June 21, 2012
Finance Minister Jim Flaherty outlined new rules effecting
amortization is 25 years
refinance LTV is 80%
GDS is 39% and TDS is 44%
purchase price is $1 million
The changes will become effective July 9, 2012. (real
deals must be approved by this date)
Discussion: The reduction in amortization combined
with the lowered GDS ratio could affect a number of people’s ability to
qualify. It will also decrease their desire to buy. Historically,
the TDS of TNM clients is around 32%. However, 5% of clients do have 40+
We do very few refinances at 85% and thus this will have
virtually no effect on us. I imagine this is true for the entire indusrty.
The maximum purchase of $1 million could be the largest
hindrance to the market. Due to the reduced ability of clients to get
financing on these more pricey homes we will likely see a drop in those home
values. Furthermore, lenders will be very hesitant to go to 80% for fear
of the loss of liquidity in the higher end market. I would imagine that
lenders will place a self-imposed 75% LTV cap on the larger mortgage sizes.
June 04, 2012
True North Mortgage is proud to announce we were ranked 23rd
for the 24th annual PROFIT 200 ranking of Canada’s Fastest-Growing Companies by
PROFIT Magazine.” It is a great honour
and we congratulate all the other companies on the list. www.profit200.ca
Ranking Canada’s Fastest-Growing Companies by five-year
revenue growth, the PROFIT 200 profiles the country’s most successful growth
companies. Published in the Summer issue of PROFIT and online at
PROFITguide.com, the PROFIT 200 is Canada’s largest annual celebration of
“The PROFIT 200
companies are an inspiration to Canadian entrepreneurs and would-be
entrepre-neurs,” says Ian Portsmouth, Editor-in-Chief of PROFIT Magazine.
“PROFIT is proud to celebrate the success of these businesspeople, who, despite
a challenging economy, have achieved outstanding success in a wide variety of
About True North Mortgage: Opening its first retail store in
2006, True North Mortgage, now has 7 locations across Canada. True North Mortgage was on the Profit 50 list
for new start-up companies in 2010 and 2011.
About PROFIT Magazine: PROFIT: Your Guide to Business
Success is Canada’s preeminent publication dedicated to the management issues
and opportunities facing small and mid-sized businesses. For 30 years, Canadian
entrepreneurs and senior managers across a vast array of economic sectors have
remained loyal to PROFIT because it’s a timely and reliable source of
actionable information that helps them achieve business success and get the
recognition they deserve for generating positive economic and social change.
Visit PROFIT online at PROFITguide.com.