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
October 27, 2010
Home prices up 10% a year in August
Canadian home prices rose just 0.2 per cent in August from July in the latest sign that prices are moderating across the country, according to the latest Teranet-National Bank composite home price index.
“For a second consecutive month, prices did not rise from the month before in all six markets [studied],” authors of the index said.
On a monthly basis, prices were down in Calgary and Vancouver, but rose in Toronto, Montreal, Halifax and Ottawa.
The index, which compiles home price changes in six major Canadian cities using data collected from public land registries, did find that Canadian home prices were up 10 per cent in August from a year earlier.
Toronto and Vancouver both showed a 12 per cent, year-over-year price gain in August, Ottawa 10.7 per cent, Montreal 7.7 per cent, Halifax 6.8 per cent and Calgary 5 per cent.
But most of that was a result of gains in the first half.
Home prices quickly inflated at the beginning of the year as buyers rushed into the market amid fears of higher interest rates, tighter mortgage rules and a new harmonized sales tax in B.C. and Ontario. However, the market began to falter in the spring, usually the busiest time of the year.
There have been other recent indicators the housing market is cooling.
A Royal LePage survey published earlier this month said housing prices weakened along with sales in the third quarter and increases in housing prices slowed to a more normal 5 per cent rate year over year.
Click HERE for the complete article.
Toronto— The Canadian Press
Published Wednesday, Oct. 27, 2010 1:49PM EDT
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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... ]
Home prices up 10% a year in August
Canadian home prices rose just 0.2 per cent in August from July in the latest sign that prices are moderating across the country, according to the latest Teranet-National Bank composite home price index.
“For a second consecutive month, prices did not rise from the month before in all six markets [studied],” authors of the index said.
On a monthly basis, prices were down in Calgary and Vancouver, but rose in Toronto, Montreal, Halifax and Ottawa.
The index, which compiles home price changes in six major Canadian cities using data collected from public land registries, did find that Canadian home prices were up 10 per cent in August from a year earlier.
Toronto and Vancouver both showed a 12 per cent, year-over-year price gain in August, Ottawa 10.7 per cent, Montreal 7.7 per cent, Halifax 6.8 per cent and Calgary 5 per cent.
But most of that was a result of gains in the first half.
Home prices quickly inflated at the beginning of the year as buyers rushed into the market amid fears of higher interest rates, tighter mortgage rules and a new harmonized sales tax in B.C. and Ontario. However, the market began to falter in the spring, usually the busiest time of the year.
There have been other recent indicators the housing market is cooling.
A Royal LePage survey published earlier this month said housing prices weakened along with sales in the third quarter and increases in housing prices slowed to a more normal 5 per cent rate year over year.
Click HERE for the complete article.
Toronto— The Canadian Press
Published Wednesday, Oct. 27, 2010 1:49PM EDT
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... ]