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 CANADIAN HOME OWNERS FINANCIALLY FIT

Oct 2010 - Canadian homeowners appear to be more financially fit than others in Canada, as 65 per cent pay off their credit balances each month compared to 48 per cent of non-homeowners.

A quarter of the homeowners with mortgages have also made a lump sum payment or accelerated their mortgage payments in the past year.

Forty-four per cent of homeowners paid all their bills and saved money in the past year, suggesting a strong correlation between homeownership and financial fitness.

“Homeownership is an achievable goal for those who are prepared,” said Peter Vukanovich, president and chief operating officer of Genworth.

“Homeownership helps people focus on their financial situation and get their fiscal house in order.”

The survey was conducted in partnership with the Canadian Association of Credit Counseling Services (CACCS).

“A mortgage is easier to manage when people have good personal financing skill,” said Henrietta Rose, CEO of CACCS.

 

 CIBC FACES SERIOUS CLAIMS

 CIBC allegedly failed to properly disclose its exposure to subprime mortgages in a move that misled the market and CIBC investors alike, according to testimony from Rotman School accounting professor Gordon Richardson.
In his 65-page review of CIBC, Richardson writes CIBC failed to comply with GAAP disclosure requirements and that information provided concerning credit risk was deceptive.

Richardson is calling for CIBC to restate income from the last three quarters of 2007 and the first quarter of 2008 claiming original figures were overstated.

“CIBC denies these allegations and plans to vigorously defend this action. CIBC is confident that, at all times, its conduct was appropriate and that its disclosure met applicable requirements,” said CIBC spoke person Rob Mcleod.

A second testimonial from a securities valuation firm in the U.S. reports CIBC investors lost a maximum of $6.6 billion between 2007 and 2008, the period the lawsuit covers.

The case, part of a class – action suit, is expected to come before the Ontario Superior Court for certification in March 2011.    

 

SECOND QUARTER TRANSACTION SUMMERY

The Second quarter of 2010 finished with 1,843 transaction across all sectors. Leased property transactions totalled 1017 and sold property transactions totalled 826. Industrial property transactions were most prevalent in the G.T.A. with 166 sale and 454 lease transactions. The majority of the industrial leased properties were concentrated around the Highway 407 &404 intersection, west of Pearson International Airport on High way 10 & 401 intersection, and north of 401 & Markham Road in Scarborough.

Office lease transactions were concentrated around the 407 & 400 intersection, particularly the NE quadrant of the 404 & 407 intersection and also around vicinity of Pearson International Airport. In addition, cluster were observed for the SE quadrant of Hwy 10 & 401 intersection and long the Bloor St. TTC transit line between the DVP & Bathurst St.

Retail lease transaction were generally distributed across the city of Toronto and, to a lesser extent, at the 407 & 400 intersection. Significant retail property sales took place south of the Bloor subway line.

There were 140 business sold in the second quarter, predominantly in the downtown core and downtown west,  with some noticeable clusters around the Peel region.

 

 

$12-MILLION MORTGAGE FRAUD UNCOVERED IN CALGARY

A $12-million mortgage fraud was discovered by police in Calgary that involved 22 homes and eight banks.

A team of men allegedly convinced naïve “straw buyers” to use their names to obtain mortgages as an investment. The buyers were told after six months, the mortgages would be taken over by the men, and were supposedly given $3,000 to $5,000 in return.

“Most of (the buyers) were fairly yonge, as far as residential buyers, with their ages ranging from 20 to 28,” said Kevin Forsen, inspector of the Alberta Law Enforcement Response Teams, to the Canadian Press.

The men supposedly gained a large amount of money from the mortgages walked away afterward, leaving the buyers responsible.

Ali-El-Sayed, 31, is charged with extortion, and 23 counts of fraud over $5000 which affects his company. Ramses Holding Inc.

Christos Fotopoulous, 28, surrendered to police and was charged with three count of fraud over $5000.

An arrest warrant has been issued for Russell Kilba, 34, and he is wanted on 10 counts of fraud over $5000.

The Bank involved include Scotiabank, TD Canada Trust, ATB Financial, First National Financial, CIBC, Merix Financial, Royal Bank and MCAP Financial.   

 

 

U.S. & Canada Economic Trends

June 01, 2008 --- The following is our recent research about Canada & U.S. Economic Trends for the past year.

