Over the past three years the mortgage market has changed dramatically creating several key issues that may affect you. One of the key issues has been the loss of a substantial number of mortgage lenders. Where there was once over 70 mainstream mortgage lenders, there are now less than 40, and even fewer that are completely reliable.

The companies who have disappeared have left the Canadian market for many different reasons. The asset backed commercial paper market has all but dried up, meaning that some lenders who sold off mortgages to realize profits have had to shut their doors. In other cases large American banks scared straight by the real estate crisis in the USA have pulled out of the Canadian market to focus on the problems back home. For some companies costs simply outran profits, causing small lenders to close up shop for financial reasons.

            While it would not be fair to name specific companies who have chosen to stop lending in Canada either permanently or temporarily, it is important to know whether lenders who have closed their doors may affect you. If your mortgage is not with one of Canada’s five major banks you should be taking steps to find out the status of your lender and if action needs to be taken to ensure that your mortgage will be renewed.

            Many clients who have mortgages with lenders that no longer lend in Canada have been taking steps to prepare for their mortgage maturity date. These steps include but are not limited to. 

·         Taking steps to repair credit.

·         Pre-emptive pursuit of cosigners.

·         Searching for financially stable jobs.

·         Renegotiating existing mortgages.

·         Saving money to make substantial lump sum payments.

·         Moving mortgages to safer lenders completely.

·         Selling homes in advance of the maturity date.

If you are unsure of the status of your lender please call us at your earliest convenience. We will be happy to discuss your situation with you and give advice on what steps you may want to take.

An ounce of prevention is worth a pound of cure.

 Great Investment opportunity! Clean well maintained 1345 sq.ft. raised bungalow with 1-2 bedroom suite, 2-1 bedroom suites and 1 bachelor suite.

Hardwood throughout most of the main floor.  Bright sunny living rooms and large windows in the lower suites.  Newer furnace and hot water tank, newer stoves and fridges in all the suites.  Separate entrances and shared laundry.  Good location across from a park.  Large corner lot with ample parking, located in a popular inner city neighborhood with quick access to downtown - close to public transportation and numerous amenities.

More Information and more pictures can be seen at C3435063

Welcome to 111 Shawnee Gardens a quality, upscale home located on a quiet bay with mature landscaping. Maintenance free stucco exterior, newer rubber roof and exposed aggregate drive way & sidewalks. Appealing living room and separate dining room for entertaining. Gleaming hardwood floors. Excellent kitchen design with workable island and plenty of cupboards. Sunny breakfast nook surrounded by windows. Inviting main floor great room with custom bookshelves, skylights and a wood burning fireplace. Spacious master suite complimented by a large walk in closet and ensuite with jetted tub and separate shower. Two generous sized children's bedrooms. Entertainment sized deck with a gas line to the BBQ. Sunny west yard with lovely trees and underground sprinklers. Very nice location minutes from Fish Creek Park, children’s play park & LRT.

Sorry This Property is SOLD! Excellent revenue property in desireable Bridgeland located on a quiet tree lined street. This charming character home contains 3 self contained 1 bedroom suites with separate entrances. A unique upper suite with a loft bedroom, fireplace, skylight and deck. The sunny front suite with new laminate flooring enjoys an enclosed sunroom. 3rd main floor suite offers a very comfortable living space. Mid efficiency furnace, two hot water tanks, laundry facilites  and separate storage lockers. Well maintained property. Easy commute to downtown and walking distance to LRT and numerous specialty shops and restaurants.

More Information and more pictures can be seen at C3432282

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Printable Floor Plan: iMeasure - Basic Floor Plans (408 8th Street NE).pdf (305.42 kb)

It’s easy to understand why you might lack confidence in buying or selling a home in today’s economic climate, especially if you start your day reading the newspaper headlines and end it with the evening news. Bad news can deepen our fears and concerns about the economy. What we have to remind ourselves is that the media likes to be dramatic and it selectively reports negative news to pull in an audience (and advertisers).  Ful article: The Truth Scotia Bank.pdf (267.64 kb)