By mortgage brokers news After more than a year at a record low level, Bank of Canada Governor Mark Carney raised the benchmark interest rate for the first time since 2007 by one-quarter percentage point to 0.5 per cent. This is the first time since 2007 that that rate has increased and the Bank of [...]
Despite the fact that a second home requires a higher down payment, almost half of Canadians are still considering buying a recreational property according to a nationwide survey of Canadian attitudes towards recreational property ownership conducted by Angus Reid and commissioned by Royal LePage Real Estate Services. Lifestyle is the number one reason cited from [...]
by mortgage brokers news The Canadian economy is bouncing back forcefully thanks to a rebounding trade sector and policy measures, the Organization for Economic Co-Operation and Development (OECD) said in a report released today. The OECD predicts the pace of recovery will be moderate going forward as policy stimulus is withdrawn, inventory rebuilding runs dry [...]
By Kim Covert, Canwest News Service OTTAWA - The first step to take when buying a new home is not to go looking for a new home. It's not even to get pre-approved for a mortgage. Both of those steps come later. The first thing you should do is find out your credit score, says [...]
by Mortgage Brokers News The next two years are expected to see housing starts rise due to demand and strong economic conditions, the CMHC reported in their forecast for new home construction and residential sales. They expect housing starts of 182,000 units, which is up from 175,000 units in a previous view. In 2010, they [...]
by Hugh Heron There’s an old saying: ‘The more things change, the more they stay the same.’ I have been involved in the new home building industry for over 40 years, and I can tell you that’s true in at least one very important respect. Over the decades, we have seen enormous fluctuations in the [...]
By Mortgage brokers news Homeowners are more concerned with paying off their mortgage faster rather than looking for a stable monthly payment, making adjustable rate mortgages less popular these days, according to a quarterly report from Freddie Mac. "While homeowners are choosing the comfort that comes with constant monthly principal and interest payments on fixed-rate [...]
Sarah Boesveld Globe and Mail Update Published on Tuesday, May. 04, 2010 7:23AM EDT Last updated on Tuesday, May. 04, 2010 10:43AM EDT “If you buy this condo, you’ll lead a glamorous life just like the hot model on this slick, glossy billboard.” Most shoppers are smart enough to know that’s not necessarily what they’re [...]
OTTAWA The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent. Global economic growth has been somewhat stronger than projected, with momentum in emerging-market economies increasing noticeably. Exceptional [...]
After Finance Minister Jim Flaherty announced three new mortgage rule changes in mid-February, the anticipation has been building to see what these changes will mean and today the industry will find out. The broadest change is the requirement that borrowers must qualify using the posted five-year fixed rate, which now sits at 5.85 per cent, [...]