Two Thirds of Canadians Don’t Understand Their Mortgage Agreement + MORE May 13th

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RateSupermarket.ca expert panel says time is of the essence for deep fixed-rate discounts
It’s been a truly outstanding season for mortgage-rate pricing – and such deep discounts couldn’t last forever. Slightly higher fixed mortgage rates may be around the corner, as lenders adjust to a higher bond yield environment. Meanwhile, the Bank of Canada isn’t expected to make a move on their trend-setting Overnight Lending Rate, meaning a season of stability is in store for variable-rate customers.
Fixed Mortgage Rates: Up
The economic factors that paved the way for the season’s record low rates are experiencing a slight about-face; government of Canada bond yields have been nudged higher as European instability prompts global investors to shed their nationally-backed investments. The change is minimal – about one per cent – but could spur some lenders to ease up on their cut-throat discounting tactics. But, not to fear, home buyers – we’re still in the midst of one of the most competitive mortgage seasons in recent history as big and small lenders alike compete for buyer business…

One of the most vexing – yet ongoing – trends in real estate is the multiple-offer bidding war. (Vexing, of course, except for sellers who benefit from offer-night frenzy.) But getting caught up in the excitement can have greater consequences than paying more than you originally intended. If the final sale price goes too far above the home’s appraised value, you might not qualify to be able to pay for it at all.
Pushing Up Prices: A Worrying Trend
Anyone who’s purchased a home over the last decade or so knows the drill: a house comes on the market at a temptingly low price; you schedule a visit with your agent; decide to make an offer; figure out your best price; make an offer and then…wait for the listing agent to send all the offers back for counteroffers. Eventually, like a silent auction that’s held blindfolded, someone eventually outbids all the other interested parties.
Even when the seller doesn’t set a lowball price with the express intent of creating a bidding war, minimal supply and overwhelming demand mean that any reasonably attractive, well-located house posted at a fair market price will command lots of attention…

Did you know: two in three Canadians are signing over thousands of dollars in contracts they don’t fully understand? It sounds foolhardy – but that’s the reality in Canada’s mortgage market, according to Scotiabank’s annual mortgage poll. The survey found just 33 per cent of home buyers said they read their entire mortgage agreement – and of those, only 27 per cent really understood the fine print.
And, Canadians’ lack of mortgage comprehension goes beyond the contract; 84 per cent stated that a competitive interest rate was their greatest motivation when picking a mortgage, overlooking completely other mortgage features and restrictions.
It’s a skewed way to look at a major decision like buying a home, says Janet Boyle, vice president of real estate secured lending at Scotiabank.
“It’s amazing, we’ll often spend much more time on smaller purchases doing research and comparing pricing or looking online for reviews,” she says. “This is an incredibly important purchase – probably the biggest lots of us will ever make – in our lifetime and you want to make sure that you put the time in and set (yourself) up for success…

For over six years CMHC has been following a Finance Department directive to de-risk its mortgage insurance operations. In doing so, it has fashioned a more stable housing market, albeit one with less consumer choice and higher funding costs for lenders. But enough may finally be enough — that is, if we’re to read into CEO Evan Siddall’s recent comments. At CMHC’s annual public meeting Siddall was asked if CMHC had done enough to limit its risk exposure. He responded, “In a word, yes.” He went on to note that CMHC is “very comfortable” with its reduction of risk and its READ MORE