Canadian Mortgage Rates
| Term | Rate |
| Prime Rate (P) | 3.00% |
| Line of Credit (LOC) | 3.50% |
| 5 Year Closed Variable | P -0.15% |
| 5 Year Open Variable | P +0.75% |
| 6 Month Closed | 2.89% |
| 1 Year Closed | 2.79% |
| 2 Year Closed | 2.89% |
| 3 Year Closed | 2.89% |
| 4 Year Closed | 2.99% |
| 5 Year Closed | 3.19% |
| 7 Year Closed | 3.89% |
| 10 Year Closed | 3.89% |
YOUR CANADIAN MORTGAGE BROKER
May 11, 2010
Canadian housing starts rise in April
The annual rate of housing starts in April rose by 1.3 per cent to 201,700, the Canada Mortgage and Housing Corp. reported Monday.
The federal agency said the number of starts on multiple family buildings nearly offset a drop in single-family homes.
Housing construction in Calgary in March. TD economist Pascal Gauthier expects housing starts across Canada will moderate in the last half of the year. Housing construction in Calgary in March. TD economist Pascal Gauthier expects housing starts across Canada will moderate in the last half of the year. (CBC)
Starts in urban areas increased by 5.1 per cent to 182,500 units. Urban multiple starts rose 27.2 per cent to 98,600, while single home construction fell 12.7 per cent to 83,900.
"After contributing early and often to the overall economic recovery, we expect housing starts to moderate in the second half of this year," TD bank economist Pascal Gauthier said in a commentary.
"Total Canadian starts during the first quarter of this year were up by 10.6 per cent from the fourth quarter of 2009, but incremental gains are becoming harder to come by as the housing recovery matures," said Gauthier. "The pace has gradually been slowing."
Urban starts saw their biggest increase in British Columbia, at 16.4 per cent, followed by 6.7 on the Prairies, 4.5 per cent in Ontario and 1.1 per cent in Quebec.
They fell by 3.3 per cent in Atlantic Canada.
Gauthier predicted housing starts to start moderating this spring and by year end, to be in the range of 170,000 to 180,000 as the shortage of supply eases, especially in the resale housing market.
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December 2, 2011; MCAP has announced an agreement to acquire the residential mortgage operations and certain related assets of ResMor Trust Company (ResMor). The transaction is expected to be completed in the first quarter of 2012 and is subject to regulatory approval and other customary closing conditions. [ Read more... ]
October 25, 2011; The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. [ Read more... ]
October 19, 2011; Since 2008 the government of Canada has made mandatory changes to reduce the maximum amortization period from 40 years down to 35 and now down to 30 years for any insured mortgages.
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years. [ Read more... ]
Canadian housing starts rise in April
The annual rate of housing starts in April rose by 1.3 per cent to 201,700, the Canada Mortgage and Housing Corp. reported Monday.
The federal agency said the number of starts on multiple family buildings nearly offset a drop in single-family homes.
Housing construction in Calgary in March. TD economist Pascal Gauthier expects housing starts across Canada will moderate in the last half of the year. Housing construction in Calgary in March. TD economist Pascal Gauthier expects housing starts across Canada will moderate in the last half of the year. (CBC)
Starts in urban areas increased by 5.1 per cent to 182,500 units. Urban multiple starts rose 27.2 per cent to 98,600, while single home construction fell 12.7 per cent to 83,900.
"After contributing early and often to the overall economic recovery, we expect housing starts to moderate in the second half of this year," TD bank economist Pascal Gauthier said in a commentary.
"Total Canadian starts during the first quarter of this year were up by 10.6 per cent from the fourth quarter of 2009, but incremental gains are becoming harder to come by as the housing recovery matures," said Gauthier. "The pace has gradually been slowing."
Urban starts saw their biggest increase in British Columbia, at 16.4 per cent, followed by 6.7 on the Prairies, 4.5 per cent in Ontario and 1.1 per cent in Quebec.
They fell by 3.3 per cent in Atlantic Canada.
Gauthier predicted housing starts to start moderating this spring and by year end, to be in the range of 170,000 to 180,000 as the shortage of supply eases, especially in the resale housing market.
Click HERE to read more.
Mortgage Process
In Other Languages
Breaking News
More News
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years. [ Read more... ]