22 Nov



Posted by: Debra Carlson

Canada’s reverse mortgage debt grew by 1.33% month-over-month in August to reach yet another new high of $3.83 billion, according to latest data from the Office of the Superintendent of Financial Institutions.

This represented a 26.23% annual increase, with $50.63 million of the total volume coming from August alone. Over the past year, Canadian boomers and seniors have borrowed approximately $796.11 million.

Together, these trends have made reverse mortgages one of the nation’s fastest-growing debt segments, real estate information portal Better Dwelling stated in its analysis of the OSFI filings.

Around two months back, Equitable Group CEO Andrew Moor said that reverse mortgage applications have essentially tripled in volume over the past year alone.

“We’ve only been in this market for 18 months, but applications are jumping,” Moor told Bloomberg in an interview last September. “Canadians are getting older and there is an opportunity there.”

This supported the observations of Canada Mortgage and Housing Corporation, which noted that the nation’s seniors are becoming even more active in in the housing market – especially in Toronto, where the proportion of the senior population (those aged 65 and over) owning homes has increased by 4.5% between 2006 and 2016, ending up at 25%.

CMHC cited increased labour force participation as the major factor in greater ownership among seniors.

“In 2016, employment became the primary source of income (including self-employed) for close to one-third of homeowner households, compared to 20% among renters. With more seniors working, fewer have been reliant on income from government sources compared to a decade ago,” the report stated.

“Among homeowners, there has been a strong increase in the share of retirees for whom pensions (public and private) were their primary source of income. These trends have translated into faster income growth for seniors.”

By Ephraim Vecina

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8 Nov

Lest We Forget


Posted by: Debra Carlson

Remembrance Day was first observed in 1919 throughout the British Commonwealth. It was originally called “Armistice Day” to commemorate armistice agreement that ended the First World War on Monday, November 11, 1918, at 11 a.m.—on the eleventh hour of the eleventh day of the eleventh month.

The poppy is the symbol of Remembrance Day.

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1 Nov



Posted by: Debra Carlson

With all the news we have seen on the election, I thought I would sum it up from a mortgage industry perspective.

What the Liberal win means for your mortgage:

  1. We will see the continuation of the First Time Home Buyers’ Incentive. Check out the link for more information here:
  2. Property Transfer Tax modifications were on the platform, so we will await the date that change is applicable.
  3. Consumers will still be able to withdraw up to $35,000 from their RRSPs as part of the government’s Home Buyers’ plan.
  4. Bank of Canada Rates may not decrease as expected this year – unless there is a significant downtown in the market suddenly- based on the snapshot of recent activity that doesn’t appear as likely. It certainly makes it easier for the lenders not to pass the decrease down the line to the consumer.
  5. We will likely see a national housing tax implemented in addition to the provincial ones already in place.

    For items 1, 2 & 5, here is a link.

It doesn’t appear we will see any of the changes to the stress test or amortization hoped for by many.

Stay tuned for more updates and what the BOC decides to do on Dec. 4.

While the constant in our market will always be change, I am here at the frontlines to help you navigate the market to your advantage and save you money. Please reach out with any mortgage questions on how I can help you or those you care most about.

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Original Article By: Angela Calla – DLC