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 23, 2010
The West Will Rise Again
The Canadian economy is gathering steam, and all provinces are participating in the recovery this year. Real GDP will likely expand across the country in 2010, with the strongest growth rates seen in Western Canada as commodity-sector activity recovers from a depressed year in 2009. Indeed, the theme of the “West Outperforming the Rest” should persist into 2011 as global commodity demand remains fi rm, while a strong Canadian dollar tempers growth in Central Canada and capital investment activity begins to wane in Atlantic Canada.
Western Canada is poised to benefi t from a rebound in commodity prices, fi rming global demand for raw materials and a lower overall cost environment in the energy sector. Oil prices have more than doubled from their recession low, and investment activity in Western Canada has started to pick up as a result. At the same time, reduced royalty rates in Alberta and various incentives in B.C. and Saskatchewan have helped improve the energy economics in the region, and have removed some of the political uncertainty surrounding the Alberta royalty regime. Meantime, Western Canada’s post-recession fi scal hole is much shallower than in Central Canada, and as a result, the impact on growth of budget-balancing measures will be milder in the coming years, allowing real GDP growth of about 4% per year through 2011.
Click HERE for 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... ]
The West Will Rise Again
The Canadian economy is gathering steam, and all provinces are participating in the recovery this year. Real GDP will likely expand across the country in 2010, with the strongest growth rates seen in Western Canada as commodity-sector activity recovers from a depressed year in 2009. Indeed, the theme of the “West Outperforming the Rest” should persist into 2011 as global commodity demand remains fi rm, while a strong Canadian dollar tempers growth in Central Canada and capital investment activity begins to wane in Atlantic Canada.
Western Canada is poised to benefi t from a rebound in commodity prices, fi rming global demand for raw materials and a lower overall cost environment in the energy sector. Oil prices have more than doubled from their recession low, and investment activity in Western Canada has started to pick up as a result. At the same time, reduced royalty rates in Alberta and various incentives in B.C. and Saskatchewan have helped improve the energy economics in the region, and have removed some of the political uncertainty surrounding the Alberta royalty regime. Meantime, Western Canada’s post-recession fi scal hole is much shallower than in Central Canada, and as a result, the impact on growth of budget-balancing measures will be milder in the coming years, allowing real GDP growth of about 4% per year through 2011.
Click HERE for 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... ]