Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Despite slowing volumes, First National expects to remain above pre-pandemic levels Aug 3rd
First National Financial saw a second consecutive month of slowing mortgage originations in Q2 as rising interest rates continue to impact the housing market..... More »
Should you get a 30-year mortgage? + MORE Jul 8th
Signing a 30-year mortgage in Canada can be an attractive option for some home buyers in the face of relentless real estate prices and historically high interest rates. Specifically first-time home buyers and those now renewing their mortgages.
While prices in Toronto have fallen slightly, with .... More »
Refinancing your mortgage? Here’s why a professional home appraisal is step one + MORE Mar 28th
Before you refinance your mortgage, it’s important to know your home’s true value. A professional home appraisal gives you an accurate picture of the value of your property, helping you make smarter financial decisions from lowering your monthly payments to accessing equity to evaluating your re.... More »
A Pre-Approval Does Not Guarantee a Mortgage Approval + MORE Apr 28th
Many Canadians are under the assumption their mortgage is as good as done once they have a mortgage pre-approval. But the truth is a buyer cannot expect a mortgage pre-approval will automatically translate into a mortgage. The lender now needs to consider the property itself, approve all the terms a.... More »
Latest in Mortgage News: Canada’s Housing Market Not a Bubble…Yet: BMO Feb 15th
Despite concerns about ever-rising home prices, Canada's housing market still doesn't resemble a bubble, at least not yet..... More »
The Latest in Mortgage News
– canadianmortgagetrends.com
As we do each month, we’ve rounded up some of the latest real estate and mortgage-related news from the past few weeks: Vancouver’s Housing Market Earns Dubious Honour Vancouver home prices may be falling now, but their record-high levels throughout 2018 have earned Vancouver the distinction of being ranked the world’s second-least affordable city. The […]
National Bank of Canada Returning to the Broker Channel
– canadianmortgagetrends.com
Rarely do banks leave the mortgage broker direct channel and return. This is one of those times. National Bank will once again be distributing the bank’s branded mortgage products directly through mortgage brokers in a new partnership with M3 Group. It is easily the best news story brokers have had in months. The partnership will […]
Should I Get a Variable or Fixed Mortgage? RBC Cuts Rates and the Answer is No Longer Clear
– ratesupermarket.ca
Last week, Canada’s biggest bank, RBC, cut its five-year fixed rate by 15 basis points. This gave customers the option to lock in their mortgage rate at 3.74 per cent, for a five-year term. And surely enough, TD Bank and BMO Bank of Montreal followed suit and cut their five-year fixed rates to the same level. Currently, CIBC is asking all customers to call in for more details on its five-year fixed rate, and Scotiabank is not showing the same 15-basis-point cut.
The move by some of Canada’s commercial banks is overdue. Unlike variable-rate loans that are affected by the Bank of Canada’s benchmark rate, fixed rates are tied to the bond market, and bond yields have been sinking over the last two months.
The yield for the Government of Canada benchmark five-year bond fell from a high of 2.48 per cent last October to a low of 1.76 per cent on January 3. At the time of writing this article, the bond yield has recovered slightly but still remains lower than two per cent. This means it’s cheaper for commercial banks to borrow money at a fixed rate and, therefore, they can pass down those interest rate savings to their mortgage customers…
Mortgage Professionals Canada Renews Calls to Tweak Stress Tests
– canadianmortgagetrends.com
Mortgage Professionals Canada has renewed calls for changes to the federal government’s stress tests, arguing they pose serious risk to the housing market and overall economy. The association’s annual report on the state of the mortgage market, authored by its Chief Economist Will Dunning, followed up on previously published concerns over the federal government’s mortgage […]
