| NEWS |
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| January 6, 2009 |
| The Cost of Money.
The credit market has been stabilizing and benchmark yields are ultra-low. Yet mortgage rates don't want to go much lower. It's somewhat frustrating for mortgage ... |
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| December 4, 2008 |
| The Time to Buy is Now!. It truly is becoming a buyer's market. Housing prices have begun to drop with the downturn in the economy and fewer and fewer people are looking to make the change in ... |
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| December 2, 2008 |
| Variables Falling to Prime + .60%.
Prime + .60% is becoming the new norm for closed variable-rate mortgages. Prior to last week, prime + 1.00% was the average.
RBC was the first to ... |
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| November 25, 2008 |
| Canada's Mortgage Market - CAAMP Report.
CAAMP has released its annual mortgage report and it's chock full of mortgage stats. Here's a rundown on the more notable ones:
5,250,000: ... |
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| November 17, 2008 |
| 4-year Fixed Mortgage Specials.
4-year rate specials have started coming down the pipe recently. For those looking for a 5-year fixed mortgage, you may find some value by giving up a year of ... |
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| November 10, 2008 |
| Housing Data and Higher Stocks Prompt Drop in Canadian Fixed Income Markets. Canadian government bond futures contracts are off session lows reached on better-than-expected housing data on Monday morning.Canada's ... |
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| November 6, 2008 |
| The Case for Variable-rate Mortgages.
The Globe & Mail ran a story Tuesday about variable-rate mortgages. It suggested homeowners are shunning them due to the high premiums most banks are ... |
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| November 5, 2008 |
| AGF & HSBC Updates.
AGF Trust closed its Montreal office this week to consolidate operations with its Toronto office. AGF says the move is designed to "streamline" operations in light of "reduced ... |
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| November 3, 2008 |
| Rate Your Mortgage Broker Survey. Canadian Real Estate magazine (CRE) recently surveyed homeowners about their mortgage broker. The survey was totally anonymous. Here are some of the results...
90%: ... |
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| October 29, 2008 |
| Private Mortgages.
CRE Magazine did a short overview on private mortgages. Among its notable points:
Private lenders look primarily at the quality of the property itself, your equity in it, and ... |
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| October 22, 2008 |
| Mortgage Bytes.
Variable-rate mortgagors are now a little happier. The big 6 banks have each fallen into line and lowered their prime rates to 4.00%
7 of 24 economists surveyed by Bloomberg ... |
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| October 21, 2008 |
| Bank of Canada Cuts Rate 1/4%.
It was less than some expected and more than others expected. The Bank of Canada lowered its key lending rate 0.25%.
The BoC factored a host of variables into ... |
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| October 15, 2008 |
| Mortgage Borrowers Pushed To Lock In Variable Rates . Canadian banks are trying to convince consumers to lock in their mortgage rates because more than 20% of the home loans they have negotiated have ... |
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| October 14, 2008 |
| Who owns CMHC and can it go under? . As the global financial crisis deepens, Report on Business writers examine and explain the turmoil in credit and stock markets. Here, we answer your questions daily, ... |
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| October 10, 2008 |
| What's Next for Rates and the BoC.
Canadian banks' rebellion (as the Globe puts it) is deadening the stimulus effect of yesterday's Bank of Canada's rate cut. If the BoC's 0.50% ... |
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| October 6, 2008 |
| Let the Games Begin.
Here we go. TD just announced they're raising rates on variable-rate mortgages and credit lines by one percent, to prime + 1%. That makes them the first major lender ... |
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| October 4, 2008 |
| Variable Mortgage Rates Spike.
A lot of borrowers can't believe they aren't being offered juicy discounts off prime rate anymore. Well, believe it. Lenders are getting absolutely ... |
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| October 3, 2008 |
| Variable Rates - Globe Story.
The Globe's Rob Carrick wrote a good story yesterday summarizing the recent pressure on mortgage rates. As he notes, many lenders have moved to prime rate ... |
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| October 1, 2008 |
| What's the best strategy as mortgage rates rise?. The credit crunch has hit home with yet another move by the big banks to jack up the cost of mortgages.
