Unfortunately they are still around. They have been popping up all over the country and causing major problems for the homeowners that took them out and it is going to get worst as the bulk of them are up for renewal over the next two years.
Fortunately the subprime market never grew to more than 5% of the total mortgage market but 5% is still enough to cause some major problems for those less fortunate. It is estimated that there are still another 30,000 of these mortgages coming due within the next 24 months....
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Paul Mangion
M.O.S. MortgageOne Solutions Ltd.
http://www.gtamortgagematters.com/
paul@paulmangion.com
Tuesday, April 13, 2010
Friday, April 9, 2010
Higher Interests Rates are in the cards for Canada but not as high as some are predicting!
OTTAWA - With the Canadian economy doing surprisingly well over the past six months, many see higher interest rates from the Bank of Canada in the not so distant future, but according to a report released Thursday from CIBC's chief economist Avery Shenfeld, rates are likely to remain at a very low 2.5% through to 2011.
In CIBC World Markets' latest Global Positioning Strategy report, Mr. Shenfeld lists several reasons for Bank of Canada Governor Mark Carney to keep interest rates subdued after July. He points out that the U.S. will probably have a more gradual approach to raising rates and if Canada gets too far ahead, that could send the Canadian dollar soaring.
"While factories are recovering in Canada alongside a global industrial revival, output remains nearly 20% below the pre-recession peak, and wages are now substantially above those stateside without the productivity gains to match. There's only so much of a competitive challenge that non-resource exporters can take in short order," Mr. Shenfeld said.
He also pointed out that inflation is not expected to rise much further and stimulus spending is expected to be reigned in by governments - including Canada's - which will slow growth.
"If the U.S., the U.K., and Japan all move from huge stimulus to even modest restraint, Canada will feel it in our export prospects come 2011," Mr. Shenfeld pointed out.
Click here to read more!
As Quoted in The Financial Post.
In CIBC World Markets' latest Global Positioning Strategy report, Mr. Shenfeld lists several reasons for Bank of Canada Governor Mark Carney to keep interest rates subdued after July. He points out that the U.S. will probably have a more gradual approach to raising rates and if Canada gets too far ahead, that could send the Canadian dollar soaring.
"While factories are recovering in Canada alongside a global industrial revival, output remains nearly 20% below the pre-recession peak, and wages are now substantially above those stateside without the productivity gains to match. There's only so much of a competitive challenge that non-resource exporters can take in short order," Mr. Shenfeld said.
He also pointed out that inflation is not expected to rise much further and stimulus spending is expected to be reigned in by governments - including Canada's - which will slow growth.
"If the U.S., the U.K., and Japan all move from huge stimulus to even modest restraint, Canada will feel it in our export prospects come 2011," Mr. Shenfeld pointed out.
Click here to read more!
As Quoted in The Financial Post.
Tuesday, April 6, 2010
How The Market Will Fix MLS Rules.
The Commissioner of Competition recently made an application to the Competition Tribunal claiming that the Canadian Real Estate Association (CREA) uses control of the Multiple Listing Service (MLS) to impose exclusionary restrictions on the use of MLS.
The commissioner claims CREA rules on MLS lessen or prevent competition and deny consumers the benefits of competition in the Canadian residential real estate services market. CREA maintains it has adopted the MLS rule changes proposed by the commissioner. However, the commissioner remains unsatisfied with CREA's changes. It has sought redress from the tribunal.
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The commissioner claims CREA rules on MLS lessen or prevent competition and deny consumers the benefits of competition in the Canadian residential real estate services market. CREA maintains it has adopted the MLS rule changes proposed by the commissioner. However, the commissioner remains unsatisfied with CREA's changes. It has sought redress from the tribunal.
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