Lisa Tollis, Real Estate Salesperson
1122 Wilson Street West. Ancaster, ON L9G 3K9
Phone: (905) 648-4451 Fax: (905) 643-7393 Email Lisa

Up-to-Date Mortgage News

Great Rates Are Still Available! Call LisaTollis, Sales Rep. For Information About Mortgages

HARDER TO QUALIFY WITH 50% DOWN THAN WITH 5% DOWN.. DOES THIS MAKE SENSE? October 2016, our Federal govt announced a number of new mortgage rules including the infamous new ‘stress test’ for all insured mortgages.  Mortgage default insurance is required for all mortgages greater than 80% loan to value.  You have to qualify at […]

10/17/2017 6:17:11 PM

 The Bank of Canada Governor, Stephen Poloz, has been full of surprises since he took on his current role.  With a second 0.25% rate hike today in consecutive BoC meetings, he’s pushed the rate to 1.00%.  This should result in a Bank Prime rate of 3.20%.   The move has surprised many experts as the […]

9/6/2017 10:34:11 AM

Fewer homes in the summer.  Lower average home selling price in the summer.  That’s this year’s headline.  But it could also apply to last year or the year before or the year before that. What hasn’t been said much is that house prices almost always go up in the Spring and fall during the summer.  […]

8/25/2017 11:21:47 AM

On July 12th, for the first time in seven years, the Bank of Canada increased the overnight rate by .25%, withdrawing some of the stimulus that was needed after the oil price collapse and 2008 financial crisis. Variable rate mortgages and lines of credit will see higher rates and modest payment increases. Fixed-rate mortgage – […]

7/28/2017 9:59:03 AM

From April 2016 to March 2017 Canadians spent $19billion buying U.S. properties, according to the U.S. National Association of Realtors. Put another way, Canada was only behind China for all foreign purchases of U.S. real estate in 2016.   That’s an incredible stat that deserves more attention. And what’s not been talked about is where […]

7/26/2017 6:48:07 AM

On January 2015, the Bank of Canada cut the prime rate by 0.25%.  But the BIG SIX BANKS didn’t cut the Prime rate as they normally do.  Instead, they waited a week… tried to justify why they couldn’t cut the rate… and finally caved in and cut it.. but ONLY by 0.15%. That’s right, they […]

7/22/2017 11:30:04 AM

BREAKING NEWS… BANK OF CANADA RAISES RATE BY 0.25% AND THE SKY HASN’T FALLEN!! Stephen Poloz, the Bank of Canada Governor, raised the Target rate by 0.25% to 0.75%.   Maybe now the media will move on to other news. Seriously, aren’t we all kinda tired of hearing how rates are going to skyrocket,…how this […]

7/12/2017 10:54:56 AM

Happy 150th Canada!  Mortgage rates are going up.  Hooray!  Ok, yes, I’m being sarcastic. This isn’t the cheery message you wanna hear if you have a mortgage coming up for renewal soon. But, hold on.  What does this really mean?  It’s a great attention grabber.  And now that you’re reading, let’s cut through the bull! […]

6/30/2017 1:01:43 PM

Bank of Canada Senior Deputy governor, Carolyn Wilkins, made headlines this week when she hinted of pending rate hikes. The reaction by investors was swift.  Bond yields were up 20bps. Fixed mortgage rates are priced from Gov of Cda bond yields.  Variable mortgage rates are priced from Bank of Canada rate.  And the next Bank […]

6/16/2017 8:52:32 AM

Home Trust and it’s parent company, Home Capital, have been in the headlines for months.  Taking a beating in the media with US short sellers licking their chops waiting for them to fall… all for the sake of making a buck. Finally, the Ontario Securities Commission has come out and made a statement. Proposed fines […]

6/16/2017 6:56:25 AM

Mortgage News Daily

Posted To: Pipeline Press

The undisputed hit of the conference so far in Denver? The MBA’s mPower event on Saturday. Yes, it eliminated "a Saturday off" for over 300 women, but the "MBA Promoting Opportunities for Women to Extend their Reach" has been heralded as a success. No "Think about smiling when you talk" advice was given. Led by Marcia Davies and her crew, it was filled with information on goals, leadership, information, networking, and support for women. Most excellent. Disaster Updates FEMA announced that federal disaster aid with individual assistance has been made available to Sonoma and Napa county in California to supplement individual, state, and local recovery efforts in the areas affected by California Wildfires during the period of October 08, 2017 and continuing. M&T Bank published the following...(read more)

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10/23/2017 7:26:14 AM

Posted To: MBS Commentary

While there are certainly some weeks with far fewer economic reports on tap, the week ahead is still on the light side when it comes to the data that has been moving markets of late. A few of the reports (like GDP and Durable Goods, for instance) have historical street cred, but they're not in the same league as the key inflation metrics at the moment. It was the Consumer Price Index (CPI) that served as the last major market mover in terms of economic data (Friday before last). That instance of CPI is still important to the current theme, because it gave bonds an opportunity to more forcefully shift into a more positive stance, yet the entirety of the following week (last week) was spent moving into weaker territory. That first 4 days of last week could have been seen as a sign that bonds...(read more)

