Archive for the ‘Mortgage News’ Category

There was an article in the Globe and Mail today discussing a recent report by TD Bank. The report indicates that more Canadians are carrying debt into retirement. The report also states that the amount of debt for Canadians aged 45-65 is increasing. Quotes from TD Bank representatives state that this comes as a “surprise” […]

No changes in mortgage rates for this week. Please find the rates bellow. Rates: * 1yr 2.89% * 2yr 2.99% * 3yr 2.69% * 4yr 2.89% * 5yr 3.19% * 6yr 4.29% * 7yr 4.49% 3yr variable closed (Prime – .55%) = 2.45% 5yr variable closed (Prime – .30%) = 2.70% “Economic and housing news” […]

So the stock market has dropped by 10% this year. The interest rate on a GIC is 1-2%. But housing prices increased by 10% in September. The Toronto real estate board just reported that the amount of sold homes increased by 25% in September and the average price increased by 10%. Wow! This is great […]

Enjoy your weekly Rates & News updates!  Mortgage Rates: 1yr 2.89% 2yr 2.99% 3yr 2.69% 4yr 2.89% 5yr 3.19% 6yr 4.29% 7yr 4.49% 3yr variable closed (Prime – .65%) = 2.35% 5yr variable closed (Prime – .60%) = 2.40% Canada mortgage rates keep sliding How Much Lower Can The Yields Go Interesting insights from CREA: […]

No indication of rates increase as the rates sit tight at 3.19% for 5 year fixed mortgages. The lowest in Canada’s history. I would urge everyone to lock their mortgages now to take advantage of these low rates before the Bank of Canada will start increasing the prime rate again. Rates: 1yr 2.89% 2yr 2.99% […]

Mortgage Rates Continue To Slide, But How Much Longer? Rates: 1yr 2.89% 2yr 2.99% 3yr 2.69% 4yr 2.89% 5yr 3.19% 6yr 4.59% 7yr 4.49% 3yr variable closed (Prime – .70%) = 2.30% 5yr variable closed (Prime – .60%) = 2.40%

Today, the Canadian Mortgage and Housing Corporation released their financial information. There were legally required to do so. This is progress! Canadians should be proud that we now have this level of statistics from Canada’s largest insurer of home mortgages and home equity lines of credit. Here are some highlights: – HELOCS has dropped by […]

This week has been a busy week for Canadian Banks. It started with Royal Bank’s announcement that they are raising their variable rate mortgage rate by 20 basis points (1/5th of 1%). The week continued with the Bank of Montreal reporting that profit increased by 8%, followed by National Bank reporting that they increased their […]

The Bank of Canada decided not to raise interest rates on Tuesday. They kept their overnight rate at 1%. On Wednesday the BoC spoke more about the state of the Canadian economy. The newspapers and economist dissected the works of Mark Carney and determined that he removed the word “eventually” from his comments about when […]

There has been a lot of discussion lately about whether it is better to rent or buy. has written a few real estate blogs on the subject. The Globe and Mail’s Rob Carrick has written an article, plus a follow up article on the subject. It’s a popular topic. The Bank of Canada, in […]

Has anyone ever told you that “Renting is throwing your money away”? Most people say this without any thought whatsoever. Here is some mathematical evidence to help you determine the factual correctness of this statement. Simply multiply the purchase price by your mortgage rate. Then add in the property tax. This will give you the […]

Selling a home is a big decision. It’s a dramatic change in anyone’s life. Once you have decided to sell, the big question is usually “how much money will I take home”. However, before we get to that questions, let’s examine where you can advertise your home for sale in Canada. Internet: The internet is […]

There are many factors that affect the price of housing. Supply, demand, jobs, geography, demographics, advertising, peer pressure, Government regulations (CMHC) and interest rates all affect house prices in their own way. Clearly interest rates have a definite impact on the price of homes. You could speculate that interest rates are the most important factor […]

Welcome to the Spring/Summer of 2011, where multiple offers on homes are the norm, 105% and higher above asking price is not uncommon, and mortgage rate fluctuations of 0.35% can happen overnight. In my 11 years in this industry I have not seen this particular set of circumstances all occurring at once and to the […]

When it comes to interest rates on mortgages in Canada, the variable rate is dependant on the Bank of Canada lending rate. If this rate goes up, then variable mortgages rates will increase. Fixed rate mortgage rates are more dependant on the bond market. Fixed mortgage rates will typically not immediately increase based on movements […]

