Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents): Federal Budget a Snoozer for Housing (RATESDOTCA) The feds tried hard not to upset the apple cart with today’s budget. Are Mortgages with 35-year Amortizations Worth it? (RATESDOTCA) Yes indeed, 35-year ams still exist in Canada. Bank of Canada expected to slow pace of...
Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents): Canadian Reverse Mortgage Rates Drop to Record Low (RATESDOTCA) Upfront rates are one thing. Renewal rates are another. BMO chief economist says “fiery demand” sets Canadian housing market into a “towering inferno” (The Georgia Straight) Sure Porter, upstage our nuclear meltdown metaphor with a...
Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents): Meltdown Risk Growing for Canadian Housing (RATESDOTCA) Average price of Canadian home rising at fastest annual pace ever, now up to $716,828 (CBC News) Why Canadians aren’t interested in negative interest rates (Financial Post) 3 in 4 don’t want negative rates, says BoC. Now...
Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents): How higher rates affect your mortgage renewal (RATESDOTCA) There’s a fair chance that many who got record-low 5-year fixed rates in the last 9 months will see their payments rise at maturity. They’re renewing a mortgage – should they go fixed or variable? (The...
Here’s a daily helping of Canada’s latest mortgage news (the italics are the Spy’s 2 cents): First-time Buyers Can’t Save Down Payments Fast Enough to Keep Pace with House Prices (RATESDOTCA) Meanwhile, CMHC says it plans to launch a revised First-Time Home Buyer’s Incentive this spring, which reportedly boosts buying power (i.e., further fuels home prices) Pattie Lovett-Reid: Housing affordability...
“Vaccines have come too late to avoid a bleak winter,” said Capital Economics in a report last week. The market agrees. Canada’s two-year bond yield, often used to forecast Bank of Canada rate policy, hit a record low on Thursday. That coincides with recent BoC comments that it could cut the overnight rate by less than the standard 25 basis...
—The Mortgage Report: Weekend Edition— Joe Biden has won the U.S. presidency, reports AP. Now rate-watchers will wait for the U.S. bond market to open Sunday at 6 p.m. ET to see the short-term rate impact. Biden’s apparent win isn’t the main thing bond traders are concerned with. What matters more is whether the Republicans maintain control of the U.S....
—The Mortgage Report: Oct. 5— Upstart iBuyer, Properly.ca, announced a $100-million credit line last week from Silicon Valley investors, enough to fund its nationwide growth, says CEO Anshul Ruparell. The company’s expansion will broaden options for people who want a no-stress way to sell their existing home while they go shopping for a new one. iBuyers, as we wrote in...
—The Mortgage Report: July 14— Reverse Record: Once the scorn of financial planners across the land, reverse mortgages are increasingly becoming cornerstones of retirement planning. The main reason: rates. Equitable Bank just keeps driving reverse mortgage rates lower. Today it launched a barrage of new deals, including a 3.49% one-year fixed. That’s the lowest reverse mortgage rate in Canadian history...
— The Mortgage Report : June 18 — For Better or Worse: When you take a bank’s 5-year fixed you’re married to it for half a decade. That is, unless you file for divorce, so to speak (i.e., discharge or transfer the mortgage to a new lender early). But as unwedded people find out, splitting up has a financial price....
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