Canada Mortgage and Housing Corp. is cutting the types of mortgage insurance it offers, meaning the era of tighter rules for home buyers hasn`t come to an end.
The Crown corporation said late Friday it will stop insuring mortgages on second homes, effective May 30. Anyone who has an insured mortgage will no longer be able to act as a co-borrower on another mortgage that CMHC insures. In addition, it will stop offering mortgage insurance to self-employed people who don`t have standard documents to prove their income.
Canada ranks third in a top-10 list of global destinations for graduate business studies, with immigration-friendly policies attracting a growing number of international students, according to the Graduate Management Admission Council.
The findings are among some intriguing trends identified in new reports from GMAC, the Reston, Va.-based organization that administers the all-important Graduate Management Admission Test to potential graduate business students in 113 countries.
Born of the recession in the United States, group home buying is starting to catch on in Canada, says a recent TD survey.
TD found 25% of Canadians who bought a home in the last 24 months, or are planning to in the near future, did so on their own, while 40% think buying property, whether a primary residence or vacation home, with friends or family members is a great way to get started.
Why foreign investors are flocking to the Great White North
If there was some sort of buyers` strike on the Canadian dollar, you wouldn`t know it by the action of global investors, that much is for sure.
Instead of fleeing the Canadian stock market because of the Bank of Canada`s not-too-subtle shift in policy to weaken the loonie via verbal intervention, global investors have voted with their wallets by increasing their northern exposure, not reducing it.
What Google searches reveal about Canada's housing market
Want to know when the housing market will take off? Ask Google.
It looks like the number of times that Canadians search for the term `mortgages` in Google is a decent indicator of what home sales will do. And if that`s true, the spring might yet show a spike in the number of homes changing hands, followed by a levelling off.
TORONTO - The Canadian dollar closed higher Tuesday ahead of a slate of economic data coming out over the next few days and remarks from the top two officials at the Bank of Canada.
The loonie closed up 0.62 of a cent at 91.32 cents US as central bank governor Stephen Poloz and deputy governor Tiff Macklem were set to appear later in the day before the Commons finance committee to discuss the bank's Monetary Policy Report.
Opposition to new oil and natural gas routes biggest threat to Canadian economy
Opposition to new routes for exporting crude oil and natural gas poses the biggest risk to Canada`s economic growth, according to the chief economist of the country`s third-biggest lender.
Failure to tap new export markets with infrastructure such as pipelines and liquefied natural gas terminals will crimp output and depress the Canadian dollar, said Warren Jestin, senior vice-president and chief economist at Bank of Nova Scotia.
OTTAWA ` A regional breakdown of economic performance suggests Canada`s two economies drifted even further apart in 2013.
Ontario`s government is facing growing calls to get its fiscal house in order, with a Fraser Institute study pegging the province as an economic ball and chain `dragging down the country as a whole.` Read on
Statistics Canada says in a new report issued Tuesday that improvement in economic output last year was heavily slanted toward resource-rich regions.
OTTAWA - Finance Minister Joe Oliver and his predecessor have been fond of trumpeting Canada's economic and job creation performance since the recession, claiming it is unequalled among the Group of Seven large industrialized nations.
The minister made the boast again this week in a speech to employers in Halifax, noting that "our government has created over one million net new jobs ... the strongest job growth over the recovery among G7 countries."
CMHC cutting back on what it covers with mortgage default insurance
Canada Mortgage and Housing Corp., the Crown corporation that controls the vast majority of mortgage default insurance in the country, says it plans to get out of the market for second homes and is adding restrictions for self-employed Canadians.
Effective May 30, CMHC said it will discontinue insuring second homes and will require self-employed Canadians to have third party income income validation.
Was CMHC's move to tighten mortgage insurance rules another step towards privatization?
The Canada Mortgage and Housing Corp.`s decision to cut back its mortgage default insurance coverage was likely directed by the department of finance as part of an ongoing plan to lighten the risk load at the Crown corporation, sources told the Financial Post.
And the answer ` who knows? - is one of the reasons central bank chief Stephen Poloz is still concerned.
As The Globe and Mail`s Barrie McKenna reports, Mr. Poloz appears to be more troubled by Canada`s export showing than by still-high consumer debt levels, but he nonetheless flagged it late yesterday when he spoke to the Commons finance committee. He`ll speak to a Senate committee today.
Short-term indicators, U.S. jobs jump point to stronger Canadian economic growth
OTTAWA - The Conference Board says short-term indicators are pointing to a stronger spring for the Canadian economy.
The Ottawa-based think-tank says its composite leading index rose by 0.4 per cent in March, equal to an upwardly revised leap in February, with the troubled exports sector appearing poised for a major bounce-back due to increased demand in the United States.
Canada's million-dollar housing markets: Look out Vancouver, Toronto's moving in
Toronto is on the verge of becoming the second Canadian city where the average price of a detached home hits the $1-million mark.
`We went over that mark a few years ago in Vancouver and now we are going to hit it in Toronto. It`s not inexpensive to own a house in the city of Toronto,` Brookfield Real Estate Services Inc. president Phil Soper said Tuesday after the the company`s annual general meeting.