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Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents):
- Posthaste: Why Canadians should brace for higher mortgage rates sooner than expected (Regina Leader-Post)
- Actually it was a good time to start thinking about fixed rates (for those suited to fixed) 2 to 4+ months ago, when 5-year money was below 1.50%. Someone we know even wrote something to that effect.
- Bank of Canada governor says red-hot housing market showing signs of speculative behaviour (The Globe & Mail – Subscription)
- Canada’s top banker seldom says anything by accident. While he couches the price spike in “fundamentals,” the message is clear: risk to buyers with short-term holding timeframes is building…quickly.
- Borrowers beware as Bank of Canada shifts tone on rates: Pattie Lovett-Reid (BNN Bloomberg)
- Check that. Not “anyone” should lock their variable into a fixed. The average 5-year fixed is now 2.09%. Some folks have variables 80 to 110 bps less, short remaining amortizations and/or time horizons under five years.
- COVID helped Canadians get ahead on their mortgages — by a stunning $34 billion (MoneyWise)
- Ironically, when interest rates are falling or near a cyclical low the opportunity cost of prepaying a cheap mortgage is usually at its peak—for an average risk-tolerant investor. Psychic benefits aside.
- StatsCan: Mortgage interest costs not tracking national inflation (Mortgage Broker News)
- “Base effects” is suddenly economists’ favourite buzzphrase.
- Mortgage Matters: The housing market is sizzling (Vancouver Sun)
- The Suburb Shuffle: First-time Buyers Head to the Suburbs, BMO’s Housing Survey Finds (Newswire.ca/BMO)
- Do they have a choice, assuming they don’t fancy habitation in a 500 sq. ft. “cell”?
- Canadian rents came down, but that’s about to change (Yahoo Finance)
- Why one broker isn’t stressing about OSFI proposals (Mortgage Broker News)
- “Any good mortgage broker would not [pre-qualify] you at your max – there has to be a little bit of wriggle room…”
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