Bank of Canada Keeps Overnight Rate Locked

EditorFamilyLending.ca, General Interest, Housing Costs, Mortgage News, Mortgage Term, Mortgage Types, Residential Mortgages

The Bank of Canada announced that it would maintain its overnight rate of 1 percent this morning, thanks to disproportionate growth in the Canadian economy. According to the official release from the Bank, economic growth in Canada was slightly slower than expected in the first quarter of 2012. Even so, the underlying economic momentum appears largely consistent with projected expectations. … Read More

Rates on the Way Up

EditorAbout Mortgage Brokers, FamilyLending.ca, Financial Tips, General Interest, Household Budget, Housing Costs, Mortgage Insurance, Mortgage News, Mortgage Term, Mortgage Types, Residential Mortgages

Canada’s major banks have begun to increase rates, putting an end to near-historical lows across the country. News broke on Monday that several banks would be increasing their rates by 6/10ths of a percentage point, signifying a shift in the real estate market. The largest increase was attached to the popular five-year fixed closed rate. The posted rates at Royal … Read More

How Do Consumers Feel About the Market?

EditorAbout Mortgage Brokers, Financial Tips, First Time Home Owner, General Interest, Mortgage News, Mortgage Term, Mortgage Types, MortgageCanadaCalculator, Residential Mortgages

Economists and mortgage experts are always quick to analyze the Canadian housing market. However, these industry leaders often forget to ask for consumer opinions and insights. Luckily, there’s the CMHC Annual Mortgage Consumer Survey to help fill this gap. Conducting in February and March of 2012, the CMHC Mortgage Consumer Report surveyed 3,502 recent mortgage consumers in order to better … Read More

Housing Prices Now and Then – Are Things Really That Bad?

EditorAbout Mortgage Brokers, Agricultural Mortgages, Commercial Mortgages, FamilyLending.ca, Financial Tips, General Interest, Housing Costs, Mortgage Down Payment, Mortgage Insurance, Mortgage News, Mortgage Term

If you believe the headlines, housing prices are on the rise across Canada even as consumer debt continues to pile up. The allure of low mortgage rates has thousands of home hunters bidding on what appear to be overpriced properties. But is that really the case? When it comes to understanding the true price of a home, there’s one main … Read More

Planning to Retire With a Mortgage? You’re Not Alone

EditorAbout Mortgage Brokers, Agricultural Mortgages, Commercial Mortgages, Credit Rating, FamilyLending.ca, Financial Tips, General Interest, Household Budget, Mortgage News, Mortgage Term, MortgageCanadaCalculator, Real Estate Advice

Canadian’s won’t be retiring their mortgage debt anytime soon, according to a recent survey by the Bank of Montreal. Data shows that more than half (51%) of Canadian homeowners plan to carry their mortgage into their retirement. But there’s more to this figure than meets the eye, says Phil Soper, chief executive of Royal LePage Real Estate Services. Soper argues that … Read More