A) Bank of Canada Interest Rate

March 4, 2008

3.50%

April 22, 2008

3.00%

June 10, 2008

Next meeting date

Source: Bank of Canada

 


B) Bank of Canada Prime Lending Rate

March 5, 2008

5.25%

April 23, 2008

4.75%

June 11, 2008

Next meeting date

 Source: Bank of Canada

 

C) US Federal Reserve Board Discount Rate

March 18, 2008

2.25%

April 30, 2008

2.00%

June 25, 2008

Next meeting date

Source: US Federal Reserve

 

D) Exchange Rate ($CDN/$US)

Exchange Rate ($CDN/$US)

$CDN/$US

April 30, 2008

0.9929

$CDN/$US

May 16, 2008

1.0002

$CDN/$US

May 30, 2008

1.0070

Source:Bank of Canada

 

E) Government of Canada Bonds

Bond Type

April 30, 2008

May 14, 2008

May 30, 2008

1 Year Treasury Bill

2.69%

2.73%

2.88%

3 Year Benchmark Bond Yield

2.92%

2.98%

3.19%

5 Year Benchmark Bond Yield

3.04%

3.19%

3.34%

10 Year Benchmark Bond Yield

3.58%

3.60%

3.68%

Source: Bank of Canada

 

F) Total New Housing Starts (Seasonable adjusted and annualized)

Province

February 2008

March 2008

April 2008

Newfoundland/Labrador

2,800

3,400

1,900

PEI

1,000

500

800

Nova Scotia

4,300

10,300

4,700

New Brunswick

3,800

4,300

3,800

Quebec

53,800

45,700

43,800

Ontario

81,800

80,000

76,700

Manitoba

5,600

4,700

6,000

Saskatchewan

6,600

6,700

5,200

Alberta

34,200

55,100

33,600

British Columbia

49,900

32,300

37,500

CANADA

243,800

243,000

213,900

Source: Canadian Real Estate Association (CREA)

 

AN EXCITING NEWS FOR SELF-EMPLOYED CLIENTS !

Our "Alt. Plus" program can qualify individuals whose declared income can't meet standard TDSR requirements. We need the following documents when submitting the application:


        1. Proof of 2 years in business (GST Registration vendors permit, etc.)
        2. Last years NOA to confirm tax filing and no taxes owing.
        3. Stated income Letter
        4. 12 months bank statements, we use lesser of the stated income letter or 75% of total deposits when
            calculating TDS of up to 45%.

We can consider up to 100% LTV (Customer must have a min. Beacon of 600)
The "Alt.plus" Program is a Purchase only Program. Some other conditions may apply. Call for details.

    

CIBC changes mortgage rates

TORONTO, June 23 /CNW/ - CIBC today announced the following changes in mortgage rates:

Six month convertible 6.60 per cent, up .10 per cent
Six month open 8.40 per cent, up .10 per cent
One year open 8.75 per cent, up .10 per cent
One year closed 6.60 per cent, up .10 per cent
Two year closed 6.65 per cent, up .15 per cent
Three year closed 6.75 per cent, up .20 per cent
Four year closed 6.85 per cent, up .20 per cent
Five year closed 6.95 per cent, up .20 per cent
Seven year closed 7.45 per cent, up .15 per cent

Ten year closed 7.70 per cent, up .15 per cent

These rates are effective June 24, 2006.

TD Canada Trust Changes Residential Mortgage Rates

     TORONTO, June 22 /CNW/ - TD Canada Trust has changed its mortgage rates, effective June 23, 2006. The changes are as follows:

 
6-month convertible
6.20%
 
1-year open
8.55%
 
1-year closed
6.65%
 
2-year closed
6.70%
 
3-year closed
6.75%
 
4-year closed
6.85%
 
5-year closed
6.95%
 
6-year closed
7.05%
 
7-year closed
7.10%
 
10-year closed
7.50%
 
Five year Fixed Rate (Closed)
5.50%
 
Closed Variable Interest Rate Mortgage
5.50%
 

Rate are effective June 23, 2006

Scotia bank changes GIC rates

    TORONTO, April 28 /CNW/ - Scotiabank today announced changes in the
interest rates earned on Scotia Guaranteed Investment Certificates (GICs). The
new rates are effective April 29, 2006.