Have you ever found yourself saying ‘Wow this would be the home of my dreams but man the bathrooms or kitchen is out of date, or its going to need some repairs or renovations to make this home just right.’ Don’t immediately walk away from that open house or place your home on the market […]

There seems to be a shift in thinking for our young Canadians. A recent study conducted by RBC found that 55 per cent of legal age Canadians under 35 are considering holding off on a home purchase till next year. This result is 10 percentage points above the national average. For many their main argument […]

When talking about the future of rates there are many factors to consider among them are the local economy, world economy, Bond Markets, World Markets, and current political climate. But predicting the future of rates is like predicting where a helium balloon will end up if you let it go. You got a general idea […]

In January, Canadian Finance Minister Jim Flaherty announced changes in the nation’s mortgage rules, limiting the amortization period on “high-ratio” mortgages, and imposing new constraints on home equity lines of credit. Beginning on March 18, 2011, the maximum amortization on a home mortgage with less than 20% down will drop from thirty-five to thirty years. […]

So today is January 17th and the Government of Canada announced three new mortgage rules. – No more 35 year amortizations (for people with less than 20% down) – Maximum amount of re-finance is 85% of home value – Government will not insure HELOCs Let’s look at the big change: No More 35 Year Amortizations […]

Big news just announced in the housing market is that Finance Minister, Jim Flaherty just announced the following changes to the mortgage rules in Canada: * Mortgage amortization periods will be reduced from 35 years to 30 years. * The maximum amount Canadians can borrow to refinance their mortgages will be lowered from 90 per […]

This real estate video discusses 6 steps to help buyers improve their credit score in order to make sure that they are able to obtain financing for their mortgage at a low rate. Often buyers with poor credit scores will be required to pay a higher interest rate on a mortgage. Here are 6 tips […]

If you are obtaining a mortgage in Canada and you have a down payment of less than 20%, then you will need to have your mortgage insured. Canadian Mortgage and Housing Corporation (CMHC) and Genworth Financial both provide mortgage insurance on Canadian Mortgages. The costs for Mortgage Insurance from CMHC are: What is the […]

Porting a mortgage basically means to take a mortgage from one property to apply it to another property. Porting a mortgage is very common in Canada. In the real estate porting a mortgage video below, we discuss the different aspects of “Porting a Mortgage in Canada“. Some of the things that you should be […] and our in house mortgage agent, Abraham Niyazi discuss “how to get the lowest mortgage rate in Canada”. Abraham talks about different strategies to save you money when you buy a home in Canada. Buyers can choose to go to one bank and get a mortgage quote. This can involve a credit check done […]

Canadians received their HST rebate cheques last week. The cheques were mailed or direct deposited (sometimes as “Canada Pro” or as “PROV/LOCAL GVT PYMT”). I received $335 and I’m not sure if everyone received the same amount. It looks like this little holiday present from the Government came just in time to buy some gifts. […]

The Toronto Dominion (TD BANK) bank reported last week that they are no longer providing “conventional mortgages”. The bank is changing to “collateral mortgages”. According to the Globe and Mail… “At the heart of the overhaul is a switch to collateral-charge mortgages, which are similar to lines of credit. The bank is encouraging employees to […]

Rates: 1yr 2.44% (0.00%) 2yr 3.09% (0.00%) 3yr 2.89% (0.00%) 4yr 3.59% (0.00%) 5yr 3.45% (-0.10%) 6yr 4.39% (0.00%) 7yr 4.85% (0.00%) 3yr variable closed (Prime – .85%) = 2.15% 5yr variable closed (Prime – .65%) = 2.35%

Rates: 1yr 2.44% 2yr 3.09%% 3yr 2.69% (- 0.21%) 4yr 3.69% (- 0.10%) 5yr 3.41% (- 0.28%) 3yr variable closed (Prime – .75%) = 2.00% 5yr variable closed (Prime – .65%) = 2.10%

Rates: 1yr 2.44% (0.00%) 2yr 3.09%% (+ 0.05%) 3yr 2.90% (- 0.54%) 4yr 3.79% (0.00%) 5yr 3.69% (- 0.10%) 3yr variable closed (Prime – .75%) = 2.00% 5yr variable closed (Prime – .65%) = 2.10% Although we still experience a decline in mortgage rates be prepared for the prime rate to go higher before the […]


Canada Real Estate News

Real estate news in Canada including buy and sell information, local market updates, guides, tips for Canadians in the real estate market.