Rising delinquencies test resilience of Canada’s mid-size lenders Oct 28th
Inflation data and Bank of Canada decision lead busy week for mortgage watchers Mar 16th
What is a line of credit and what is it best used for? We make it make sense Oct 5th
New mortgage rules take effect today; more may be coming on Monday, economist says + MORE Dec 15th
How mortgage brokers can unlock the power of personal video messages + MORE Apr 1st
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…
