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 16, 2010
CMHC's Spring 2010 edition: Rental Market Provincial Highlights - Alberta
Highlights:
The average apartment vacancy rate in Alberta’s urban centres was 6.0 per cent in April 2010, up from 4.6 per cent in April 2009. Vacancy rates in April 2010 ranged from zero per cent in Sylvan Lake to 14 per cent in Grande Prairie.
The province’s two largest urban centres, Calgary and Edmonton, reported apartment vacancy rates of 5.3 and 5.2 per cent, respectively.
The provincial average rent for all apartment unit types was $937 per month in April, down from $962 a year earlier. Wood Buffalo had the highest average rent among all urban centres in Alberta at $1,968 per month, while Medicine Hat had the lowest average rent at $649 monthly.
Apartment vacancy rates increase in Alberta’s rental markets
According to the results of Canada Mortgage and Housing Corporation’s Spring Rental Market Survey, the vacancy rate in privately-initiated rental apartments in Alberta’s centres with a population of 10,000 or more increased to 6.0 per cent in April 2010, up from 4.6 per cent a year
earlier.
The average apartment vacancy rate rose year-over-year in both the Calgary and Edmonton Census Metropolitan Areas (CMAs) in the latest survey, the third consecutive increase since the April survey was reintroduced in 2007. In the Calgary CMA, the vacancy rate increased by one percentage point to 5.3 per cent this spring. Meanwhile, the Edmonton CMA saw a vacancy rate of 5.2 per cent in April, which is up from 4.7per cent recorded a year earlier. Employment losses in Alberta’s two largest centres, particularly within the primary age group that tend to occupy rental housing, coupled with inter-provincial migration losses have dampened the demand for rental units. In addition, low mortgage rates have provided the incentive for some tenants to move into home
ownership.
For the first time since the reintroduction of the April survey in 2007, lower demand in both Calgary and Edmonton contributed to a decline in average apartment rents. The monthly two-bedroom average rent in the Calgary CMA was $1,082 this spring, a decline of $24 from the same time last year. In the Edmonton CMA, rent for an average two-bedroom suite was recorded at $994 per month, down from $1,059 a year earlier. In addition to various incentives, rental rates have moved lower as landlords and property managers are facing more competition to attract new tenants and retain current ones.
Vacancies increased across all five of the province’s largest Census Agglomerations (CAs). In centres
where the natural gas sector is a key component of the local economy, persistently low gas prices and
moderated drilling activity have resulted in weaker labour market conditions. This has contributed to softening rental demand. The Grande Prairie CA had the highest vacancy rate in Alberta at 14.0 per cent, up from 8.5 per cent a year earlier. The Medicine Hat CA experienced the most change among the five largest CAs, as the vacancy rate across all unit types rose to 10.7 per cent this April, an increase of 6.4 percentage points from last year. As a result of a well-diversified economy, the Lethbridge CA captured the lowest vacancy rate of the five largest CAs at 5.8 per cent, although this is still up from 3.1 per cent in April 2009.
Please click HERE for the complete report.
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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... ]
CMHC's Spring 2010 edition: Rental Market Provincial Highlights - Alberta
Highlights:
The average apartment vacancy rate in Alberta’s urban centres was 6.0 per cent in April 2010, up from 4.6 per cent in April 2009. Vacancy rates in April 2010 ranged from zero per cent in Sylvan Lake to 14 per cent in Grande Prairie.
The province’s two largest urban centres, Calgary and Edmonton, reported apartment vacancy rates of 5.3 and 5.2 per cent, respectively.
The provincial average rent for all apartment unit types was $937 per month in April, down from $962 a year earlier. Wood Buffalo had the highest average rent among all urban centres in Alberta at $1,968 per month, while Medicine Hat had the lowest average rent at $649 monthly.
Apartment vacancy rates increase in Alberta’s rental markets
According to the results of Canada Mortgage and Housing Corporation’s Spring Rental Market Survey, the vacancy rate in privately-initiated rental apartments in Alberta’s centres with a population of 10,000 or more increased to 6.0 per cent in April 2010, up from 4.6 per cent a year
earlier.
The average apartment vacancy rate rose year-over-year in both the Calgary and Edmonton Census Metropolitan Areas (CMAs) in the latest survey, the third consecutive increase since the April survey was reintroduced in 2007. In the Calgary CMA, the vacancy rate increased by one percentage point to 5.3 per cent this spring. Meanwhile, the Edmonton CMA saw a vacancy rate of 5.2 per cent in April, which is up from 4.7per cent recorded a year earlier. Employment losses in Alberta’s two largest centres, particularly within the primary age group that tend to occupy rental housing, coupled with inter-provincial migration losses have dampened the demand for rental units. In addition, low mortgage rates have provided the incentive for some tenants to move into home
ownership.
For the first time since the reintroduction of the April survey in 2007, lower demand in both Calgary and Edmonton contributed to a decline in average apartment rents. The monthly two-bedroom average rent in the Calgary CMA was $1,082 this spring, a decline of $24 from the same time last year. In the Edmonton CMA, rent for an average two-bedroom suite was recorded at $994 per month, down from $1,059 a year earlier. In addition to various incentives, rental rates have moved lower as landlords and property managers are facing more competition to attract new tenants and retain current ones.
Vacancies increased across all five of the province’s largest Census Agglomerations (CAs). In centres
where the natural gas sector is a key component of the local economy, persistently low gas prices and
moderated drilling activity have resulted in weaker labour market conditions. This has contributed to softening rental demand. The Grande Prairie CA had the highest vacancy rate in Alberta at 14.0 per cent, up from 8.5 per cent a year earlier. The Medicine Hat CA experienced the most change among the five largest CAs, as the vacancy rate across all unit types rose to 10.7 per cent this April, an increase of 6.4 percentage points from last year. As a result of a well-diversified economy, the Lethbridge CA captured the lowest vacancy rate of the five largest CAs at 5.8 per cent, although this is still up from 3.1 per cent in April 2009.
Please click HERE for the complete report.
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... ]