Low Rates to Put a Spring in Home Buyers’ Steps + MORE Apr 10th

RateSupermarket.ca Calls for Seasonal Mortgage Discounts to Last Through April
Spring is typically the most competitive time for mortgage-rate pricing, and this season has been no exception, as a number of lenders introduced record-low pricing during the month of March. Now, April buyers and renewing borrowers have much to smile about, as RateSupermarket.ca’s expert panel calls for continued access to such deals throughout the warmer months.
Fixed Mortgage Rates: Unchanged
Demand for government of Canada bonds have set the stage for low fixed-rate pricing; current geo-political forces have kept yields under the one per cent barrier for months, with no change anticipated in the short term. As a result, our panelists call for continued low-rate pricing as lenders compete for spring market share.
 Variable Mortgage Rates: Unchanged
All eyes are on the Bank of Canada’s April 15th rate announcement, especially as sliding oil prices spell bleak news for several economic sectors. However, it’s unlikely that the BoC will make another move to cut rates at this time; policy makers are likely waiting to see how the effects of oil are realized before employing further “insurance” measures…

Remember back when the province of Alberta was so rich the government mailed each resident a $400 check? That was because of a massive budget surplus fueled by the price of oil. That was 2005 – but those days are long gone. Fast forward 10 years, and Alberta’s 2015 budget is revealing the province can no longer rely on a high price of oil to drive its economy and, like the rest of the country, it has to start normalizing its taxation practices.  One of the first victims: real estate sales. This week, it was announced in the provincial budget that home purchase fees would be rising, along with a bevy of other fees and tax increases.
Buyers To Pay Higher Land Transfer Taxes and Registration Fees
Home buyers can expect to shell out more to register their mortgages, and will face higher land transfer taxes when assuming a new property. However, the new taxes will still be lower than what is paid in Ontario and B.C. – especially in Toronto, where buyers must pay LTT at a provincial and municipal level…

At the beginning of April, the Canada Mortgage and Housing Corporation (CMHC) announced that it was raising the premiums on mortgage loan insurance for buyers with less than 10 per cent for a down payment by approximately 15 per cent, effective June 1, 2015.
A few days later, Genworth, an alternative mortgage insurance provider in Canada, followed suit and matched the CMHC’s increased rates. (At press time, Canada Guaranty, the other alternative insurer in Canada, has not adjusted their rates to match Genworth and CMHC.)
Here’s how your insurance premium pricing will change, based on your down payment amount:

Loan-to-Value Ratio
Standard Premium
(Current)
Standard Premium
(Effective June 1st, 2015)

Up to and including 65%
0.60%
0.60%

Up to and including 75%
0.75%
0.75%

Up to and including 80%
1.25%
1.25%

Up to and including 85%
1.80%
1.80%

Up to and including 90%
2.40%
2.40%

Up to and including 95%
3.15%
3.60%

90.01% to 95% Non-
Traditional Down Paymen
3.35%
3…

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They say April showers bring May flowers, and thus far this season, great deals have bloomed for mortgage borrowers. Our expert panel says buyers can expect to access great discounts for their home financing – a sure sign of relief for those struggling to afford a home in Canada’s most competitive markets.
However, conditions aren’t so sunny for some rewards credit cardholders, as reports of point redemption frustration surface. Read on for the full story, and what it means for your finances.
Low Rates to Put a Spring in Home Buyers’ Steps
Great news for home buyers and mortgage renewers: the record-low rate pricing introduced in March is expected to stick around for the spring season, according to our experts’ forecast. Read on for our Mortgage Rate Outlook Panel’s full take on what’s in store for both fixed and variable mortgage rate pricing – and see if a great mortgage discount is in your near future.
Read Penelope’s Blog | Low Rates to Put a Spring in Home Buyers’ Steps
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