With Summer Olympic in full blast (along with the heat in Toronto) it was difficult to work on blog.
Bank of Canada finally decided to announce the rate and its MPR on the same day. MCAP has reduced brokers commission on its short term mortgages and ICICI has pulled out of the condo lending.
Mortgage News:
- Genworth MI Canada Inc. Reports Solid Second Quarter 2012 – Genworth
- Low mortgage rates not an invitation to ratchet up debt – FP
- Home Capital Reports Strong Performance for the Second Quarter – CNW
- Canada plans no new steps to cool housing market: finance minister – Reuters
- Don’t mention it, but low rates have returned – Saskatoon StarPhoenix
- ING considers sale of Canadian online banks – FP
- People have average of 15 years left on mortgage, says BMO – CBC
- Don’t fear the small mortgage lender – Globe and Mail
Real-Estate News:
- Selling a condo? Beware the taxman – Toronto Star
- There are lots of benefits to renting in Toronto – Toronto Star
- Vancouver real estate market in full retreat – FP
- First time home buyers reflect on their rookie mistakes – TD
- Commercial Real Estate Leaders Begin To Express Caution – REALpac
Financial News:
- Canada’s “Plan B” if economy falters: infrastructure spending, not rate trimming – CIBC
- Consumer Debt Eroding Canadian Banks’ Edge as S&P Cuts Outlook – Bloomberg
- Banks urge Congress to extend crisis-era deposit insurance – Reuters
- S&P warns Canadian banks could be vulnerable if housing market stumbles – Financial Post
- Warnings from the banks also suggested that mortgage lending could drop off – Montreal Gazette
- Canada’s economic growth slows – Ottawa Citizen
- CIBC Calls For More Stimulus Amid Double Dip Recession Fears – Huffington Post
- Scotiabank, National Bank and TD potential buyers of ING Direct Canada: analysts – FP
Blog Reading:
- Canadian Real Estate And Household Debt – Seeking Alpha
- The 50 Biggest Money Mistakes Household CEOs Make – Len Penzo
- Saving a Downpayment – Gail Vaz-Oxlade
- Practical Amortization Choices – CMT
Quote of the week
“I always find it fascinating that people are concerned about smaller lenders,” he adds. “We’re not deposit takers. We’re giving money, not taking money. The risk is all ours.”
Boris Bozic via — Don’t fear the small mortgage lender, by Robert Mclister Globe and Mail.
Thanks for reading. Have a good long weekend.
