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 31, 2010
Canada’s hot economy tops forecasts
The Canadian economy expanded by a stronger-than-expected 6.1 per cent in the first quarter, the biggest increase in a decade, boosted by a hot housing market and consumer spending.
The country’s gross domestic product grew at the fastest annualized pace since 1999. It has expanded for seven months in a row and climbed 0.6 per cent in March, Statistics Canada said Monday.
The release, landing one day ahead of the Bank of Canada’s interest rate decision, fuelled expectations of a rate hike and sent the Canadian dollar higher. It’s the latest in a series of reports showing everything from employment and retail sales to trade and manufacturing is gathering steam.
“With the monthly numbers showing strong momentum late in the first quarter, the Bank of Canada will take reassurance that this strength is likely to be sustained near term,” said Paul Ferley, assistant chief economist at Royal Bank of Canada.
That reinforces the belief that the central bank will boost rates Tuesday, though “financial market volatility, related to concerns about sovereign debt particularly in Europe, does present one factor that could potentially keep the central bank on the sidelines.”
Economists had expected the economy to grow 5.9 per cent in the quarter and 0.5 per cent in the month. Most economists, including Toronto-Dominion Bank’s Diana Petramala, expect the pace of grow to slow in the coming quarters.
Production ramped up in the quarter, and inventory levels rose after being drawn down throughout last year, Statscan said. Residential investment has increased for four straight quarters, and so has consumer spending on goods and services. Export and import volumes are also expanding.
The January-to-March growth spurt far outstrips the pace south of the border, as the U.S. economy grew 3 per cent.
Please click HERE to read the complete article.
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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... ]
Canada’s hot economy tops forecasts
The Canadian economy expanded by a stronger-than-expected 6.1 per cent in the first quarter, the biggest increase in a decade, boosted by a hot housing market and consumer spending.
The country’s gross domestic product grew at the fastest annualized pace since 1999. It has expanded for seven months in a row and climbed 0.6 per cent in March, Statistics Canada said Monday.
The release, landing one day ahead of the Bank of Canada’s interest rate decision, fuelled expectations of a rate hike and sent the Canadian dollar higher. It’s the latest in a series of reports showing everything from employment and retail sales to trade and manufacturing is gathering steam.
“With the monthly numbers showing strong momentum late in the first quarter, the Bank of Canada will take reassurance that this strength is likely to be sustained near term,” said Paul Ferley, assistant chief economist at Royal Bank of Canada.
That reinforces the belief that the central bank will boost rates Tuesday, though “financial market volatility, related to concerns about sovereign debt particularly in Europe, does present one factor that could potentially keep the central bank on the sidelines.”
Economists had expected the economy to grow 5.9 per cent in the quarter and 0.5 per cent in the month. Most economists, including Toronto-Dominion Bank’s Diana Petramala, expect the pace of grow to slow in the coming quarters.
Production ramped up in the quarter, and inventory levels rose after being drawn down throughout last year, Statscan said. Residential investment has increased for four straight quarters, and so has consumer spending on goods and services. Export and import volumes are also expanding.
The January-to-March growth spurt far outstrips the pace south of the border, as the U.S. economy grew 3 per cent.
Please click HERE to read the complete article.
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... ]