Mortgage brokers should prepare borrowers for higher interest rates: experts By Kristine Owram (CP) – Nov 23, 2009 TORONTO — Interest rates aren’t going up any time soon, but when they do the rise will be rapid enough to potentially prove devastating for homeowners who aren’t prepared, mortgage industry experts say. Because of this, mortgage […]

It’s getting harder to buy a home in B.C. as an increasingly hot real estate market pushes prices higher, according to an RBC report on housing affordability released Wednesday. “We’re talking about a very expensive market in Vancouver,” RBC senior economist Robert Hogue said in an interview. “Mortgage payments there take a much bigger chunk […]

Bond Yields Approaching Key Lows People shopping for a fixed-rate mortgage can do the happy dance.  Government bond yields keep plunging, and that’s pulling down fixed mortgage rates. The 5-year yield (a barometer of 5-year fixed mortgage pricing) has broken through key 4-month support levels.  The 2-year yield has given up almost all of its […]

B.C. housing affordability deteriorates as Vancouver market surges forward: RBC Economics TORONTO, Nov. 25 /CNW/ – B.C. posted the biggest increases in homeownership costs in the country in the third quarter and costs will likely remain well above long-term averages, according to the latest housing report released today by RBC Economics. “While all provinces and […]

How many credit cards should you have? When banks introduced Canada’s first credit card, Chargex, in 1968, it was designed as a convenient tool for their most valued customers. Today’s creditors have a more egalitarian approach — it seems that if you have a pulse, you can have a credit card. But why stop at […]

*CMHC released its 2009 Canadian Housing Observer yesterday.   *Most of its findings are dated back to year-end 2008, but it contains some interesting tidbits nonetheless.   *One key takeaway is the massive importance of Canada’s real estate industry. It’s a point that can’t be overemphasized, with housing-related spending accounting for one fifth of our economy.   […]

Mortgage Bytes *New home prices rose more than expected in September as Canada’s real estate market showed further signs of recovery.    *Statistics Canada said last Thursday its price index rose 0.5% during the month – the biggest monthly increase since January 2008 – following a 0.1% gain in August. Economists had forecast an increase […]

Homes sales hit record high; outlook upgraded John Morrissy, Financial Post  OTTAWA — Home sales hit a new record high in October, leading the Canadian Real Estate Association to boost its outlook for 2009 and 2010. Resale home activity was up 41.5% in the month, reaching a total of 42,288 units. On a seasonally adjusted […]

Variable-Rate Mortgages: 3- or 5-Year? November 16, 2009  We’ve seen a noticeable increase in the number of people making variable-rate mortgage inquires.  Perhaps it’s because the media keeps reiterating how the Bank of Canada won’t be upping rates until at least Q3 of next year. Whatever the case, the popular options for closed variable-rate mortgages […]