-Heritage Education Funds is pleased to share that the provincial government in British Columbia (B.C.) is proposing a new Training and Education Savings Grant, which plans to assist more families in saving for their children's post-secondary education.

Watch this month's VERICO TV as Colin Dreyer shows you all the opportunities that are still out there! Don't miss his two personal tips for success!

Two high-quality brands partner to bring additional value to their networks and consumers

Watch this month's VERICO TV as Colin Dreyer updates you on all the new initiatives we have planned to help you with your success!

Rodney Greenlaw's son, Kyle, is a high school student in Nova Scotia who is fighting bullies in his own way! Tina and Rodney say they are extremely proud of what their son has accomplished.

VERICO Lending Partner Kid’s Colouring Contest WINNERS!

We are delighted to announce the winners of VERICO’s 3rd annual Lending Partner’s Kids Colouring Contest!

It's spring, and we're in the midst of prime house hunting season. For many homeowners who want a change without a big move, they may decide to give their home a facelift instead of moving. But research from TD Insurance has found that the majority of homeowners are not considering the insurance implications of their renovations: only 6% checked their policy to ensure they were covered during the upgrades and just 16% asked their insurer if their policy needed an update following their last renovation.

Temperatures have dropped to true Canadian winter levels and for most homeowners across the country that means turning up thermostats and seeing heating bills climb. Just in time to help Canadians insulate their homes and their wallets with energy savings ideas, the winter issue of Scotiabank EcoLiving Magazine is out this week and available free of charge at all Scotiabank branches across Canada and in digital format at ecoliving.scotiabank.com/issue5

While critics have raised alarms about the rising cash holdings on corporate balance sheets, there are broader, long-term reasons for the move to cash that go far beyond a knee-jerk reaction by business to current economic uncertainty, according to a new report from the C.D. Howe Institute. In "Not Dead Yet: The Changing Role of Cash on Corporate Balance Sheets," Finn Poschmann finds corporate cash holdings have increased in waves over the past quarter-century in response to changing economic conditions and business process improvements.

Canadians focused on sticking to their holiday budgets, but almost one-quarter of holiday spending so far is unplanned purchases for themselves

This CAAMP report explores the possible consequences of the tightening of criteria for federally backed mortgage loan insurance. Until recently, housing markets had been stable in most areas of Canada, with resale market activity at healthy (but not exceptional) levels and prices stable or rising at moderate rates. But, since July there has been a sharp downturn in activity, which coincided with the rule changes.

With the peak holiday shopping period around the corner, the majority (82 per cent) of Canadians are in the gift-giving mood, according to the latest RBC Canadian Consumer Outlook. Overall, Canadians who will celebrate by giving gifts intend to spend $1,182 on the holidays including gifts, decorations, entertaining and travel. This is down six per cent from the $1,251 of last year's anticipated spending amount and more in line with the spending intentions of $1,137 in 2010.

The results of the autumn survey suggest that, in an environment of slow global economic growth and uncertainty about demand, firms have tempered their expectations for business activity. Firms are generally more circumspect about near-term investment decisions and are focusing on minimizing costs.

"Trusts are a valuable part of an estate plan to direct your money to the person intended, when intended, and for the purpose intended," Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Private Wealth Management says. "For example, you can indicate in the trust document that the money in trust should be used to pay for school tuition and not to buy a sports car." Two new reports on the benefits of including trusts in estate plans provide a number of reasons why people should consider trusts as part of an overall financial plan.

Canadian housing markets thus appear destined to correct, but we think the correction will remain relatively mild, thanks to decent employment growth and continued low interest rates. Calgary, Ottawa, and Québec City look set to fare best. Conditions are weak in both major British Columbia markets. In Vancouver, slowing Chinese demand probably represents a larger threat to housing prices than poor affordability. In Toronto, the condominium market is slowing, but this will be gradual, not disorderly.

Canada’s housing starts have been buoyant so far in 2012, driven largely by multiple starts. For the rest of the year, however, multiple starts are expected to moderate while single starts will remain fairly level. Overall, total starts are forecast to be 202,700 for 2012 and 195,700 for 2013. Resales: Sales of existing homes through the Multiple Listing Service® (MLS®)2 are expected to total 472,300 units in 2012. In 2013, MLS® sales will move up only slightly to about 474,900 units.

Toronto's real estate agency is launching a full-court attack against a plan to make more information available online, including the names and addresses of home sellers. The Toronto Real Estate Board (TREB) claims the changes will invade the privacy of home sellers and buyers and may result in more fraud against its clients.

