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Mortgage Wars - Beware of Averages

We’ve heard of gasoline price wars, but what about mortgage rate wars?  For the third time since the beginning of August, major financial institutions have cut their fixed-term lending rates for five-year mortgages. The latest reductions have BMO, CIBC and Laurentian Bank lowering their five-year rates by ten basis points to 5.39%. Despite lagging sales activity, a report by the Conference ...

Commercial Real Estate Investment in Canada Booms

A new survey by CB Richards Ellis shows that investment in commercial real estate in Canada is strong – despite media reports of an opposite trend in residential real estate. According to the CBRE report, commercial deals done in the first half of 2010 totalled $7.8 billion as opposed to $4.9 billion for the same period in 2009 – a 60 percent increase. Because last year’s sales were hampered ...

Anti-HST Petition Continues to Gain Momentum in B.C.

Ending a week of anticipation among anti-HST campaigners in British Columbia, a B.C. Supreme Court judge ruled today that the anti-HST petition led by former Premier Bill Vander Zalm is constitutionally valid. The petition is inked with more than 700,000 voter signatures. The debate for and against the HST, or harmonized sales tax, continues to rage in the province. The tax is unpopular among ...

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. ...
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