Mortgage brokers report that the big banks ... |
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| September 25, 2008 |
| Variable Rates on the Rise.
Several lenders have been cutting their variable mortgage rate discounts in the last few days. It's happening because their cost of funds is rising. In ... |
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| September 22, 2008 |
| Hank Cunningham on the Credit and Mortgage Markets.
Many folks are aware that mortgage rates are influenced by the bond market, but not everyone can explain how that relationship actually works. ... |
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| September 17, 2008 |
| Bond Yields - Biggest Drop in a Decade.
Canada's 5-year bond soared on Monday. In turn, its yield plummeted a stunning 27 basis points (0.27%). Bonds yields haven't had a one-day ... |
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| September 12, 2008 |
| Credit Bureaus and Mortgage Ratings.
Credit reports can make or break your chances of getting financing. Yet, for most people, their single biggest account never gets reported on their bureau: ... |
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| September 8, 2008 |
| The Quick Close Shuffle.
"Quick close" specials have become increasingly commonplace in the Canadian mortgage market. A quick close special is a discounted rate that applies if your mortgage ... |
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| September 4, 2008 |
| No Change in Rates.
The Bank of Canada kept the status quo on it's key lending rate today. Prime rate will therefore stay where it is, at 4.75%.
The Bank seemed less concerned about ... |
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| September 2, 2008 |
| Mortgage Bytes.
Mortgage News
Just 45 days remain before 100% financing and 40-year amortizations come to an end. (For the most part anyway...They'll still be available on non-government ... |
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| August 22, 2008 |
| AIG's New Upgrade Advantage.
When you buy a brand new house or condo, the builder will often sell you upgrades--pot lights, kitchen counters, nicer taps, etc. Sometimes, however, it's ... |
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| August 12, 2008 |
| What to Know About Beacon Scores. Beacon scores are the first thing most mortgage lenders look at when sizing up a borrower. They're a single number that summarizes your credit situation and shows ... |
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| July 30, 2008 |
| The 40-Year Rush.
On October 15, 2008, barring any surprises, there will be no more lenders offering insured mortgages with 40-year amortizations or no money down. It's therefore not a ... |
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| July 24, 2008 |
| AIG To Stop Insuring 40-year & $0-Down Mortgages. AIG has joined CMHC and Genworth in announcing the end of insured 40-year amortizations and 100% financing. That subdues minor speculation that ... |
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| July 21, 2008 |
| Smith Manoeuvre.
The Smith Manoeuvre is a technique that converts regular debt into tax-deductible debt. In the process, it affords the opportunity to pay off one's mortgage significantly ... |
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| July 17, 2008 |
| 40-year Ams and $0 Down.
Here's the latest on the "end" of government-backed 40-year amortizations and 100% financing:
Borrowers with only 5% down will reportedly still be able to add insurance ... |
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| July 15, 2008 |
| Bank of Canada Leaves Rates Alone.
The BoC left rates unchanged today for the 2nd meeting in a row.
The Bank said, "Three major developments are affecting the Canadian economy: the protracted weakness ... |
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| July 14, 2008 |
| Lenders Start Enforcing New Rules.
Just days after the federal government announced the coming end of 100% financing and 40-year amortizations (for government insured mortgages), lenders have begun ... |
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| July 8, 2008 |
| Bank of Canada Policy.
The Bank of Canada has a 2% inflation target. That means they generally raise interest rates if inflation rises materially above 2% and cut rates if inflation falls materially ... |
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| July 3, 2008 |
| Housing Has Peaked Says CBC.
CBC recently ran a story saying Canada's real estate boom is over. The story cited the following CREA statistics:
Home sales (unit and dollar volume) ... |
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| June 23, 2008 |
| Interest Rate Update.
Inflation will accelerate to 3% in the next few months according to Laurentian Bank's Carlos Leitao. That's well above the Bank of Canada's 2% target. ... |
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| June 18, 2008 |
| The Story Untold.
The subprime lender universe has shrunk considerably since August 13, 2007, when Canada's ABCP market went into a tailspin.
Today, just a handful of mainstream lenders ... |
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| June 16, 2008 |
| Low Rates, Long Waits. When a lender lowers their rates below the competition, they tend to get a lot of business. Go figure huh?