After two consecutive quarters of deterioration, Canada's housing affordability has improved modestly in the third quarter, according to the latest Housing Trends and Affordability Report released today by RBC Economics. "Elevated uncertainty relating to the European sovereign-debt crisis and the downside risk for economic growth have contributed to keeping interest rates at low levels," said Craig Wright, senior vice-president and chief economist, RBC. "The lower interest rate environment - which also includes mortgage rates - has played a part in slightly reducing the costs of owning a home in Canada in the third quarter."

October 17-23 is Canada's third annual Financial Planning Week and as part of its campaign to get more Canadians engaged in their financial wellbeing, Financial Planning Standards Council (FPSC®) hit the streets to hear what Canadians are saying about money.

The June issue of Mortgage Journal magazine is available online.

What's the best thing you've done for your business?

Canada Real Estate Magazine asked: "What do you love about your job?"

Gary Siegle, one of three recipients of the 2010 CAAMP Mortgage Hall of Fame award, says he attributes three things to his accomplished career. He takes some time to talk to JAC News about the career he has enjoyed over the past 38 years.

Troy Alexander, a mortgage broker with VERICO Select Mortgage in Victoria, BC, recently returned from a two week aid mission to help children with cleft-lips in the Philippines. Mr. Alexander was one of three Canadians on the twenty-seven member team that participated in a medical mission with Rotaplast International, a non-profit humanitarian aid organization that offers cleft-lip surgery to children in need. “My thought on day one when I landed in Cebu was one of awe. I have never been to a developing or third world country so had no idea what to expect..."

Jan Rice is one of three inductees to the 2010 CAAMP Mortgage Hall of Fame. Canada Real Estate Magazine talks to Ms. Rice about her serendipitous start to an accomplished career in the mortgage industry as well as her current position as CMHC National Manager of Insurance Business Development and the services that CMHC provides to mortgage brokers.

Canada Real Estate Magazine speaks to Hali Strandlund, Chair of CAAMP, as her term comes to an end.

Pierre Martel is one of three inductees to the 2010 CAAMP Mortgage Hall of Fame. Canada Real Estate Magazine talks to Mr. Martel about his passion for the industry and what's truly at the core of his business. “I received a phone call from Colin Dreyer, Chair of the nominating committee and I was completely taken by surprise,” says Martel. “I am very honored to receive this recognition from my peers and to join a league of such remarkable professionals who are pillars of the industry.”

Kelly Curtis speaks to JAC news about one memorable coffee meeting during the summer of 2006 which would become the start of Canadian Mortgage Designers Inc. Kelly also talks about her role in developing the MBABC Applied Information Course for new brokers and offers some advice for those wanting to join this industry.

The Bank of Canada forecasts that, as a result of the crisis, cumulative foregone economic output from 2009 to 2012 will be 16 per cent of GDP in Europe and 9 per cent of GDP in Canada (see Appendix, Chart 1). Over the longer term, we estimate that these shortfalls could grow to about 40 per cent and 30 per cent of respective GDP. Given the synchronous nature of this global crisis, there are reasons to fear such severe outcomes.

Jessi Johnson, President of VERICO Jessi Johnson Mortgage Team, has one of the strongest social media presences in the mortgage brokerage industry. Mr. Johnson takes some time to talk to JAC News about the role of social media in this industry and his unique experience thus far in his career.

"Operating for 27 years in the Mortgage Business doesn't come easy," states Wayne Sudsbury, President of VERICO Homeguard Funding Ltd, on the company’s website. With over three decades of experience in the mortgage industry, Mr. Sudsbury has truly seen it all. Read about Mr. Sudsbury observations on how the industry has evolved since the 1980s and his advice to those just starting out in their careers.

Mark Squire, National Bank’s Director of Broker Services and Virtual Banking, expects the rest of 2010 slow down. “Talking with other lenders and what we have experienced ourselves, we went into 2010 very strong and ahead of where we thought we were going to be. We are noticing a slow down in our pipeline. 2010 is going to be a bit slower, there is still a lot of business out there, we just need to work a little harder to get it. For the remainder of 2010 and into 2011, I think it will be balanced and level off”

Ellen Watt, Vice President of Broker Distribution at Macquarie, discusses the lender’s strategy to further develop relationships with independent brokers. Macquarie utilizes the 80/20 rule as part of its growth strategy and focuses on brokers who consistently work with Macquarie. Ellen also introduces us to Macquarie’s new Bridge product, which will be launched this summer.

