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
November 9, 2009
CMHC October Housing Starts
MyMortgage.ca Informs:
CMHC October Housing Starts
OTTAWA, November 9, 2009 — The seasonally adjusted annual rate of housing starts reached 157,300 units in October. This is an increase from 149,300 units started in September, according to Canada Mortgage and Housing Corporation (CMHC).
“The improvement in housing starts in October is attributable to improvement in the multiple starts segment,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Despite a small decline in single home starts in October, the level of single home starts remains at its second highest level since October 2008.”
The seasonally adjusted annual rate of urban starts increased by 5.2 per cent to 139,900 units in October. Urban multiple starts climbed 13.8 per cent to 72,600 units, while urban single starts declined by 2.7 per cent to 67,300 units in October.
October’s seasonally adjusted annual rate of urban starts increased by 15 per cent in British Columbia, by 14.8 per cent in Ontario, by 6.5 per cent in the Prairies and by 1.2 per cent in the Atlantic. The rate of urban starts decreased by 11.6 per cent in Quebec.
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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 October Housing Starts
MyMortgage.ca Informs:
CMHC October Housing Starts
OTTAWA, November 9, 2009 — The seasonally adjusted annual rate of housing starts reached 157,300 units in October. This is an increase from 149,300 units started in September, according to Canada Mortgage and Housing Corporation (CMHC).
“The improvement in housing starts in October is attributable to improvement in the multiple starts segment,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Despite a small decline in single home starts in October, the level of single home starts remains at its second highest level since October 2008.”
The seasonally adjusted annual rate of urban starts increased by 5.2 per cent to 139,900 units in October. Urban multiple starts climbed 13.8 per cent to 72,600 units, while urban single starts declined by 2.7 per cent to 67,300 units in October.
October’s seasonally adjusted annual rate of urban starts increased by 15 per cent in British Columbia, by 14.8 per cent in Ontario, by 6.5 per cent in the Prairies and by 1.2 per cent in the Atlantic. The rate of urban starts decreased by 11.6 per cent in Quebec.
...
For the complete article please click HERE.
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... ]