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
June 7, 2010
Calgary's building permit values plunge in May
CALGARY - The estimated construction value of building permit applications in May plunged in the city compared with a year ago.
The City of Calgary reported today that the value last month dropped to $241 million, down 56 per cent from May 2009's $547 million.
It was also down 38 per cent compared with the five-year average of $387 million and down 55 per cent compared to the 10-year average of $536 million).
“Over the past five years, we have seen a shift in balance between residential and non-residential projects, and so far this year, we are seeing the focus back on new residential,” said Stan Schwartzenberger, director of development and building approvals for the city.
“Overall, when we look back, even though our numbers dropped this month, we are experiencing higher residential values compared to May 2008 and the same volume we did in May 2006, so that is a sign for optimism in the residential growth in this city.”
Residential permit values for May more than doubled the values of the same period last year. The residential categories with the most activity include new single-family, $118 million, and new townhouse, $11.4 million, both up almost 200 per cent, compared with the same period last year.
Non-residential permit values are down 82 per cent compared to the same period last year, totalling $83 million. Several increases month-over-month include institutional improvement, $20 million, and new government, $6.4 million.
By Mario Toneguzzi, Calgary Herald
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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... ]
Calgary's building permit values plunge in May
CALGARY - The estimated construction value of building permit applications in May plunged in the city compared with a year ago.
The City of Calgary reported today that the value last month dropped to $241 million, down 56 per cent from May 2009's $547 million.
It was also down 38 per cent compared with the five-year average of $387 million and down 55 per cent compared to the 10-year average of $536 million).
“Over the past five years, we have seen a shift in balance between residential and non-residential projects, and so far this year, we are seeing the focus back on new residential,” said Stan Schwartzenberger, director of development and building approvals for the city.
“Overall, when we look back, even though our numbers dropped this month, we are experiencing higher residential values compared to May 2008 and the same volume we did in May 2006, so that is a sign for optimism in the residential growth in this city.”
Residential permit values for May more than doubled the values of the same period last year. The residential categories with the most activity include new single-family, $118 million, and new townhouse, $11.4 million, both up almost 200 per cent, compared with the same period last year.
Non-residential permit values are down 82 per cent compared to the same period last year, totalling $83 million. Several increases month-over-month include institutional improvement, $20 million, and new government, $6.4 million.
Mortgage Process
In Other Languages
Breaking News
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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... ]