Angry Mortgage

Quite a week in Mortgage World, we cover the Big CMHC announcement, who is it all really for? So many big moves on the Rate Front: the US Fed rocked interest rate world & BoC Governor Tiff Macklem was ecstatic (even if he won’t admit it) Some really interesting Viewer Mail: Why the Hell AREN’T those Variable mortgage payments coming down when the Prime Rate IS coming down. And Ron’s Rant: Do Government Bosses give a tiny DAMN that they work a snail’s pace, don’t expect Government workers to pick up the slack for bad bosses failures.

Wow, this was a total shock, the Federal Government kept this under wraps: CMHC Amortization From 25 years to 30 years for EVERY First time Home Buyer not just New Construction Homes but the BIGGEST thing $1.5M instead of $1M Cap on Government  Insured Mortgages. Yes Folks, a $1.5M home in Canada is actually a STARTER HOME. Because the truth is if the Key Government Sponsored Housing Programs is based on $1.5M, the program Canada designed to help Young Families buy their first home needs a $1.5M target as a First Home. WTAF is wrong with these guys.

Unemployment hit 6.6% Is the Canadian Economy headed for the dreaded “R” Word? Shhhhhh…. Nah I will say it: RECESSION. One Employment Report does not mean Recession but a constant trend, and we’re 4 in a row is a bad trend & if it keeps heading past 7% then 8% is next in line. Ron breaks down the crucial indicators that point toward more job losses. Rates keep coming down, is there a new Rate Strategy for renewing mortgages & prospective House Buyers? And what happens to the Real Estate Market with Mortgage Rates Falling: Tik Tok Real Estate Agents say its going to the MOON! But let’s look at the facts. And Ron has a rant about “The Economic Plan IS Working” IS IT?

The Bank of Canada Meeting is Sept 4th & the Rate Cuts will keep on coming: how many should we expect? There is a lot of reporting “Noise” about the Canadian economy, what’s important, what’s not & how to tell the difference. The kids are back in school the Summer is almost over: The Fall Real Estate Market is about to start….. Or is it? Let’s discuss. RBC CEO Dave McKay declares a Mortgage Rate War! Is that true? Maybe it is. Viewer Mail & WTAF is going on with Government telling us things are great?

Huge Shift In Thinking From Central Bankers. Last week many of the worlds Central Bankers met at their Annual Conference in Jackson Hole Wyoming & the ending speech by Fed Chairman Jerome Powell signaled a complete change: inflation is no longer an issue, now it’s the speed of cuts to save economies. Time to think of Variable Mortgages again? We break it down. Are some Home Buyers in 2020 – 2022 stuck in their houses? What the heck with $3B in US Government fines at TD? And WTAF: More sheer Government Incompetence

Another Government Scandal? Has The Temporary Foreign Workers Program which has been great for years been hijacked into a kind of modern servitude? Has our Government actually engineered Wage Suppression to keep Canadians poor? Has this previously great program has turned into cheap workers for Fast Food restaurant owners? Jann is under the weather so Ghaith from our Sales Group fills in this week. More Mortgage Rate strategies. Viewer Mail. Housing Start info & WTAF!!

What happens next as rates fall, will RE prices take off? What is the right mortgage product to choose today? Still 3 – YR? What about 1 – YR? Variable harmed many Mortgage Holders but is it time to reconsider? New Home Construction collapses in Ontario, what’s the reason? Is there a Solution? CMHC’s Multifamily Rental Program was doing some good so naturally it was changed for the worse. The soaring Rental Cost Virus goes from BC & Ontario to other provinces. Ron’s Rant: WTAF is with Promissory Notes

Are NEW 30 Year Amortization Changes Really Good For Anyone? We have our doubts! 4M New Homes says Finance Minister Chrystia Freedland, please Minister Freedland don’t say this lie anymore. RATES GO DOWN! Ron talks about developments in the USA that impact Canadian Mortgage Rates. Did the Supreme Court Of Canada just publish a decision that HELPS White Collar Crime? Ron thinks they did. BIG RANT: Private Mortgage Rip Offs that will make you sick. 

Condo Madness continues, will it get so bad that Government  would consider a Bail-Out, Ron’s simple answer: HELL NO, how bad will things get? Will the Ontario Economy gone past the Crapper Stage. Just how sure is it there will be a much lower Bank of Canada Rate next year? Pretty Damn Sure. Perilous times for the Construction Industry. And Ron’s Rant: Toronto wants to TAX PAVEMENT?

Honestly there we many years that the mortgage business was pretty quiet & boring, 2010 – 2019 there were policy changes but nothing too crazy BOOM Covid happened & since then Real Estate & Mortgage World is something new every week.

Canadian Retail Sales Report all bad news: Is the Economy sliding into the CRAPPER. Bank of Canada Announcement Tomorrow: do we already know what is going to happen? More Condo Craziness & will it spread to Single Family? Will Banks change their approach to Mortgage Lending in a Recession? Viewer Mail WTAF: Flood Insanity.