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

CanadaMortgageNews.ca

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

Much has been written about the Canadian housing market.  Even more about greater Toronto and Vancouver.  The pessimists are waiting for a collapse.  The optimists are hoping the prices keep going up.  Then there’s the realists.  They would like to see the market slow and maybe even for prices to go down, so that we […]

5/31/2017 2:03:12 PM

Originally posted in 2010…. some things never change..  enjoy and beware. Here’s a great article written by consumer advocate, Ellen Roseman.  She points to different industries where signing in for the long term protection can be very costly and expensive. Ever wanted to change cell phone providers?  How about internet providers?  Move your investments or […]

5/9/2017 9:16:47 AM

15% Foreign home buyers tax, not a big deal Last year, Vancouver introduced a 15% foreign homebuyers tax.  I predicted it would come to Toronto after 6 months. Today, Ontario’s govt has copied Vancouver by introducing a 15% foreign homebuyers tax.   The hope is this will discourage foreign investors from buying and speculating on […]

4/20/2017 6:27:46 PM

Mortgage News Daily

Posted To: MBS Commentary

What do you get when bond markets embark on a snowball rally due to headlines concerning Trump's Economic Advisor Gary Cohn? A delicious "Snow Cohn," of course (my team of writers assured me that was worth what I paid). In all seriousness, there were some serious tweets earlier today concerning Cohn's potential resignation and there was certainly a snowball rally that followed. Interestingly enough, even when the tweets were debunked (he's not really resigning) there wasn't a profound bounce back in the initial market movement. While some might suspect the terror attacks in Spain were the reason for that, we probably would have seen a bigger reaction in $/Yen and European equities futures were that the exclusive case. Spain may have contributed to the overall demand...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/17/2017 4:01:23 PM

Posted To: Mortgage Rate Watch

Mortgage rates fell yesterday in response to a tweet about Trump disbanding his councils of CEOs. Twitter was in play again today . This time around it was Gary Cohn, Trump's economic advisor. Rather, it was rumors of Cohn's departure that sent financial markets into a tail-spin. Terror attacks in Spain may have played a supporting role. The net effect was heavy losses for stocks and solid gains for bonds. When bonds improve, rates fall . Mortgage lenders continue to be slow to pass along the gains in bond markets in general, but they're certainly passing them along. Multiple lenders issued positive reprices in the afternoon as bond markets rallied. Conventional 30yr fixed rates are increasingly being quoted at 3.875% as opposed to 4.0% on top tier scenarios. On average, rates are the lowest...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/17/2017 3:17:00 PM

Posted To: Community Commentary

As a mortgage loan officer, I typically work with home buyers who are moving up, buying their first house, or buying a vacation or investment house. My refinances are often rate and term – (lowering the client’s payment) or cash-out for a specific purpose like paying down credit card debt. Working with separating and divorcing clients is a particular area of my expertise. One or both parties often need to buy a new home, sell their current home, or refinance their partner off the mortgage if retaining their home. Rules regarding divorce or separation status vary from state to state , including community property state specific laws. Working with a knowledgeable attorney and lender will help you and your client move forward in their lives. Because I specialize in assisting Virginia...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/17/2017 2:25:52 PM

Posted To: MND NewsWire

Although home affordability is high, relative to pre-crisis levels, the rate at which their prices are increasing is cause for concern. Andrew LePage, CoreLogic Professional in Research Analysis, says the role of rising interest rates should not be overlooked; they can affect affordability more than home price appreciation. Household incomes have not been keeping up with rising home prices, but the persistently low interest rates have mitigated some of the impact . But LePage asks, what will happen now that rates are trending higher again? One way to measure how inflation, interest rates, and home prices impact affordability is "the typical mortgage payment." This is an interest rate-adjusted monthly payment derived each month using the median national home sale price and the Freddie Mac average...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/17/2017 1:33:27 PM

