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Saturday, 8 March 2014

CMHC raising fees, might be an indication of a government conspiracy to...

Mortgage insurer raising rates, also raising a question in me as well. Are they gearing up to spike profit and boost the money bag? Does the government has secret agenda to download the taxpayer owned institutional giant, before it is too late? I am not about to speculate of what would be the extend of the damages in case the American style crash would happen in our beloved Canada, particularly in the housing industry, however one have to be thinking of what the hell is up with the market. I have listed a condominium in downtown Friday at about 4 pm. and was  sold on Saturday at 12:03 pm. Wow. I am extremely happy, but also worried too. Are the days of the 2006 April are on our doorstep again? That means affordability suffered a setback again. Toronto churning out huge growth numbers, while some of my friends in the industry are reporting there are many high-rise condominiums are empty, seemingly unsold and other projects are just breaking ground and looking forward to complete in a short few months. Is this a balanced market? Is this an overheated market? Is time to reconsider buying or wait till the market cools? Nobody wants to own a mortgage of a property worth half. 
And now, mortgage rates are heading down. Insane or am I a naysayer? You be the judge. make sure you will look up the services of a mortgage broker an experienced one, one understands the ins and outs not only the market, rates but also the mortgage products you are about to take on in order to own a home. You should make an appointment for a free consultation, demand clarification of rates, mortgage products, amortization and term length at the time you are buying a home and also most importantly as well at the time when your mortgage term is up and you have to renew. You will be glad you did, so you can sleep well, without worry of what is your government up to.
Don't mind me if I keep eye on every angle of the market as an investor, real estate owner, mortgage broker and as a private mortgage investor.