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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 ...

U.S. Gives Kudos to Canada’s Mortgage Market

Canada’s mortgage market was a highlight of a recent industry meeting sponsored by the U.S. Federal Reserve Bank of Cleveland. Virginie Traclet from the Bank of Canada was there to present rules governing our mortgage market. Wall Street Journal housing reporter and blogger James R. Hagerty noted key differences in the Canadian mortgage system presented by Traclet, that likely helped stave off ...

At CENTUM, We Take Your Privacy Very Seriously

The Office of the Privacy Commissioner (OPC) recently issued an audit report on the Mortgage Broker Industry. Included in the audit were privacy concerns related to a few unlicensed industry agents pulling unauthourized consumer credit reports.  CENTUM Canada takes privacy policies very seriously and fully supports the recommendations of the OPC and The Canadian Association of Accredited ...

Sell High, Buy Lower – Market Predictions Say Home Prices Cooling

There is no shortage of media fallout from the Canadian Real Estate Association (CREA) announcement on June 2 that it is revising its forecast for home sales. Some news reports blame inflated prices in BC for precipitating the CREA decision to revise its forecasts. Whatever the source, word of mouth often leads to realization of predictions as more homebuyers take a wait-and-see attitude. But, ...

Central Bank Rate Hike Not Enough to Worry Mortgage Holders

The Bank of Canada raised its target overnight rate by a quarter of a percentage point to 0.5 percent today, making it the first of the G7 countries to do so. The Bank Rate rose correspondingly to 0.75 percent, with the deposit rate kept at 0.25 percent Housing and consumer spending in Canada fed a robust 6.1 percent growth in the economy in the first quarter of this year. However, in a ...
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