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
September 22, 2010
Calgary inflation rate lower than rest of Canada
Consumer prices rose at a slower rate in the Calgary census metropolitan area in August than they did in Alberta and nationally.
Statistics Canada reported today that prices were up 0.5 per cent in Calgary in the 12 months to August. Provincially they increased 0.6 per cent and across Canada they were up 1.7 per cent on an annual basis.
On a monthly basis, Calgary CMA and Alberta saw consumer prices decline by 0.5 per cent from July while they fell 0.1 per cent in Canada.
Overall in Canada, energy prices rose 5.0 per cent between August 2009 and August 2010, following a 7.9 per cent increase during the 12-month period to July. Excluding energy, the Consumer Price Index (CPI) was up 1.4 per cent in August, said the federal agency.
Higher consumer prices were also recorded in August for homeowner's replacement costs (5.5 per cent), passenger vehicle insurance premiums (5.1 per cent) and food purchased from restaurants (2.5 per cent), said Statistics Canada.
Prices increased in seven of the eight major components of the CPI in the 12 months to August; the only exception was clothing and footwear.
Shelter costs rose 2.4 per cent in August compared with the same month last year.
Transportation costs went up 2.0 per cent in the 12 months to August after rising 2.7 per cent in July. Gasoline prices rose 1.9 per cent during the 12-month period to August, after posting a 4.8 per cent increase in July.
Food prices advanced 1.6 per cent, after increasing 1.1 per cent in July.
Prices in the household operations, furnishings and equipment component were up 1.9 per cent in August compared with the same month last year.
In the health and personal care component, prices rose 3.5 per cent, added Statistics Canada.
Prices in the recreation, education and reading component rose 0.6 per cent.
Consumers paid 2.2 per cent less for clothing and footwear in August than they did a year earlier.
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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 inflation rate lower than rest of Canada
Consumer prices rose at a slower rate in the Calgary census metropolitan area in August than they did in Alberta and nationally.
Statistics Canada reported today that prices were up 0.5 per cent in Calgary in the 12 months to August. Provincially they increased 0.6 per cent and across Canada they were up 1.7 per cent on an annual basis.
On a monthly basis, Calgary CMA and Alberta saw consumer prices decline by 0.5 per cent from July while they fell 0.1 per cent in Canada.
Overall in Canada, energy prices rose 5.0 per cent between August 2009 and August 2010, following a 7.9 per cent increase during the 12-month period to July. Excluding energy, the Consumer Price Index (CPI) was up 1.4 per cent in August, said the federal agency.
Higher consumer prices were also recorded in August for homeowner's replacement costs (5.5 per cent), passenger vehicle insurance premiums (5.1 per cent) and food purchased from restaurants (2.5 per cent), said Statistics Canada.
Prices increased in seven of the eight major components of the CPI in the 12 months to August; the only exception was clothing and footwear.
Shelter costs rose 2.4 per cent in August compared with the same month last year.
Transportation costs went up 2.0 per cent in the 12 months to August after rising 2.7 per cent in July. Gasoline prices rose 1.9 per cent during the 12-month period to August, after posting a 4.8 per cent increase in July.
Food prices advanced 1.6 per cent, after increasing 1.1 per cent in July.
Prices in the household operations, furnishings and equipment component were up 1.9 per cent in August compared with the same month last year.
In the health and personal care component, prices rose 3.5 per cent, added Statistics Canada.
Prices in the recreation, education and reading component rose 0.6 per cent.
Consumers paid 2.2 per cent less for clothing and footwear in August than they did a year earlier.
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... ]