Ron Swift, President of MCAP Service Corporation, believes that competition will be fierce in the second half of 2010. The combination of factors including the beginning of a market slow down, new rules from insurers, new qualifying rules from the Department of Finance, HST and taxation issues will result in aggressive campaigns from major banks and its sales forces.
In an effort to help brokers stay competitive, Ron also discusses the various tools that MCAP offer independent brokers to help them stay competitive.
His best tip to mortgage brokers? Be knowledgeable about your local marketplace and also the domestic and international financial markets. The ability to interpret this knowledge will help your clients select a product that right for them.

Canada Mortgage Magazine was invited into the home of Gord Dahlen, President and CEO of Invis and Mortgage Intelligence, to talk about the synergies of the two companies since the 2008 merger, the culture of its brokers and what the future holds for these two organizations. We learn a little more about Mr. Dahlen who chose a path less traveled when he decided to leave an executive position at MCAP to pursue an entrepreneurial career that has culminated in the leadership of two of the biggest names on the Canadian mortgage landscape.

Person to person with Colin Dreyer, President and CEO of Verico.

Mr. Dreyer shares with JAC News his thoughts about industry-leader Verico’s upcoming fifth-anniversary and the defining of quality and professionalism within the industry. In this in-depth video interview, Mr. Dreyer also reflects on the recent industry rule changes, lender efficiencies, the industry moving forward, the importance of association involvement and in giving back to the community.

The CAAMP Vancouver Symposium held this week was by any measure a success. Member attendance was strong resulting in ample networking opportunities for brokers and the trade show floor and break-out sessions were informative and entertaining. JAC spent time with Hali Strandlund, Chair of CAAMP, to discuss a range of issues including the associations goals and priorities for 2010 and beyond.

With the upcoming launch of his new book “The Canadian Real Estate Action Plan: Proven Investment Strategies to Kick-Start and Build Your Portfolio”, JAC News asked Peter Kinch what inspired him to become an author and what general knowledge-gap he felt needed to be filled.

As co-author of the number-one bestseller “97 Tips for Canadian Real Estate Investors”, “The Canadian Real Estate Action Plan” is his first solo-effort and has already received positive reviews from senior industry executives.

JAC News Corp. one-on-one with Margo Wynhofen, incoming President of The Independent Mortgage Brokers Association of Ontario (IMBA) and her thoughts about The Association and Industry in general.

Mortgage brokers are getting bigger, faster and stronger says Garth Ellis, owner of VERICO Ellis Mortgages Canada. He says that the opportunity for brokers in today’s market lies in the sophisticated level of industry knowledge, association services and business tools offered by organizations such as VERICO. “Consumers are looking for a second opinion and when they get that second opinion, they go to an independent mortgage broker. We have the opportunity to demonstrate how much we offer before, during and after the mortgage process…”

Leann Riguidel, Owner of VERICO Universal Mortgage Solutions, is a strong believer in community giving and so is heavily involved with the Red Deer Hospice and the Children Services Centre.

Pat Dell, Owner of VERICO Crown Mortgage Services, says she enjoys helping clients achieve the Canadian dream of home ownership and that there are many opportunities for mortgage brokers in the new home owner market and also those who need a second mortgage.

Roslyn Goldmintz, founder of VERICO RBG Realty Mortgage Brokerage, says that there were more industry changes in the past year than in the past 20 years combined. And she expects more to come. “…I think there will be a lot more changes coming forward and they are going to happen a lot faster. It is really important that as brokers we learn to adjust and adapt if we want to continue to provide the level of service that we should be to our client base…”

Don MacVicar , President of VERICO Premiere Mortgage Centre, talks about the important role of mortgage brokers in today’s marketplace and offers his views on the mortgage landscape. With locations in Altantic Canada and GTA, Don has carved out the organization’s niche with a full service relocation business in addition to providing consumers with mortgage and financial expertise.

Marty Coubrough, co-owner of VERICO One Link Mortgage & Financial says the Winnipeg and Manitoba economies are continuing on a positive track as evident in the thriving construction and major infrastructure projects across the city. He also talks about his role in government relations at CAMMP and some of the issues that they are currently dealing with.

Person to Person with Garth Ellis, recipient of the National Bank Lifetime Achievement Award at the recent CMP Awards Gala.

GE: Receiving the Lifetime Achievement Award means a lot to me because it represents just how far the mortgage brokerage industry has come since I started my career. When I first entered the industry, only 4% of Canadians used a mortgage broker for their real estate financing needs. Of that 4%, much of the business was sub-prime. So at that time, possibly only 1 or 2% of Canadians who could be classified as A-1 clients looking for an A-1 mortgage sought the help of a mortgage broker. It has taken a lot of hard work, by a lot of mortgage brokers, over a lot of years to convert the Canadian public one by one, to accept and embrace mortgage brokers as their preferred choice when securing real estate financing.

