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 Debt Could be Drag on Banks
Last year Canadian banks emerged as global heroes after they made it through the financial crisis almost unscathed.
But if the financial meltdown was the defining challenge for 2009, analysts worry that ballooning debt levels may end up being the comparable trial for 2010 as consumers struggle to meet their obligations amid an uncertain economy and rising interest rates.
We'll find out what the big banks think as Canadian Imperial Bank of Commerce and National Bank of Canada kick off the bank earnings season on Thursday.
A recent report by Moody's Canada said household debt climbed to a record 145% of income, from around 95% 20 years ago, and could exceed U.S. levels in the next three years.
Meanwhile, a task force on financial literacy sponsored by the federal government reported yesterday that more than a third of Canadians are struggling to keep track of their finances and make responsible decisions.
Read more: http://www.financialpost.com/story.html?id=2600096#ixzz0gO4uraqg
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Flaherty Announces Mortgage Crackdown
February 17, 2010
Thousands of would-be homeowners – particularly young, first-time buyers – will find it harder to acquire their dream house under federal mortgage changes meant to cool the red-hot housing market.
"It's going to push the borderline first-time home buyers out of the market," predicted Derek Holt, vice-president, economics, of Scotia Capital.
The new rules, which go into effect April 19, mean borrowers must have higher incomes or larger down payments, or opt for cheaper properties, finance officials explained.
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Lending Curbs May Open Gates
February 5, 2010
Frank Lee is looking to buy a condominium in Toronto as an investment. He's hoping to purchase something downtown and close to the subway. But his $300,000 budget means many first-time buyers and other investors are looking at the same properties.
"The market is tight in terms of product, because the interest rates are so low, everyone is looking," Lee said. "You see people out there who are leveraged up to their eyeballs."
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