The price of a new home in Canada is on the rise, according to data released by Statistics Canada today. Market information from March shows that the price of a new home in Canada rose by 0.3% from the previous month, marking the 12 consecutive monthly increase. While relatively minimal, the jump was slightly greater than the 0.2% advance predicted … Read More
Does Your Down Payment Stack Up?
Think that a 5 percent down payment is enough to secure a great mortgage rate? Think again. Pulling together the minimum 5 percent down payment, while a good start, is just that – a start. If you’re a first time home buyer looking to move up the property ladder, don’t skimp on your down payment. If you’re having trouble pulling … Read More
Which Term Is Right For You?
Before you set out to secure the lowest mortgage rate available, you’ll need to make an important decision concerning your payment term. Almost every new mortgage customer struggles when it comes to deciding their amortization schedule. While some customers prefer the lower monthly costs of a long-term mortgage, other’s want to pay off their loan as quickly as possible. So, … Read More
Half of Canadians Prefer Fixed Rate Mortgage Products
Fixed or variable? If you’re thinking about buying a home, it’s one of the most important decisions you’ll make. According to a recent poll conducted by CIBC, 50 percent of Canadian’s prefer to go with a fixed rate mortgage product – an increase of 39 percent over last year’s numbers. And while this isn’t surprising, given the convergence of fixed … Read More
CMHC Responsibility Changes Hands
Concern over a red-hot housing marketing and increasing consumer debt has prompted Finance Minister Jim Flaherty to make some drastic changes this week. On Thursday, Minister Flaherty announced that responsibility for the Canada Mortgage and Housing Corporation (CMHC) will be handed over to the Office of the Superintendent of Financial Institutions, the nation’s banking regulator. It’s unclear how the change will impact the market. … Read More