What most borrowers don't realize is that low rates often ... |
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| June 2, 2008 |
| Further Fixed Rate Cuts in Question. There are countless borrowers these days looking to get a variable-rate mortgage and then lock into a fixed rate "when rates come down." It's a gamble that ... |
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| May 28, 2008 |
| Broker Channels and Banks.
Dow Jones ran a story Friday on how different banks view brokers. As those in our industry know, CIBC, Scotia, National Bank, and TD embrace broker business. BMO ... |
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| May 20, 2008 |
| CAAMP Releases Spring Mortgage Report. Canadian Association of Accredited Mortgage Professionals (CAAMP)'s new Housing and Mortgage Market Trends report is now out. Here's some of its ... |
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| May 15, 2008 |
| Credit Scores and Mortgage Shopping. When you apply for a mortgage your lender or mortgage planner will almost always check your credit. Most Canadian lenders use Equifax for this purpose.
Here ... |
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| May 9, 2008 |
| Rates to Reverse Upward - CIBC. Mortgage rates will climb at least 1% next year if CIBC is right.
Economist Jeff Rubin expects "a material acceleration in inflation in Canada over the next 12 ... |
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| May 4, 2008 |
| More on 40's.
In case you weren't tired enough of the 40-year mortgage debate, here are a few final thoughts...
People generally choose 40-year amortizations for three main reasons:
a) ... |
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| April 28, 2008 |
| Bond Yields March Higher.
5-year bond yields have been on a one-month ascent. They've now risen over 1/2% from their multi-decade lows in March.
The upswing comes thanks to positive economic ... |
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| April 23, 2008 |
| Shopping around for money. Today's homebuyer is offered options that weren't thought of a few years ago.
House hunting this spring? You've never had it so good. Interest rates are ... |
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| April 22, 2008 |
| Bank of Canada Signals Economic Woes. Bank of Canada slashes interest rates by half-point
OTTAWA - The Bank of Canada has signalled its concern over the stalling economy by slashing interest rates half ... |
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| April 20, 2008 |
| Mortgage Strategies.
Pre-paying your mortgage is one of the best after-tax uses for your hard-earned cash. A lot of people talk a big game about their plans to pre-pay their mortgage but then ... |
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| April 18, 2008 |
| Mortgage Mentor - Reviewed. Most of the time it's pretty easy for a professional mortgage planner to recommend a suitable mortgage--but not always. Many borrowers have circumstances that don't ... |
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| April 14, 2008 |
| Predicting Fixed Mortgage Rates. People who closely track fixed mortgage rates always have an eye on bond yields. That's because bond yields are a key benchmark that lenders use to set fixed ... |
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| April 11, 2008 |
| Brokers no longer only for poor-credit risks. Access to more than 40 lenders ensures buyers are exposed to competitive rates
Napolitano offers this advice to mortgage hunters.
"A clean credit history ... |
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| April 9, 2008 |
| Income Property Investment For New Investors. FrugalTrader -2008
Aspiring real estate investors seem to ask one question more than any other: "How much do I have to put down to buy an income ... |
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| April 2, 2008 |
| The end draws nigh for real estate boom. But as interest rates increased, the American economy softened and realization spread that real estate was overvalued. The bubble burst -- and with a vengeance.
So, ... |
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| March 26, 2008 |
| Being environmentally friendly can pay-even for mortgage shoppers. . Eco-Mortgage Savings
CMHC's Energy Efficiency program is one example.
If you don't have 20% to put down, you'll ... |
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| March 19, 2008 |
| U.S. Chops Rates. Now It's Canada's Turn. America's key lending rate fell another 3/4% today, and economists expect the Fed to keep on cutting.
Now the ball's in the Bank of Canada's ... |
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| March 17, 2008 |
| Rates on the Move. OTTAWA - Inflation figures being released this coming week are widely expected to show that the Bank of Canada has a lot of room to cut interest rates to stimulate what other recent ... |
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| March 10, 2008 |
| Insuring Your Mortgage Provides Peace of Mind. For most people, the biggest purchase they'll ever make is a home. And chances are, much of that purchase will be financed by a mortgage.
