Do you live in British Columbia and are you considering a future career as a mortgage broker? With some of the most expensive properties in the country, British Columbia’s real estate market is a great industry to work in. As a mortgage broker in British Columbia, you will be responsible for helping clients finance their homes and other real estate properties. You should have a natural interest in finance and mortgage contracts, as you will be responsible for finding the best mortgage rates in British Columbia. And although this job takes a lot of motivation and self-discipline, your income is often based on your level of commitment and you can eventually become your own boss.
The Office of the Superintendent of Financial Institutions Canada (OSFI) is considering new regulations that would restrict banks from offering any mortgages in Canada with an amortization period greater than 25 years. OSFI is doing preliminary consultation with banks to determine the desirability of the proposed changes. Mortgages insured by the Canada Mortgage and Housing Corporation (CMHC) were already capped at 25 years last July. But individuals who have a strong credit rating and make a large down payment can get amortization periods of up to 35 years. As the housing market slows, there is increasing pressure on OSFI and banks to ensure that underwriting standards are concrete. In addition, the Department of Finance and OSFI have taken steps since the financial crisis began in 2008 to tighten mortgage regulations. These steps are being taken to try and prevent what some analysts predict as an upcoming housing bubble.
Home prices rose 0.2 percent in April, compared to March of this year. However, this April was the second weakest April gain in 15 years. The housing market has regained some strength after a slow winter, but has further stabilized after the rapid growth experienced over the last several years. Continue reading →
After looking at mortgage broker brands in Ontario, the next province up in this RateHub.ca blog series is Québec. In the series, we provide overviews of the major mortgage brokerages in your province. Whether you’re a first-time homebuyer or an experienced homeowner, this blog post will help you find the Québec mortgage broker and brand that offers the best mortgage rates.
Centum has established a large network of independently owned mortgage brokerages that span across Canada. They leverage this scale to develop relationships with many lenders and offer more options to consumers. Centum negotiates with multiple lenders at a time, while utilizing volume bonuses, to help provide clients the lowest rates.
Dominion Lending Centres (DLC) has more than 2,200 mortgage professionals nationwide. The brokerage is currently growing its Québec operations, where there is a franchised DLC location under the name Dominion Lending Center – Centre Quest. DLC has access to over 90 lending institutions, which allows them to offer innovative products such as interest-only loans, self-employment programs, and rental purchase programs. With their broad offerings, DLC services both experienced and first-time homebuyers. Continue reading →
BuzzBuzzHome (BBH) recently pieced together an infographic showcasing the heights new condo projects are reaching all over North America. With Toronto’s tallest project (88 storeys) only 8 storey’s behind New York’s (96 storeys), it’s easy to see that the city is moving up. But how long would it take to walk from the bottom to the top? BBH timed their President making an attempt – check it out.
Do you want to work flexible hours and like the idea of being your own boss? Do you have any interest in finance and/or real estate? If so, you could consider becoming a mortgage broker. As a Québec mortgage broker, your job would be to negotiate the best mortgage rates and terms for your client – the buyer. While you don’t need any specific work experience to enter the field, mortgage brokers should have an interest in mortgage rates and finances, as well as Québec’s real estate market.
To start your new career as a Québec mortgage broker, you should first become familiar with Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ). The OACIQ is Québec’s mortgage governing body and was created as a result of the new Real Estate Brokerage Act put in place on May 1, 2010. The OACIQ Certification Department manages Québec’s mortgage sector and is in charge of issuing, revoking and suspending mortgage broker licences. The Certification Department also administers Québec’s mortgage broker examinations, which you will have to take as part of this process. Continue reading →
If you’re looking for a mortgage broker to work with, but are overwhelmed by all the different options of brokerages to consider, look no further. In a new blog series, we want to provide an overview of the major mortgage brokerages in Canada. This series should be especially helpful for first-time homebuyers, who may be unsure of which brokerage and specific Ontario mortgage broker to work with. First, we’re going to look at the top mortgage brokerages in Ontario.
Established in 2002, Centum has grown into a large network of independently owned mortgage brokerage firms with over 2,700 mortgage professionals. As a result of their size, Centum has developed a vast network of lenders and can leverage this network to find you the best rate. When you work with Centum, they will negotiate with multiple lenders at one time, to ensure that they find you the best mortgage rate for your specific situation.
