Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Clock ticking for Ontario mortgage brokers to complete required training + MORE Feb 13th
More than 17,000 agents and brokers must log mandatory training hours — including a new professional development requirement — with FSRA by March 31 to renew their licences..... More »
The Latest COVID-19 Mortgage News: Toronto Real Estate Sales Plunge 37% + MORE Apr 1st
New data suggests homes sales in Toronto dropped 37% last week compared to the same time last year, according to Realosophy Realty. The firm also says cancelled listings jumped by 27% as thousands of Canadians now find themselves out of work, putting into question the near-term future of Canada̵.... More »
Canadian bond yields rebound sharply, sending some mortgage rates higher + MORE Jul 2nd
After being on a downward path for the past two months, Canadian bond yields have reversed course and are once again on the rise..... More »
Big Banks Announce Mortgage Deferral Relief for Homeowners + MORE Mar 20th
Canada’s big banks announced this week that those struggling due to the COVID-19 crisis will be able to defer their mortgage payments for up to six months. The coordinated announcement came from the Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank, and will b.... More »
Most mortgage borrowers to see payments rise 34% to 54% vs. early 2022: Bank of Canada + MORE Dec 22nd
If you had a mortgage as of February 2022, chances are you will be facing a payment increase before the end of 2025..... 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…
