Due to the recent Bank of Montreal (BMO) Mortgage Fraud case, RECA is issuing this formal position statement to all Industry Members. Formal Position Statement The Real Estate Council of Alberta (RECA) sets and enforces standards of conduct for industry members in the real estate brokerage, mortgage brokerage and real estate appraisal industry. RECA supports BMO’s [...]
May 10, 2010
Today, CAAMP released its spring consumer report, Prudence Paying Off For Canadian Mortgage Borrowers. The report, compiled by Will Dunning, CAAMP’s chief economist shows Canadians appear well prepared to face a new phase of the residential mortgage market and includes information on consumer borrowing behavior and an outlook on residential mortgage lending. Significant statistics have been extrapolated [...]
May 10, 2010
Keeping you up to date with the rate shifts at the Bank of Canada for this week: V121796: Prime business (‘prime rate’) 2.25% V121764: Conventional mortgage – 5-year 6.25% Source: Bank of Canada **NB** The “Conventional 5-year” rate above is used for qualifying high-ratio mortgages with FIXED 1,2,3,4-year terms in addition to 3- and 5-year VARIABLE [...]
May 5, 2010
From the CBC.ca article published May 5, 2010 You don’t need to use a gun to rob a bank. Criminals can do the same with some falsified documents and a little know-how. In the United States, the government says crooks pocket $4 billion to $6 billion a year through mortgage fraud. The FBI says 80 per [...]
May 4, 2010
Picture: Calgary Home, CandelaCanada Archive Original Source: Financial Post, posted on [url=http://www.canada.com]www.canada.com April 26 2010[/url] TORONTO — One in four Canadians over the age of 50, who have at least $100,000 in assets, retired with some form of debt, according to a Royal Bank of Canada survey released Monday. Nearly one-quarter of the 2,143 respondents [...]
May 14, 2010