While people ... |
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| March 7, 2008 |
| How to pay off your mortgage fast and save thousands in Interest!. If you put a little thought and planning into your "mortgage strategy" you could save tens of thousands during the course of your loan. ... |
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| March 4, 2008 |
| Bank of Canada lowers overnight rate to 3 1/2 percent.
OTTAWA - The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of one percentage point to 3 1/2 ... |
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| March 2, 2008 |
| Teaser Rates in Depth.
Teaser rates are typically used as a hook to catch new business. They entail a big discounted rate up front and usually a higher than normal rate on the back end.
Teaser ... |
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| February 29, 2008 |
| Mortgage Bytes II.
Mark Carney, Governor of the Bank of Canada, says: "further monetary stimulus is likely to be required in the near term." That appears to mean a 1/4% to 1/2% cut in interest rates ... |
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| February 26, 2008 |
| 40-Year Ams...Pros and Cons. Million Dollar Journey says "if you can't afford a 25-year mortgage on the home that you want, then the home is too expensive."
For some clients, and ... |
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| February 20, 2008 |
| Canadian inflation rate slows.... OTTAWA - Canada's inflation rate slowed to a five-month low in January, thanks to the one-percentage-point cut in the goods and services tax that took effect at the ... |
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| February 13, 2008 |
| Time to fine-tune mortgage. Many homeowners still remember the early 1980s when mortgage rates were in the 20 per cent range and people were actually locking in, fearing they were about to go even higher. ... |
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| February 7, 2008 |
| Variable Rate Qualifying. Just because someone can afford a variable-rate mortgage today doesn't mean they can afford if rates rise. That's why lenders will often qualify you at (i.e. ... |
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| February 6, 2008 |
| Mortgage Renewals: Don't Just Sign Them.. Renewals account for 53% of all residential mortgage business in Canada. Yet 70% of mortgage holders simply sign and return their lender's renewal ... |
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| February 4, 2008 |
| Variable Mortgages Pick Up Steam. The Globe's Rob Carrick says"Go with a variable rate." These days, he feels there's little risk and lots of reward.
Monster Mortgage's Vince Gaetano ... |
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| January 29, 2008 |
| Economic Conditions Support Strong Housing Demand. On the whole it is still anticipated that domestic demand will remain the engine of Canada's economic expansion for 2008.
Consumer spending ... |
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| January 22, 2008 |
| Bank of Canada cuts rates by 25 basis points . OTTAWA - The Bank of Canada has cut its key interest rate by a quarter of a percentage point, and is indicating there are further cuts to come, in order ... |
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| January 16, 2008 |
| Canadian Banks May Ignore Expected Interest-Rate Cut . Jan. 16 (Bloomberg) -- Toronto-Dominion Bank and other Canadian lenders may not match an expected interest-rate cut by the Bank of Canada next ... |
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| January 7, 2008 |
| New Year's Resolution. Making Your Mortgage Fiscally Fit
Make sure to include paying down your mortgage ... |
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| January 7, 2008 |
| CAAMP Mortgage Statistics. Mortgage-Statistics 81% of Canadians are happy with their mortgage says the Canadian Association of Accredited Mortgage Professionals (CAAMP). CAAMP's findings are ... |
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| December 4, 2007 |
| Bank of Canada cuts key interest rate to 4.25%. The Bank of Canada cut its key interest rate by a quarter of a percentage point Tuesday, citing the increased risks to Canada's economy from the ... |
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| October 2, 2007 |
| Bank of Canada moves to defend its target rates for 4th time since Thursday.
OTTAWA - The Bank of Canada intervened in financial markets again on Tuesday, buying $855 million of securities ... |
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| September 26, 2007 |
| Dodge warns of inflated housing market. OTTAWA, VANCOUVER -- Bank of Canada Governor David Dodge is raising a red flag about housing prices in Canada, saying that increasingly loose lending rules may ... |
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| September 5, 2007 |
| Bank of Canada holds line on interest rates. Canada's central bank held interest rates steady Wednesday, abandoning its July rate tightening and adopting more of a wait-and-see approach after ... |
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