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RBC Lowers Mortgage Rates – Inventory Rises in B.C. and Ontario

Today, Royal Bank of Canada announced that it will lower fixed, multi-year closed mortgage rates by ten basis points, effective August 17. There will be no change to six-month convertible or one-year closed mortgages. In Canada, it is typical for one bank’s mortgage rate announcement to set off counter moves by competitors. Watch for other major financial institutions to follow RBC's lead. ...

Will I Be Able to Afford My Mortgage in Five Years?

As interest rates creep upward, first-time home buyers might wonder if getting into a mortgage is a good idea. What if rates rise during my mortgage term, and how will I make the increased payments? There is a smart way to avoid being faced with an inescapable increase in payments should you have to renew your mortgage at a higher interest rate – and that is to pay down as much of ...

Bank of Canada Raises Overnight Lending Rate

Canada’s central bank raised its key interest rate by 25 basis points to .75 percent today, in response to signs of a strengthening economy in this country.  However, the bank stated that continued instability in world markets could preclude another rate hike on September 8, when it makes its next rate announcement. In its accompanying statement, the Bank of Canada also revised ...

Canadian Employers Optimistic: Survey Shows

The latest Bank of Canada Business Outlook Survey reveals optimism, despite economic turmoil in Europe and a slow recovery in the U.S. The survey was conducted with senior managers of 100 businesses selected in accordance with the composition of Canada's gross domestic product. Survey highlights include: 49 percent of those surveyed say that their firms’ sales volumes ...

Mortgage Rates Drop Again - More Inventory for Home Buyers

Today, benchmark five-year mortgage rates declined to 5.79 percent at the Canadian Imperial Bank of Commerce, Bank of Nova Scotia, Laurentian Bank and Desjardins Group.  They rival recent rate reductions by the Bank of Montreal, Toronto Dominion Bank and Royal Bank of Canada. In housing market news, sales activity in some of Canada’s hottest markets dropped sharply in June. ...

HST On New Homes in Effect in BC and Ontario

Canadians living in B.C. and Ontario woke up on Canada Day to the inevitable reality of the Harmonized Sales Tax (HST). Homebuyers taking out mortgages for new properties now have to factor in HST on purchases over $400,000 in Ontario and $525,000 in B.C.; however, they can still qualify for rebates. If you’re looking for a home with that ‘lived-in’ feel – you’re in luck.  The ...

Canadians’ Net Worth Improving

For the first time in seven years, Canadian GDP has outpaced credit growth, according to a CIBC World Markets report released today. After an uncomfortable increase due to the recession, debt-to-service ratios among Canadians are now flattening. Mortgages in Canada are expanding at a rate of 0.6 percent month over month, the slowest growth since 2003. Lines of credit are growing ...

TD, BMO and RBC Lower Posted Mortgage Rates

Three of Canada's major banks announced that they will lower their posted fixed mortgage rates by a tenth of a percent effective Friday, June 25. The change affects mortgage terms ranging from six months to ten years, as well as convertible mortgage rates. TD Canada Trust, Royal Bank and Bank of Montreal have posted their new five-year closed mortgage rates at 5.89 percent.  ...

Rental Housing Out of Reach For Many Seniors

A survey released Wednesday by Canada Mortgage and Housing Corporation shows a 1.6 percent rise in the vacancy rate of seniors’ rental housing in 2010, bringing the total vacancy rate to 10.8 percent. Seniors’ residences are most expensive in Ontario, where, according to CMHC, more than 60 percent of accommodations cost more than $2,500 per month. Ontario also has the highest vacancy rate, ...

Home Sales Down, Mortgage Rates Up in the Air

A new report from the Canadian Real Estate Association (CREA) shows a decline in home sales activity in May – historically one of the busiest months for real estate sales in Canada. Several factors spurred home buying activity in previous months to near record levels, including a rebounding economy, warnings of interest rate hikes by the Bank of Canada, the impending HST and new mortgage ...
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