By Robb Engen Special to the Star Tues., Aug. 14, 2018 When my wife and I bought our home in 2011 we chose a five-year variable rate mortgage that came with a deep discount of prime minus 0.80 per cent. The same deal wasn’t available when it came time to renew in 2016, so we went with a two-year, fixed-rate mortgage at 2.19 per cent. Our mortgage is up for renewal again this September and, in the face of rising interest rates, we must decide whether to go with a fixed- or variable-rate mortgage. We’re not alone with this mortgage decision. A CIBC report estimated that nearly half of all existing mortgages in Canada needed to be refinanced in 2018. Adding weight to this decision is a new stress test for both insured and uninsured mortgages where homeowners must prove they can handle payments at the greater of the Bank of Canada’s five-year benchmark rate (currently 5.34 per cent) or their contractual mortgage rate plus two percentage … [Read more...] about My mortgage is up for renewal: Should I go fixed or variable?
Banks offering 40 year mortgages
By Tess Kalinowski Real Estate Reporter Thu., April 26, 2018 Toronto’s millennials are buying more space than they were a year ago but they are moving farther from the downtown to get it, according to a new report by Royal LePage. That’s in part due to Canada’s new mortgage stress test, which is adding significantly to the challenge of home ownership among the influential consumer group known as peak millennials, reducing their average purchasing power by 16.5 per cent or about $40,000. The expensive Toronto and Vancouver housing markets are particularly tough on first-time millennial buyers, says the report published Thursday. “A peak millennial can purchase a home in Moncton, N.B., for the cost of the 20 per cent downpayment on a home in the market segment accessible to them in the Greater Toronto Area,” says the report. That challenge is greater since the Office of the Superintendent of Financial Institutions launched new rules … [Read more...] about GTA millennials look farther afield after new mortgage rules
ATHENS: On the side of a buzzing Athens highway, a group of middle-aged men huddle in the dark beside a tarpaulin-covered van, outside the offices of one of Greece's wealthiest families. Smoking cigarettes and drinking cheap wine, these TV veterans with a combined century of work experience are among the remnants of Mega Channel, once Greece's most influential station. Like hundreds of journalists, technicians and administrative staff hit by a new purge of Greece's long-suffering media sector, they have not been paid for more than a year. The latest jobs cull has come during a handover of power in three of the country's top media groups after a decision by under-pressure banks to pull the plug on a long history of bad loans. "We are unpaid by a business that is still operating — and earning income that more than covers the payroll. And this makes us mad," says 56-year-old head cinematographer Grigoris Farmakas, who has worked at Mega for nearly three decades. The men are taking … [Read more...] about Greek media squeezed as banks pull plug on loans
State-owned GH Bank has rolled out a low-rate mortgage package charging 2.90% interest for the first two years in an effort to boost the bank's housing loan demand. The bank has set aside 5 billion baht for cheap mortgages, which charge borrowers 3.85 percentage points below the minimum retail rate (MRR) for the first two years, equivalent to 2.90% based on GH Bank's current MRR of 6.75%.The bank charges an MRR minus 1 percentage point for those who work at companies that have contracts with the bank and MRR minus 0.50 percentage points for general borrowers, president Chatchai Sirilai said.The package's borrowers are subject to waivers of the origination fee of 0.1% of the borrowing amount, the appraisal fee, a 1,000-baht registration and transaction fee, and a mortgage fee of 1% of the borrowing amount.The bank offers up to 40 years for the loan's term, he said.If applicants want additional housing loans, the MRR is charged.The loan is available from Feb 10 for those who complete the … [Read more...] about GH Bank sets cheap loans
While 2017 was a down year for fixed income, currency, and commodities (FICC) desks, the hiring landscape has some bright spots, according to top recruiting firm Options Group. It’s a mixed bag though, and the outlook is still bleak for hiring in government bonds and high-grade debt. Most new hires are getting 20% jumps in compensation to switch to a new firm, while exceptional hires in some sectors are commanding as much as 50%. 2017 was a rough year for Wall Street bond traders – with low volatility and decreased demand leading to revenue slides across the industry. But despite the second down year in a row for fixed income, currency, and commodities (FICC) sales and traders, the hiring outlook in 2018 has some silver linings, according to new report from Options Group, one of Wall Street’s top recruiting firms. Namely, there’s optimism around the fresh tax reform law, which “could … [Read more...] about A top Wall Street recruiting firm just published its hiring outlook for debt traders following a disastrous year in 2017— and it’s not all bad