Lending Rules Archives - My Rent to Own Canada

Government in no rush to tighten mortgage rules

by Rent to Own on March 23, 2012 in News

The government seems prepared to sit pat with the current set of mortgage rules — the Finance minister viewing, with some irony, banker calls for tighter ones. “I find it a bit off that some of the bank executives are taking the position that the Minister of Finance or the government somehow should tell them […]

Comments Off • Continue Reading →

Borrowers falling deeper in debt

by Rent to Own on January 25, 2012 in News

Those Canadians who have borrowed the most are falling deeper into the hole, according to new research out this week by CIBC World Markets Inc. The report noted that those with a greater than 1.6 debt-to-gross income ratio represented 73% of all household debt in Canada. That debt comes from 34% of all Canadian households, […]

Comments Off • Continue Reading →

Condo resale prices in Ottawa

by Rent to Own on December 13, 2011 in News

The average resale condominium apartment price in Ottawa is currently hovering around the $290,000 mark and commanding a monthly mortgage carrying cost, not including condo fees, upward of $1,450. Since the average two bedroom rent for privately initiated apartment units remained 25 per cent more affordable, some young households are remaining in rental accommodation longer. […]

Comments Off • Continue Reading →

I am self-employed, how long do I need to qualify for a mortgage?

by Rent to Own on October 19, 2011 in FAQ

Under new government lending rules, mortgages can only be provided to Self-employed individuals with at least two years experience running their own business before getting approved.

Comments Off • Continue Reading →