Keeping the  last two articles in mind, below are the most important things
you can do to improve your credit score:
Pay your bills on time. If possible, set up automatic payments for all
of your regular bills. Many credit card companies also have a service that
allows you to automatically pay your minimum balance every month.
Don’t max out your credit cards. If you have a big purchase to make,
consider applying for a lower–interest line of credit, or home equity line of
credit (if you already own a home).
Choose your credit wisely. While it may be tempting to receive a new
iPod – or 100,000 AirMiles – for applying for a new credit card, it’s not worth
the havoc unnecessary credit can wreak on your credit score. Try to limit all
new credit applications to those you genuinely need.
Keep an eye on your credit profile. Make sure there are no erroneous
charges – and no fraudsters taking over your identity. Both Equifax
(www.equifax.ca) and TransUnion (www.TransUnion.ca) allow you to order
your credit profile for free on an annual basis. It’s wise to order one from
each company, since they feature different information.
Be patient. Unfortunately, it can take a while to see the fruits of your
credit–improving labours. If you follow the above steps on a consistent basis,
however, you’ll be qualifying for that stellar mortgage rate in no time!

1. What is a Credit Score?
Canada’s two credit bureaus, Equifax and TransUnion, are independent companies
that make their money from collecting information about your credit history.
Other businesses that utilize the services of these bureaus – meaning, they report
to and collect information from them – include virtually every credit card company,
loan entity (student or otherwise), car leasing company, utility company, collection
agencies and pretty much anyone else you pay money to on a regular basis.
The bureaus monitor the activity on a regular basis (typically monthly) and assign
a ‘credit score’ to you. This number ranges from 300 to 900, although anything in
the 700s is considered to be good. To qualify for credit, you typically don’t want to
be lower than 620, and definitely not lower than 600.
In general, the higher your score, the lower the probability that you will become
delinquent on credit extended to you. And while many lenders use bureau scores
to help them make lending decisions, each lender will base its decision on more
than just the score.

When you are buying a house there are so many things to remember, putting a financing condition in your contract should be at the top of the list, even if you are pre-approved. Though the lender does look at you as a buyer making sure you are a strong and suitable candidate for a mortgage, they are also judging the property you choose. Here is an article that talks about bidding wars and why that financing condition is so important.

As the spring market starts to get busy its nice to see articles talking about the US market improving. We may like to think we are not connected but when they are doing well, we do better. Hopefully this article keeps you a little more informed.

Here is a informative article from the bankofcanada.ca .

Bank of Canada maintains overnight rate target at 1 per cent

Ottawa, Ontario -

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The profile for global economic growth has improved since the Bank released its January Monetary Policy Report (MPR). Europe is expected to emerge slowly from recession in the second half of 2012, although the risks around this outlook remain high.  The profile for U.S. growth is slightly stronger, reflecting the balance of somewhat improved labour markets, financial conditions and confidence on the one hand, and emerging fiscal consolidation and ongoing household deleveraging on the other.  Economic activity in emerging-market economies is expected to moderate to a still-robust pace over the projection horizon, supported by an easing of macroeconomic policies.  Improved global economic prospects, supply disruptions and geopolitical risks have kept commodity prices elevated.  In particular, the international price of oil has risen further and is now considerably higher than that received by Canadian producers.  If sustained, these oil price developments could dampen the improvement in economic momentum.

Overall, economic momentum in Canada is slightly firmer than the Bank had expected in January. The external headwinds facing Canada have abated somewhat, with the U.S. recovery more resilient and financial conditions more supportive than previously anticipated.  As a result, business and household confidence are improving faster than forecast in January. The Bank projects that private domestic demand will account for almost all of Canada’s economic growth over the projection horizon.  Household spending is expected to remain high relative to GDP as households add to their debt burden, which remains the biggest domestic risk.  Business investment is projected to remain robust, reflecting solid balance sheets, very favourable credit conditions, continuing strong terms of trade and heightened competitive pressures.  The contribution of government spending to growth is expected to be quite modest over the projection horizon, in line with recent federal and provincial budgets. The recovery in net exports is likely to remain weak in light of modest external demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar.

The Bank projects that the economy will grow by 2.4 per cent in both 2012 and 2013 before moderating to 2.2 per cent in 2014. The degree of economic slack has been somewhat smaller than the Bank had anticipated in January, and the economy is now expected to return to full capacity in the first half of 2013.

As a result of this reduced slack and higher gasoline prices, the profile for inflation is expected to be somewhat firmer than anticipated in January.  After moderating this quarter, total CPI inflation is expected, along with core inflation, to be around 2 per cent over the balance of the projection horizon as the economy reaches its production potential, the growth of labour compensation remains moderate, and inflation expectations stay well-anchored.

Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent. In light of the reduced slack in the economy and firmer underlying inflation, some modest withdrawal of the present considerable monetary policy stimulus may become appropriate, consistent with achieving the 2 per cent inflation target over the medium term. The timing and degree of any such withdrawal will be weighed carefully against domestic and global economic developments.

Information note:

A full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR on 18 April 2012. The next scheduled date for announcing the overnight rate target is 5 June 2012.

How much do you know about the history of mortgages in Canada? Take this quiz to find out!

1. Between 1978 and 1982 Canadian interest rates took an astronomical leap. How high did they jump?
a) 15.47%
b) 21.46%
c) 20.41%
d) 29.63%

2. When did CMHC (then known as the Central Mortgage and Housing Corporation) first come into existence?
a) January 1, 1946
b) January 1, 1954
c) April 1, 1938
d) April 1, 1947

3. When did CMHC first introduce mortgage-backed securities into Canada?
a) 1981
b) 1975
c) 1986
d) 1989

4. What was the first national housing legislation called?
a) The Dominion Housing Act
b) The Federal Home Improvement Plan
c) The National Housing Act
d) The Bank Act

5. During the Great Depression, the average number of new construction units across Canada was 39,000. How much did this number jump in the 1950s?
a) 44,000
b) 55,000
c) 66,000
d) 77,000

Answers: B,A,C,A,D

Sources:
http://www.thecanadianencyclopedia.com/articles/housing-and-housing-policy
http://www.cmhc-schl.gc.ca/en/corp/about/hi/index.cfm