Last week new mortgage regulation – announced by the government – drew a lot of media attention. This post alone is not going to cover that. Later we shall come up with a complete media analysis and pros ‘n cons of the new regulation. At this point we are not sure what effect it will have on the industry but we shall review that later.
Last week some brokerage brought back 2.99% five years fixed rate in the market too. Given the bond yield took a hit after the government announcement it is possible that we are going to see this trend last a bit longer than expected.
Mortgage News
Alternative lenders dilute housing market cooling efforts – Ottawa Citizen
Pay down mortgage first of all – FP
CIBC to wind down FirstLine Mortgages unit – FP
Canadian mortgage regulation – bye bye 30 years – CMA
OSFI releases final Guideline B-20 – OSFI
CIBC to wind down FirstLine Mortgages unit – National Post
CIBC to close mortgage broker business FirstLine – Globe and Mail
OSFI lays out finalized mortgage rules; brokers not so happy – Financial Post
New mortgage rules could pinch Canadian bank profits – Reuters
Real-Estate News
Canada’s housing market stronger than forecast – Financial Post
First-time homebuyers should strive for bigger down payment – Globe and Mail
Toronto June 2012 mid-month resale remains flat but listing is up – TREB
Housing boom grinding to a halt – Toronto Sun
First Time Buyers – A Great Time To Purchase – Canada.com
GTA housing market on track for average year – Building Industry and Land Development Association
Red hot Toronto market drives up home prices 5.2% in May – Toronto Star
Canadian home prices climbed 5.2 pct in May – Reuters
New mortgage rules may cool Toronto’s hot housing market – National Post
Financial News
Debt Drags Retirement Savings Down – CIBC Poll
Half of Canadians Expect to be Debt-Free by 2017 – BMO
Large Chinese bank debuts in Canada – Vancouver Sun
Play your cards right: pay it now or pay for it later – TD
Spain’s debt problems keep markets on edge – Reuters
U.S. watchdog puts credit card complaints online – Reuters
RBC among 17 gigantic banks on Moody’s chopping block – Financial Post
Spanish short-term debt costs reach alarm levels – Reuters
Debt loads going through the roof – Toronto Sun
Other News
Canadians outpace all other foreign buyers in US real estate market – Globe and Mail
Global economy navigating through political storms – Reuters
Canada Banks Shed Locker-Room Mentality, RBC’s Nixon Says – Bloomberg
Benefits of title insurance – XCEED
Quote of the week
Why should the general taxpayer be exposed to the risks associated with richer folks’ housing loans?
Finn Poschmann, vice-president of research at the C.D. Howe Institute, via — Targeting high-end mortgages more politics than protection, experts say -Globe and Mail.
Thanks for reading. Have a good weekend.