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10/23/2017 6:56:07 AM

Posted To: MBS Commentary

There's a good video in the news stream with Austan Goolsbee going on a bit of rant about how the Senate's procedural vote on a budget resolution late last night was totally expected. Someone should have told financial markets ahead of time. Traders speak with dollars and their words were clear in response to the budget bill. Either it really was a surprise, or they were simply holding out for confirmation that the Senate could actually get the 51 votes needed. Indeed, Rand Paul's dissension made it a close call. Confused yet? The bottom line is that this procedural budget resolution contained language that will allow the Senate to pass tax legislation with 51 votes instead of 60. The fact that the Senate was able to get 51 votes together for this effort suggests to some that they...(read more)

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10/20/2017 4:53:22 PM

Posted To: Mortgage Rate Watch

Mortgage rates moved higher today as financial markets grew more optimistic about the potential for tax reform. Late last night, the Senate passed a resolution that included language designed to make tax reform legislation easier to pass. In a nutshell, it means the Senate only needs 51 votes as opposed to 60 when it comes time to consider a tax bill. Stocks like tax reform. They moved quickly higher in futures trading. Bonds (which dictate rates) aren't too thrilled with the idea for several reasons. They moved quickly lower in price, which equates to upward movement in terms of rates. Despite a fairly abrupt move in underlying trading levels, lenders' rate sheets weren't apocalyptically damaged . The average lender continues to quote rates that are roughly similar to those seen on October...(read more)

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10/20/2017 4:26:00 PM

Posted To: MND NewsWire

While it sometimes seems as though Americans live online, there is still apparently one area where they still value human contact. A recent survey conducted by Fannie Mae found borrowers continue to put a lot of trust in their real estate agent and their mortgage lender. The survey, conducted with borrowers who had purchase mortgages originated in 2016 in the Fannie Mae book of business, found that homebuyers relied on a variety of information sources when shopping for a mortgage. These included friends and family, financial planners, government agencies, mass media and non-profit housing counselors. However, when asked which were the most influential, borrowers most often cited, in fact at nearly double the rate of the next closest response, were mortgage lenders at 32 percent, with real estate...(read more)

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10/20/2017 10:49:43 AM

Posted To: MND NewsWire

It was only a small gain , albeit larger than analysts expected, but after three straight months of sliding sales, the existing home sales report for September is still good news. The National Association of Realtors® (NAR), said the month saw closed transactions for the purchase of single-family houses, townhouses, condos and cooperative apartments rise to a seasonally adjusted annual rate of 5.39 million. This is an increase of 0.7 percent from the August rate of 5.35 million. NAR noted that "Ongoing supply shortages and recent hurricanes muted overall activity." This meant that even as sales were higher compared to August, they were down 1.5 percent year-over-year and were the second slowest of the year, trailing only those in August. Analysts polled by Econoday were looking for sales...(read more)

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10/20/2017 8:53:46 AM

Posted To: MND NewsWire

Refinancing increased its share of total originations in September, rising 3 percentage points from August to 38 percent of all closed loans. Ellie Mae, in its Originations Insight report says the refinance share was the highest since February and set forth two possible reasons. First, interest rates on closed loans during the month dipped to the lowest of the year, 4.21 percent. Second, the time to close a refinance fell to 40 days, the shortest timeline since February 2015. After remaining steady for several months, the distribution of loans shifted slightly. The conventional loan share picked up 2 points to 66 percent at the expense of FHA l oans which dropped 2 points to 20 percent. The VA share remained at 10 percent as it has all year. While refinancing loans closed faster, purchase loans...(read more)

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10/20/2017 7:39:46 AM

Posted To: Pipeline Press

Not only are houses becoming smaller, but the lots are smaller also. Trulia tells us that houses built since 2015 occupy, on average, 25 percent of the land they were built on. That figure was only 13.9 percent in 1975. And according to Capital Economics Ltd. , the size of an American home has decreased for the first time in 30 years to 2,420 sq. ft. after peaking in 2015 at 2,520 sq. ft. This is attributed to the shrinking of homebuilder margins due to a shortage of labor and land. And lastly, my guess is that the huge rental companies are chomping at the bit over this news: Houston is seeing homes sold for 40 cents on the $1 after the flood. An estimated 1.8mm homes suffered uninsured losses, according to CoreLogic Inc. New Products From Lenders and Vendors This week, Informative Research...(read more)

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10/20/2017 7:38:46 AM

Posted To: MBS Commentary

It's a crappy day. Sorry to use such an esoteric analytical term, but it's the most accurate way to describe the outlook. So what changed? Long story short, we'd been in a narrow, consolidative range since late September. That range had a chance to be a straight up correction back toward lower rates, but bonds weren't able to maintain momentum after last Friday's strong post-CPI rally. Resistance kicked in at a well-traveled technical level of 2.28%, thus setting up the lower boundary of the consolidative range. Until yesterday, we HAD a series of "lower highs" in rates to offset the series of "higher lows." In short, yields were converging, and it was anyone's game. This morning, the upper consolidation line (both in teal in the following chart)...(read more)

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10/20/2017 7:38:02 AM

Posted To: MBS Commentary

It was a pretty interesting session for how narrow the range continues to be in bond markets--interesting both for bonds themselves and for the analysts scrambling to make sense of the movement. Apart from last Friday's CPI data, there hasn't been an unequivocal market mover for bonds. There hasn't been an obvious theme with a predictable reaction. That resulted in the collective Western analytical mindset concluding that it must be something Western behind the movement. The leading Western candidates for drama included Catalonian independence with Brexit headlines being a distant second. I was pretty dismissive about Catalonia as a market mover until this morning, because the overnight surge in bonds (and massive drop in stocks) lined up perfectly with the 4am ET deadline for Catalonia...(read more)

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10/19/2017 3:11:42 PM