Posted To: MBS Commentary

With this morning's econ data already out and having no effect on bond markets, the only other report for the week is tomorrow morning's Consumer Sentiment--admittedly not the biggest market mover in the world. The backdrop for any potential volatility is the recent, decidedly narrow trading range. It's allowed volatility to occur within its boundaries, but hasn't allowed a confirmed break all month (technically, we entered the range on 8/1). Yesterday's inspiration for yields to run the range from top to bottom was the unexpected news that Trump was disbanding his councils of CEOs (or the rumors that the disbanding was imminent as CEOs had been resigning following the Charlottesville press conference). Unlike the North Korean nuclear drama, this unexpected headline didn't...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/17/2017 8:22:45 AM

Posted To: MND NewsWire

There is still life left in refinancing. While at nowhere near the levels of a few years ago, Ellie Mae's Origination Insight Report for July reported that the percentage of loans that were for refinancing increased by three points to 35 percent . That gain followed two months of decline. The refi share was up 2 to 3 percentage points across all loan types. The increase in refinancing was due of course to the recent lowering of interest rates . On average, the 30-year note rate on closed loans dropped to 4.25 percent, down from 4.41 percent in April and the lowest level since January. The share of all originations remained unchanged for each loan type, with Conventional loans garnering 64 percent, FHA 22 percent, and VA 10 percent. The share of adjustable rate mortgages dropped to 5.7 percent...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/17/2017 8:04:14 AM

Posted To: Pipeline Press

What will buildable land in Las Vegas set you back? The math is pretty easy: Toll Brothers has acquired 10 acres of vacant land at a once-bankrupt Summerlin condo complex for $10.3 million. But that is just the start of expenses, right? In neighboring California, more stringent building-code requirements add roughly $47,000 to a typical 1,400-square-foot home, and building impact fees account for 20% of costs . And we want housing for first-time home buyers? In California, the percentage of home buyers who can afford to buy a median priced home stands at 29%. TRID & closing table requirements How much do closing table surprises hurt the lender? Back in the pre-TRID days, borrowers often walked into their closing with unclear expectations. While TRID has improved communications with borrowers...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/17/2017 7:38:47 AM

Posted To: MBS Commentary

Today looked like it would be all about waiting for the Fed Minutes to see if there were any surprises. That plan began in fairly good shape, with only a mild rally following weaker residential construction data. By mid-day, bonds were staging near their stronger levels from yesterday's domestic session. Then the weird stuff started happening. Big trades (purchases) slammed into the bond complex--far too big to be accounted for by anything random. At the same time, movement in stocks and $/Yen told us that something was going on, but it took a few minutes before any likely suspects were found at the scene. The first (and ultimately, the "only" ) suspect popped up several minutes after the initial move. It came in the form of a tweet from Trump, saying that he was disbanding his...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/16/2017 3:28:56 PM

Posted To: Mortgage Rate Watch

Mortgage rates dropped today after news broke (first rumors, then confirmation via Twitter) that President Trump was disbanding his councils of CEOs. The move apparently came in response to attrition among several CEOs following Trump's press conference on recent events in Charlottesville, VA. In not so many words, Trump disbanded the councils before any more CEOs had a chance to quit. Political turmoil-- especially that which appears "anti-business" in any way--always runs the risk of hurting stocks and helping bonds. That's exactly what happened today. "Helping bonds" in this context means higher demand for bonds among investors. Excess demand for bonds pushes rates lower. The market reaction to the Trump news overshadowed what was set to be the day's big-ticket event up to that point--the...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/16/2017 3:05:00 PM

Posted To: MND NewsWire

Headstrong is a rather interesting word, but the National Association of Realtors® (NAR) chose it to describe the continuing imbalance between supply and demand in the housing market. NAR blames this imbalance for slightly tempering home sales as well as pushing continued robust price growth in the second quarter of 2017. NAR says the national median existing single-family home price in the second quarter rose 6.2 percent from the same quarter in 2016, an increase from $240,700 to $255,600. This is a slight moderation from the 6.9 percent year-over-year price growth logged in the first quarter of this year, but the most recent median price still set a new peak , surpassing Q3 2016's median of $241,300. NAR says single-family home prices increased compared to the same quarter of 2016 in...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/16/2017 8:57:05 AM