise by about 35% over the decade to roughly 6,640, the study says. The largest concentration in Canada will be in Toronto, which currently ranks 20th among global cities for the number of high-net-worth individuals.


One of the consequences of that growth among the wealthy is that there will be an increasing demand for high-end real estate, even though the supply of luxury properties will remain virtually static, the report suggests. That means the most popular cities for the wealthy – New York, London and Tokyo are at the top of the list – will see increasing upward pressure on prices.


Click here to read more in the Globe and Mail.

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