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Bank of Canada dropping qualifying rate again!!!

The Bank of Canada Qualifying Rate has decreased to 5.39% which is effective today.   Every Monday morning we will verify the Qualifying Rate and will send out a new interest rate sheet when the BOC Qualifying Rate Changes.   Remember, we do not use the Bank of Canada Qualifying Rate on conventional deals (LTV less than 80%). Jeff Trounsell, BA, AMP Mortgage Broker CENTUM ...

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. ...

10 Things you should check when buying a home

10 things to check before you buy a new home The process of buying a new home—especially if it’s your first time—is incredibly intimidating. And while there are certain things you may know you’re going to want to change upon moving in (like paint colors or retiling), if you’ve never gone through this before you may not know what else to watch out for before you sign the dotted line (just because ...

Housing sales drop significantly in July

Canada's housing market may have peaked this year, as Vancouver and Calgary sales were down 45 and 42 per cent, respectively, compared to last July. Mortgage rates are at a record low and there are many homes available for sale yet new buyers are still not entering the market. "We expected the market to soften because we've seen such a flood of listings," said Laura Parsons, a Calgary-based ...
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