"While Canadians may see their parents' retirement experience as a model for what to expect, the reality is that their retirement may not be the same, particularly if they are part of the sandwich generation with both aging parents and school age children," said Amalia Costa, head, Retirement Strategies, RBC. "Canadians know that juggling competing financial priorities creates enormous strain on both time and money. A financial advisor can make it easier to develop a retirement plan to balance your financial commitments and family life."

Saskatchewan, Alberta and BC to lead the way; Ontario to improve. Still no rate changes expected from Bank of Canada in 2013. BMO Hiring Outlook Report: hiring a top priority for business owners planning to invest more in 2013

The average rental apartment vacancy rate in Canada’s 35 major centres increased to 2.6 per cent in October 2012, from 2.2 per cent in October 2011, according to the fall Rental Market Survey released by Canada Mortgage and Housing Corporation (CMHC).

Since the most recent round of mortgage tightening came into effect in July 2012, there has been a drop in Canadian housing resale activity: between August and October, sales were 8 per cent lower than in the year prior to the announcement. Approximately 17 per cent of high ratio mortgages funded in 2010 could not have been funded today, including 11% of prospective high ratio home buyers who can’t qualify under the new 25 year amortization rule.

Toronto finishes in third place in Cities of Opportunity 2012, dropping one place from last year in the fifth edition of a global study by PwC of 27 centres of finance, commerce and culture. Toronto ranks ahead of global cities like Paris, Singapore and Hong Kong and Tokyo and impressively ranks in the top 5 in 6 out of the 10 indicators and about a third of the 60 variables measured in the study.

Real gross domestic product grew 0.2% in July, after edging up 0.1% in June. Goods production increased 0.2% in July, on the strength of manufacturing and utilities. In contrast, mining and oil and gas extraction as well as construction declined. The output of service industries rose 0.2% in July, mainly as a result of increases in retail and wholesale trade, the finance and insurance sector, and accommodation and food services. The public sector (education, health and public administration combined) was essentially unchanged in July.

The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for June 2012. There was a budgetary deficit of $1.1 billion in June 2012, compared to a deficit of $2.3 billion in June 2011. Revenues increased by $0.8 billion, or 4.2 per cent, largely reflecting increases in personal and corporate income tax revenues. Program expenses decreased by $0.2 billion, or 1.3 per cent, reflecting lower other program expenses, offset in part by higher transfer payments. Public debt charges decreased by $41 million, or 1.6 per cent.

It's not just longer days and high temperatures that peak during the Canadian summer, it's also when immigration numbers peak. July, August and September are the peak immigration months when permanent residents and foreign students go through the chaotic process of moving everything from home to family to finances to Canada. Scotiabank offers advice on how Canadian newcomers can make the financial part of their move both simpler and successful.

Calum Ross and Jared Dreyer on the Mortgage Rule changes.

OSFI released its final Underwriting Guidelines as a result of the B20 Discussion Paper. CAAMP was pleased that it was successful in ensuring no requalification at time of renewal.

Julie Isaac, VERICO Custom Mortgages, offers advice to consumers.

30 year Mortgage brokerage operation joins VERICO - #1 Mortgage Broker Network! VERICO Canada is pleased to welcome Bayfield Mortgage Professionals, based in Langley BC, to the VERICO network. The long time Mortgage Brokerage firm has been in operation for 30 years and is headed by Gord Wintrup, President and Inder Matharu, Vice President.

Matt Daniels and Christa Tessier are the latest business owners to join Canada’s #1 Mortgage Broker Network – VERICO!

With the Canadian housing market expected to cool in the coming year, the Bank of Montreal has lowered its five-year fixed mortgage rate to a record low. While the rate was slashed to 2.99 per cent Thursday, down half a point, it does come with a few hitches.

"Richmond mortgage broker Chris Pughe said just one of the lenders she deals with, AGF, is offering 2.99 for a five-year fixed mortgage, but several are close. 'There are some with a four-year at 2.99 and a lot of the lenders are at 3.19 or 3.29 right now [for five years]," Pughe said."

For the past number of years, John Ribalkin, owner of VERICO Nova in North Vancouver, and his family have spent up to 7 weekend prior to Christmas to create a 40,000 plus light display. All in an effort to fund raise for the Harvest Project, a great charity that helps people cope with difficult circumstances such as illness, job loss, addiction and mental health issues.