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
December 16, 2009
CMHC Alberta Rental Market report
Date Released: Fall 2009
Housing market intelligence you can count on through CHMC.
Alberta Highlights
The apartment vacancy rate in Alberta’s urban centres was 5.5 percent in October 2009, up from 2.5
per cent in October 2008.
Across the province, apartment vacancy rates ranged from 3.2 percent in the Okotoks and Cold Lake areas to 15.5 per cent in the Grande Prairie region.
Apartment vacancy rates in Calgary and Edmonton increased to 5.3 and 4.5 per cent, respectively, in October 2009.
The total average rent in Alberta was $949 in October 2009, down from $975 reported in the October 2008 survey.
Apartment vacancy rates rise in Alberta’s rental markets
The results of Canada Mortgage and Housing Corporation’s (CMHC) Fall Rental Market Survey indicate that the average vacancy rate for privatelyinitiated rental apartments in Alberta’s urban centres with a population of 10,000 or more increased from 2.5 per cent in October 2008 to 5.5 per cent this October. The last time the vacancy rate was this high in Alberta was during the economic downturn in
the early 1990’s. Due to uncertainty in the economy, employment levels across the province have declined, especially among younger workers that traditionally rent. A lower level of employment opportunities has also reduced migration flows from non-permanent residents, a group that has a high propensity to rent. These factors, combined with strong homeownership demand among firsttime buyers and competition from the secondary market, has resulted in the increase in vacant rental apartment units.
The complete Fall 2009 edition of CMHC's Rental Market Provincial Highlights - Alberta is now available and can be accessed by clicking HERE.
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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 Alberta Rental Market report
Date Released: Fall 2009
Housing market intelligence you can count on through CHMC.
Alberta Highlights
The apartment vacancy rate in Alberta’s urban centres was 5.5 percent in October 2009, up from 2.5
per cent in October 2008.
Across the province, apartment vacancy rates ranged from 3.2 percent in the Okotoks and Cold Lake areas to 15.5 per cent in the Grande Prairie region.
Apartment vacancy rates in Calgary and Edmonton increased to 5.3 and 4.5 per cent, respectively, in October 2009.
The total average rent in Alberta was $949 in October 2009, down from $975 reported in the October 2008 survey.
Apartment vacancy rates rise in Alberta’s rental markets
The results of Canada Mortgage and Housing Corporation’s (CMHC) Fall Rental Market Survey indicate that the average vacancy rate for privatelyinitiated rental apartments in Alberta’s urban centres with a population of 10,000 or more increased from 2.5 per cent in October 2008 to 5.5 per cent this October. The last time the vacancy rate was this high in Alberta was during the economic downturn in
the early 1990’s. Due to uncertainty in the economy, employment levels across the province have declined, especially among younger workers that traditionally rent. A lower level of employment opportunities has also reduced migration flows from non-permanent residents, a group that has a high propensity to rent. These factors, combined with strong homeownership demand among firsttime buyers and competition from the secondary market, has resulted in the increase in vacant rental apartment units.
The complete Fall 2009 edition of CMHC's Rental Market Provincial Highlights - Alberta is now available and can be accessed by clicking 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... ]