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 29, 2010
Canadian home prices 6.4% above pre-recession peak
Home prices are still 6.4 per cent above their pre-recession peak, the Teranet-National Bank House Price Index shows.
Prices climbed 0.5 per cent in July from a month earlier, marking the 15th consecutive increase, National Bank said, though for the first time in four months not all regions shared in the gain. Prices in Vancouver dipped, the bank noted.
Over last year, the index was up 12.4 per cent, compared to 13.6 per cent a month earlier.
"July's rise is the weakest in four months, but it nevertheless continues the best string of consecutive monthly price increases since October 2006," senior economist Marc Pinsonneault said in a research note.
The bank does not expect a "marked acceleration" from July's growth rate over the next few months.
"The number of existing homes sold has declined from March to August to a larger extent than the number of new listings," Mr. Pinsonneault said. "At the national level, the market is now at the boundary between balanced conditions and conditions favourable to buyers ... This heralds a deceleration in home price inflation."
Toronto-Dominion Bank economist Francis Fong noted that the "truly telling aspect" of today's report was the decline in the number of sold properties.
"On a year-over-year basis, this number declined by 22.9 per cent from the previous July, a significant divergence from June's increase of 37 per cent year-over-year," Mr. Fong said.
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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... ]
Canadian home prices 6.4% above pre-recession peak
Prices climbed 0.5 per cent in July from a month earlier, marking the 15th consecutive increase, National Bank said, though for the first time in four months not all regions shared in the gain. Prices in Vancouver dipped, the bank noted.
Over last year, the index was up 12.4 per cent, compared to 13.6 per cent a month earlier.
"July's rise is the weakest in four months, but it nevertheless continues the best string of consecutive monthly price increases since October 2006," senior economist Marc Pinsonneault said in a research note.
The bank does not expect a "marked acceleration" from July's growth rate over the next few months.
"The number of existing homes sold has declined from March to August to a larger extent than the number of new listings," Mr. Pinsonneault said. "At the national level, the market is now at the boundary between balanced conditions and conditions favourable to buyers ... This heralds a deceleration in home price inflation."
Toronto-Dominion Bank economist Francis Fong noted that the "truly telling aspect" of today's report was the decline in the number of sold properties.
"On a year-over-year basis, this number declined by 22.9 per cent from the previous July, a significant divergence from June's increase of 37 per cent year-over-year," Mr. Fong said.
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... ]