Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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BREAKING: Ontario Car Insurance Rates Increase + MORE Apr 21st
Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have increased by 2.23 per cent on average.... More »
RBC and NBC are the latest big banks to hike fixed mortgage rates + MORE Jun 3rd
RBC and National Bank became the latest Big 6 banks to increase their posted fixed rates this week, following previous increases by BMO and CIBC..... More »
CMHC reports annual pace of housing starts up eight per cent in October Nov 18th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in October rose eight per cent compared with September..... More »
Birch Hill and Brookfield to acquire First National in $2.9B deal + MORE Jul 29th
Founders Smith and Tawse to retain minority stakes as mortgage lender enters new chapter.... More »
Bank of Canada raises key interest rate to 1.25% + MORE Jan 17th
OTTAWA — The economy’s impressive run prompted the Bank of Canada to raise its trend-setting interest rate Wednesday for the third time since last summer — and to send a signal that more increases are likely on the horizon.
The central bank pointed to unexpectedly solid economic numbers as.... More »
B.C.’s 2017 home sales below 2016 record, but far above average says BCREA
– canadianbusiness.com
VANCOUVER _ The British Columbia Real Estate Association says fewer homes were sold across the province in 2017 compared with the year earlier, but it says prices were up and sales remained above 100,000 for the third straight year.
The association’s snapshot of 2017 residential sales shows 103,763 properties changed hands, down 7.5 per cent from the 2016 record of 112,211.
The total dollar value of all sales also slipped 5.1 per cent to $73.63 billion but the association says the average price of a home nudged up 2.7 per cent to $709,579.
December was also a strong month for sales, as seasonally adjusted purchases jumped four per cent from November, although the association says year-end results may reflect buyers hurrying to avoid tougher mortgage qualification rules in January.
A total of 5,738 sales were recorded across B.C. in December, an increase of 21.5 per cent over the same period last year, with the average residential price province-wide set at $734,108, a leap of 12.1 per cent from December 2016…
The association’s snapshot of 2017 residential sales shows 103,763 properties changed hands, down 7.5 per cent from the 2016 record of 112,211.
The total dollar value of all sales also slipped 5.1 per cent to $73.63 billion but the association says the average price of a home nudged up 2.7 per cent to $709,579.
December was also a strong month for sales, as seasonally adjusted purchases jumped four per cent from November, although the association says year-end results may reflect buyers hurrying to avoid tougher mortgage qualification rules in January.
A total of 5,738 sales were recorded across B.C. in December, an increase of 21.5 per cent over the same period last year, with the average residential price province-wide set at $734,108, a leap of 12.1 per cent from December 2016…
Three of Canada’s biggest banks have hiked the rate on their benchmark five-year mortgage, and more are expected to follow suit.
Rates are going up… for now… is this the end of low rates?
– canadamortgagenews.ca
Next Wednesday will be the first Bank of Canada meeting date to set the Target rate, which directly affects Bank Prime rate and Variable rate mortgages. It’s almost a certainty that the Bank of Canada Governor, Stephen Poloz, will raise the rates.POSITIVE DATA MEANS HIGHER RATES
There’s been too much positive economic data lately. Low unemployment levels (5.7%, the lowest since the ’70s), higher spending by consumers, slightly higher inflation (2.1%), record level stock market. We’ve also seen some comments and posturing by the Bank of Canada Govr that suggests we should expect a 0.25% increase.
Bond yields have also been moving steadily upward. Yup, we should expect a rate hike. And depending on how the market reacts to this, we could possibly see another rate hike at the next Bank of Canada meeting on March 7th.
BUT WAIT, IS THIS THE END OF MORTGAGE RATES IN THE 3.00%’s?
This article is your notice that rates have gone up over the last 4 months and will continue to climb for another 4 to 6 months…
