Future tools for future homeowners

People shopping for new homes will have more power in their pockets this spring, as banks and real estate companies unroll a host of branded mobile applications intended to help consumers find their dream house.

Mobile apps have been slow to appear in the Canadian marketplace, as the companies that hold the data have been loath to give up control of the information needed to power them. But a ruling from Canada’s Competition Bureau that encouraged the real estate industry to throw open its multiple listings service has forced the industry to adopt new methods of fostering loyalty among the clients it depends upon for commissions.

Read more: Link

Source: The Globe and Mail

Are U.S. brokers giving Canadian brokers a bad name?

Canada’s mortgage brokers are voicing concerns that negative press in the United States is hurting their business, and their reputations. 

 The findings are a result of a survey of over 500 Canadian mortgage brokers conducted by the Real Estate and Mortgage Institute of Canada (REMIC), which found that 72 per cent feel that they are being inaccurately tarnished by their American counterparts. Broken down by province the numbers varied however, with 80 per cent in Ontario, 78 per cent in BC and 56 per cent in Alberta agreeing with the statement.

 “Canadians have been inundated with stories of how mortgage brokers in the United States, due to questionable business practices, contributed to the American mortgage meltdown,” said REMIC President Joseph White. ”Canadian mortgage brokers typically employ sound business practices, are highly regulated and ongoing surveys show that their customers exhibit high levels of customer satisfaction, a far different experience than what has been reported in the United States.

Read more: Link

Source: mortgagebrokernews.ca

Major changes to Mortgage Rules.

Finance Minister Jim Flaherty announced major changes to mortgage rules effective in 60 days. Amortization period reduced to 30 years from 35 years. Further, Canadians can only refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. The other change, Flaherty has withdrawn government insurance backing on lines of credit secured by homes.