Dominion Lending Centres Funds Corp. is a mortgage brokerage and leasing company that specializes in the Toronto market. Our goal is to find the best mortgage for our clients and to simplify the mortgage process.
INDUSTRY NEWS
Consumer Complaints About Mortgage Penalties Pile Up
March 16, 2010
The Bank of Canada's record-low interest rates have been in place for almost a year and during that time, consumer complaints about mortgage prepayment penalties have been steadily rising.
A story in the Globe and Mail says the Ombudsman for Banking Services and Investments (OBSI) has opened 301 new consumer complaints in the quarter that ended in January, which is twice the number seen in the same quarter last year and almost triple the number seen in 2008.
Hein Moes, an Invis broker in Victoria, says lenders will not bend on interest rate differential (IRD) penalties when interest rates are so low, causing many clients to opt out of refinancing for a better rate.
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More Housing Supply Helps Balance Market: CREA
March 15, 2010
National home sales decreased by 1.5 per cent from January to February, according to the latest CREA numbers, in large part due to increased supply. Vancouver saw the biggest decline, likely due to the Olympics, while Toronto experienced the biggest gain.
"Housing markets are becoming more balanced," said CREA chief economist Gregory Klump. "There are still a number of major markets where sales negotiations favour the seller due to a shortage of inventory, but supply has begun rising. Further expected supply increases will continue to take the steam out of housing markets as the year progresses."
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Optimum Sees Big Growth In Alt Mortgages
March 11, 2010
Optimum Mortgage, part of Canadian Western Bank, saw a 26 per cent increase in alternative mortgage business over the past year, according to its first quarter financial report.
The lender said its portfolio of alternative mortgages has reached $615 million with 10 per cent growth over the last quarter. It also highlighted the success of its new high ratio insured mortgage program.
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