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Housing Bubble?

CTV reported that Minister Flaherty stated he would act again if needed to cool an over heated market.  For most Canadians this could translate in to stiffer rules when applying for home financing.  For most existing home owners changes would only have an impact if they choose to purchase a new home, refinance their existing mortgage, or at renewal time. When the United States had the market ...

63 Steps to Negotiating The Best Mortgage Deal.

The lowest possible rate is how many define a good mortgage. But that’s like judging the “best car” by the one with the lowest monthly payment. Anyone who’s had to cough up a mortgage penalty or deal with refinance limitations can vouch for one thing: Mortgage restrictions can easily outweigh small (e.g., 0.10 to 0.15 percentage point) differences in interest rates. For ...

What will a rate increase mean for you?

With the recent interest rate increase mainstream media has published doom and gloom scenarios about what will happen to the average Canadian home owner.  In a recent article in the Globe and Mail the headline read: "Sink or swim: How will you cope with higher mortgage payments?" We all know that bad news sells.  For most people looking at their personal finances a large jump in mortgage ...

Rates on the rise?

We were promised increases in mortgage rates and it appears we were not let down.  Current Mortgage Rates as at Tuesday August 20th - Prime Rate for Variables is still 3.00% Please note that rate discounts may be available for quick closings (30 to 60 days) 4 Year Fixed: 3.29% 5 Year Fixed: 3.59% 10 Year Fixed: 4.19% Variable 5 Year: Prime -.4% (2.60%) Bank of Canada Benchmark Rate: ...

Canada’s Rental Vacancy Rate Increases

Press Release from CMHC below.  For the full release and graphs please visit: http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2013/2013-06-20-0815.cfm OTTAWA, June 20, 2013 — The average rental apartment vacancy rate in Canada's 35 major centres1 increased to 2.7 per cent in April 2013, from 2.3 per cent in April 2012, according to the spring Rental Market Survey2 released today by Canada ...

Should you take the largest mortgage possible?

Be it at the home purchase stage which means making the smallest down payment possible, or refinancing and taking out the maximum amount of equity, many Canadian today believe that they should have the largest possible mortgage. It seems that gone are the days of working to retire debt free, and to own your home out-right.  It is this exact reason that the government has restricted the rules ...

The CENTUM Solution

Understanding how your mortgage can affect your long term finances is an important part of being a home owner.  Things like taxes, interest rates, pre-payment options, and other hidden costs tied to home ownership can have a direct, and lasting, impact on your ability to achieve your financial goals. Canadians have enjoyed years of low interest rates and this ability to borrow funds cheaply ...

The Canadian Mortgage Myth

It is all over the news - That Canadians have debt levels that are skyrocketing, particularly when it come to home ownership and mortgages.  If you listen to what a lot of the pundits are saying it means that in the event of a softening of the real estate market most home owners will find themselves in a negative equity situation.  That constant barrage of negative news is a burden on the ...

Flashback to 1969... Is housing really more unaffordable today?

We keep hearing it on the news, from government, economists and banks... housing is more unaffordable today than it was for previous generations.  Is it really as much as people claim? We thought we would take a look and see at what the differences are. In 1969 the average household income was hovering at around $8000.00 per year.  Most were single income and if you made $10,000.00 a ...

March out like a lamb

A Good Indication of things to come According to statistics released today by The Canadian Real Estate Association (CREA), national home sales edged upward on a month-over-month basis in March 2013.  Year over year sales are down, but the slight trend northward is a good indicator that we may yet have a strong spring market. If you are thinking of listing your home for sale now is the time to ...
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