Top mortgage stories of the week:

• Don't fear the small mortgage lender
• Canadian housing prices to fall 10% over next few years: Scotiabank
• Toronto Condo ‘Roller Coaster’ Peaks As Flaherty Acts
• ING Direct may appeal to Canada banks but fit not ideal

This Week's Quotation:

“ I think goals should never be easy. They should force you to work, even if they are uncomfortable at the time. ” - Michael Phelps (World's most decorated Olympian)

Don't fear the small mortgage lender

Our friend Rob McLister over at Canadian Mortgage Trends wrote an interesting piece for the Globe & Mail this week on "small" mortgage lenders. Many mortgage lenders in Canada are not household names yet lend to prime borrowers similar to the big name banks. Borrowers sometimes fear the "unknown", but this fear is largely unfounded, especially in Canada. It's a great read if you have not yet looked beyond the Big 5. Read more....

Canadian housing prices to fall 10% over next few years: Scotiabank

With record home ownership levels in Canada and a cooling housing market, home prices in Canada can be expected to fall 10% over the next two to three years, a Bank of Nova Scotia report suggests. "After this period of very strong home sales, where you've essentially got home ownership across most demographics at record levels, even for young buyers, combined with tighter mortgage rules and the like, there's just not going to be the same amount of demand out there," Scotiabank economist Adrienne Warren said Wednesday… Read more....

Toronto Condo ‘Roller Coaster’ Peaks As Flaherty Acts

Canadian Finance Minister Jim Flaherty is making progress in his effort to cool Toronto's overheated condo market with tougher mortgage lending rules. Condo sales dropped 10 percent in July from a year earlier to 1,753 units and the average price fell 1 percent to C$328,216 ($328,347), the city's real estate board said Aug. 3. Prices have fallen by 2.3 percent from a year earlier, ending annual price gains that peaked at 11 percent in October, according to Bloomberg calculations using Toronto Real Estate Board figures… Read more....

ING Direct may appeal to Canada banks but fit not ideal

Canadian banks looking to grab a big chunk of market share will likely relish the chance to bid for ING Groep's (ING.AS) local online unit, should it go on sale, but the business would be a less-than-perfect fit for the country's bricks-and-mortar banks. ING said on Thursday it was "reviewing strategic options" regarding its Canadian online bank, which offers discounted mortgages and high-yields savings accounts… Read more....