    -  one-year GIC rate increases 0.35 per cent to 3.10 per cent;
    -  two-year GIC rate increases 0.30 per cent to 3.25 per cent;
    -  three-year GIC rate increases 0.30 per cent to 3.30 per cent;
    -  four-year GIC rate increases 0.30 per cent to 3.35 per cent;
    -  five-year GIC rate increases 0.30 per cent to 3.55 per cent;
    -  three-year Ultimate(R) Laddered GIC rate increases 0.05 per cent
       to 3.90 per cent;
    -  five-year Ultimate(R) Laddered GIC rate increases 0.10 per cent
       to 4.10 per cent;
    -  the effective yield on the five-year Accelerated Rate GIC increases
       from 4.1821 per cent to 4.2831 per cent.


    (R) Registered trademark of The Bank of Nova Scotia.

 

Scotiabank changes variable mortgage rates

    TORONTO, April 25 /CNW/ - Scotiabank today announced changes in the
interest rates charged on Scotia residential mortgages. The rates on the
following products are:

   -  The Prime Rate for the three-year Ultimate Variable Rate Mortgage
      will increase by 0.25 per cent to 5.75 per cent, effective May 1, 2006;

   -  The Prime Rate for the five-year Flex Value Mortgage will increase by
      0.25 per cent to 5.75 per cent, effective May 1, 2006.

   All other mortgage rates remain unchanged.


Xceed Mortgage Trust Files Preliminary Prospectus for Over $500 Million
    in Mortgage-Backed Term Notes


    TORONTO, April 3 /CNW/ - Xceed Mortgage Corporation (TSX: XMC), a rapidly
growing non-traditional mortgage lender, today announced that Xceed Mortgage
Trust has filed a preliminary prospectus dated March 31, 2006 with Canadian
securities regulators for an approximate $500 million offering of mortgage-
backed term notes. Xceed Mortgage Corporation is the financial services agent
and the promoter of Xceed Mortgage Trust.
    The offering of term notes, with maturities up to five years, is being
underwritten by a syndicate of investment dealers led by CIBC World Markets.
The preliminary prospectus is available at www.sedar.com.
    The funds raised by the offering will be used to purchase residential
mortgages that had already been originated by Xceed Mortgage Corporation and
securitized through another trust.
    "Xceed Mortgage Trust's ability to tap into the public term note market
allows us to diversify our funding activities, which have until now been
focused on the short-term commercial paper market," said Ivan Wahl, Chairman
and Chief Executive Officer of Xceed Mortgage Corporation. "It will mean
access to a broader range of institutional investors, greater flexibility and
liquidity, and the potential for a lower-cost source of financing for the
residential mortgages that we originate.

Mortgage Alliance Awards Franchise to Progressive Mortgages Inc.

Toronto, ON August 25, 2005 – Mortgage Alliance Franchising Inc. today awarded a franchise to Progressive Mortgages Inc., based in Toronto.

“It’s very gratifying to see our franchise program with such great momentum – it puts the Mortgage Alliance name at street level, and with the strength of companies like Progressive coming on board, we know that each of these new members are going to be a success” says Vice President of Business Development Laura MacLennan.

Already the largest independent mortgage brokerage in Canada, Mortgage Alliance has set its sights on being the independent advisor Canadian consumers turn to when they look for a mortgage. “Awarding franchises to quality professionals is a great way to build the Mortgage Alliance brand right in the community, and emerge as the company that consumers recognize and trust to get them the Right Mortgage for their needs” says Mortgage Alliance President and CEO Michael Beckette.

Progressive Mortgages owner Heidi Baheri first became an independent consultant with Mortgage Alliance, and says she “was helped greatly as a consultant and know that [Mortgage Alliance] will be there for me when I need them with my franchise”. Along with partner Fred Doulatshahi, they have taken their interest in the mortgage industry further with a commitment to Mortgage Alliance Franchising.

“It is wonderful to be part of an organization that improved and expanded in a very short time and with such magnitude. Now, it’s our pleasure to be part of the franchise program Mortgage Alliance offers”, says Fred. Mortgage Alliance looks forward to a long and prosperous relationship with Progressive Mortgages Inc., and thanks them for their dedication and commitment to the success of their own business as well as the Mortgage Alliance family!

About Mortgage Alliance: Groupe MAC/MPH Group, Canada’s premier independent mortgage originator, is an international brokerage network with more than 1000 Mortgage Professionals. The full-service company provides consumers with choice, convenience and counsel for all their credit and mortgage needs.

Source: Mortgage Alliance News Release


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