Dominion Lending Centres (DLC) is a national mortgage brokerage that was launched in 2006 and has grown to have more than 2,200 mortgage professionals nationwide. DLC’s primary market is in Ontario, as 38 per cent of their brokers service the province. DLC offers a variety of mortgage rate options to buyers and has access to over 90 lending institutions. Because of their size and access too many lenders, DLC can offer innovative products such as interest-only loans, self-employment programs, rental purchase programs and vacation property programs. With their broad offerings, DLC has the capability to service many different types of consumers. Continue reading →
Does working from home, being your own boss and working flexible hours sound appealing to you? If so, you could consider becoming a mortgage broker. As an Ontario mortgage broker, you act as a liaison between homebuyers and the mortgage market, by negotiating the best mortgage rates and terms for the buyer. While you don’t need any specific work experience to enter the field, mortgage brokers should have an interest in how mortgage rates and finances work, as well as Ontario’s real estate market.
According to the Financial Services Commission of Ontario (FSCO), anyone interested in becoming a mortgage broker must be a mortgage agent for at least 24 months during the 36-month period before applying for their mortgage broker license. Also, the education portion needed to become a licensed mortgage broker will provide you with new skills to ensure the brokerage you work for complies with: all applicable policies and regulations, a standard code of ethics, and best practices.
Ontario Mortgage Broker License Requirements
If you reside in Ontario, FSCO states that individuals who want to become a mortgage broker must: Continue reading →
Housing construction slows in April, but no crash yet – CBC
Housing starts are beginning to slow to a more sustainable rate, as the seasonally adjusted annual rate of urban starts was down 2.5 per cent in April. The decline occurred primarily in the condo markets of Ontario, British Columbia and Atlantic Canada. This trend could signal an end to the housing boom and ease economic stability concerns from the International Monetary Fund and the Bank of Canada. Overall, housing indicators such as starts, resales, building permits, and prices have lowered since July 2012, when Jim Flaherty placed tighter regulations on mortgages and lending practices. Departing Bank of Canada Governor Mark Carney told a parliamentary committee last month that all housing indicators were going in the right direction and that household debt accumulation had stabilized. The April housing starts figures were in line with economist expectations and were below the first quarter average, as housing starts did rise in Quebec and the Prairies, partially offsetting the decreases from other provinces.
There are fundamental changes playing out privately at the Canadian Mortgage and Housing Corporation (CMHC), as a new chairman of the board has been chosen and a replacement for CEO Karen Kinsley will soon be announced. Robert P. Kelly, a former Wall Street banker and a veteran Canadian financial services executive, has been named chairman of the board. In addition, stricter regulatory changes began in March, when Flaherty placed the CMHC under the auspices of the Office of the Superintendent of Financial Institutions (OSFI) which regulates Canadian banks and insurance companies. Sources indicate that the OSFI will initiate an extensive risk management review of the CMHC. These regulations are part of governmental efforts to ensure that the CMHC’s commercial activities are undertaken in a way that will promote overall stability of the financial system. Flaherty has criticized several commercial functions of the CMHC, specifically their willingness to provide default insurance on mortgage loans with more than a 20% down payment, which is not required by law. Continue reading →
Our friends at BuzzBuzzHome (BBH) have, once again, produced another fun and informative infographic! The BBH team took a look at new condo developments in 5 of Canada’s top markets and compared what $380,000 could buy you in each city. Take a look at what they found.
Despite the public scolding from Federal Finance Minister Jim Flaherty in March, mortgage rates continue to fall to historic lows. Although most lenders aren’t as brazen as BMO and Manulife – who advertised posted rates below 3 per cent on 5-year fixed rates – if you’re in the market for a mortgage in Canada, you don’t have to look hard to find a mortgage rate below 3 per cent. Whether you’re shopping for a new mortgage, renewing your existing mortgage, or refinancing, there’s never been a better time to lock into a 5-year fixed rate. Any homeowner who receives a mortgage renewal letter with a mortgage rate above 3 per cent should think twice about signing and talk to a mortgage broker first.
So why do mortgage rates keep getting lower? It’s no secret the housing market has been slowing, ever since the most recent changes were made to the mortgage rules last year. Year-over-year sales have been falling in housing markets, with Canada’s biggest cities – Toronto and Vancouver – hit the hardest. Meanwhile, prices are down in Vancouver, and Toronto’s once robust double-digit price appreciation is long gone. By offering ultra-low mortgage rates, lenders are hoping to entice homebuyers who are sitting on the sidelines to get into the market. Continue reading →