The Latest in Mortgage News: RBC downgrades its housing market forecast + MORE Jul 28th
80,000 variable-rate mortgages will reach their trigger point by year-end: RBC + MORE Aug 27th
Even with expected rate cuts, mortgage payments will continue to rise for years: BoC research Jan 9th
Despite Uncertainty, Canadians Are Keeping Up With Mortgage Payments + MORE Oct 5th
Fixed mortgage rates are rising. What’s the deal? + MORE Apr 21st
Navigate through these uncharted waters in 2020
– canadamortgagenews.ca
In 2009 and 2010, for the first time ever we saw mortgage rates under 2.00%. That’s right, if you were in a variable rate mortgage, you had a rate under 2.00%. We were coming off the catastrophic US sub-prime mortgage crisis. The financial US scam that cost the world trillions of dollars in lost pensions and investments. Tens of thousands of people lost everything they had. It was horrible. While we, in Canada, were largely untouched. We weren’t smarter, we were just lucky not to be exposed to the subprime mortgages to the extent the rest of the world was. As they say, Canada is five years behind the US, and in this case, we got lucky.
That said, let’s get back to mortgage rates and fast forward to 2020.
If you are in a variable rate, you probably have a rate under 2.00%, but here’s something new. We are now seeing some lenders offer fixed mortgage rates under 2.00%. Yes, it’s true… fixed mortgage rates under 2.00%. I never thought I’d say that in my lifetime…
