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Not the Lenders.

Positive signs emerge in local real estate markets

Home sales in Canada appear to have successfully pulled out of the dive they went into back in July of last year. That was when the federal government tightened mortgage rules, reducing the maximum amortization period to 25 years. The January figures from the Canadian Real Estate Association show sales edged higher compared to December, increasing 1.3% in this traditionally slow sales period. The association’s numbers show half of the country’s local markets experienced increases, including Greater Toronto and Greater Vancouver. Toronto rose 5.6% month-over-month and the battered Vancouver market saw a 4.7% m/m improvement.

20 Feb 2013

Finance Minister, Flaherty, Tightens Mortgage Rules in an Attempt to Avert Bubble

When it comes to insured mortgage lending in Canada, 25 is the new 30. Additionally, the maximum a homeowner can borrower against their property is 80% as opposed to 85%. It is interesting to consider that as of 2007 homeowners were able to obtain 40-year amortization. However, Flaherty has cut the maximum amortization down twice since 2008. One could assume that Flaherty is concerned that low borrowing costs could fuel a housing bubble. Shorter amortizations influence an individual’s ability to qualify for a higher mortgage because the payments are more.

21 Jun 2012

10 year fixed rate at 3.89%- "Is this real life?"

I'm sure this rate news makes you feel a bit like David after his trip to the dentist, "Is this real life?". Well, it certainly may not seem like it if you consider the average 5-year fixed rate over the past 10 years is just over 6%! Most lenders are offering their 10 year fixed rate around 4.99%; however, one lender in Canada is as low as 3.89%!

01 May 2012

To Refinance, or not to Refinance?

In years prior, common reasons for refinancing a closed mortgage have ranged anywhere from debt consolidation purposes to renovating your house. However, with the recent economic conditions, another reason has been added to the endless list: low interest rates.

15 Mar 2012
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