RateSupermarket.ca’s panel of financial gurus believe we could possibly see lower fixed mortgage rates and bigger variable rate discounts to prime

TORONTO, February 4, 2010… RateSupermarket.ca, Canada’s rate comparison website for personal finance products such as mortgages and insurance, has announced the results of their Mortgage Rate Outlook Panel for February 2010.

The results of this month’s mortgage rate outlook tell a divided story. 43% of panel members expect fixed mortgage rates to slightly decrease this month, while the same percent believe that fixed rates will stay where they are. Variable mortgage rates are expected to remain unchanged [...] Continue Reading…

Now that we’re already half way through the month of January, it’s a good time to ask yourself how those New Year’s resolutions are coming along. It’s funny how quickly we can forget a commitment we made only a few weeks ago.

If you were one of many that decided to get your personal finances in order this year, here are a few tips to help get you started.

Manage your mortgage

A mortgage will likely be the largest debt you take on during your life time. It should not be entered into lightly and it is not [...] Continue Reading…

The Panel of financial gurus provide their Outlook for January – mortgage rates will stay put as we kick off 2010

TORONTO, January 07, 2010… RateSupermarket.ca, Canada’s go-to website for first time home buyers and current home owners looking to compare the best mortgage rates, has announced the results of their Mortgage Rate Outlook Panel for January 2010. The panel includes some of the country’s top mortgage experts, and helps Canadian consumers make informed decisions by offering a short-term outlook for fixed and variable mortgage rates.

“There is no shortage of information when you are looking for a mortgage; [...] Continue Reading…

Bank of Canada Governor Mark Carney spoke yesterday about the government’s current issues with household finances.

“The combination of sustained growth of household debt relative to income and a rising interest rate environment could increase the vulnerability of households to an adverse shock”, he said.

Low mortgage rates have enticed Canadian consumers to jump on the housing ban-wagon and take advantage of ‘cheap debt’. The government’s current monetary policy is to keep interest rates low until the middle of next year. This strategy was in part meant to stimulate consumer spending – the domestic market needed to offset the [...] Continue Reading…

High Profile Panel of Financial Gurus Expect Mortgage Rates to Remain Low Heading into 2010

TORONTO, December 02, 2009… RateSupermarket.ca, Canadian consumers’ one-stop-site to quickly and easily compare over 500 mortgage rates from the country’s top providers, today announced the formation of their Mortgage Rate Outlook Panel. The panel will help Canadian consumers make informed mortgage purchase decisions by offering a short-term mortgage rate outlook on variable and fixed rate mortgages once a month.

Joining the diverse panel of financial experts are:

Dan Eisner, MBA. AMP. President, Verico True North Mortgage
George Hugh, Vice President, Treasury, ING DIRECT
Gregory Klump, [...] Continue Reading…

The Bank of Canada seems to be sticking to their plan of keeping interest rates low until June 2010. Which is a good indication that the variable mortgage rates will remain low. While this sounds promising to homeowners who are buying and/or selling within the next seven months, many of us are wondering what’s going to happen with interest rates after this date? And as we’re trying to predict what the rates will be like, Ontario and B.C. are conveniently going to be paying extra taxes when the Harmonized Sales Tax (HST) comes into effect July 1, 2010.

So [...] Continue Reading…

We live in a technology-centred world, where everything we desire is literally just a click away. Many of us take advantage of this convenience at our fingertips. According to a recent survey regarding the upcoming 2009 Holiday Season conducted by Nielsen Online, a group that measures global Internet activity, 41% of consumers will be shopping online, compared to 39% last year. The reason for the boost? Consumers are citing convenience and price as major factors.

This is great for the global online retail market, but unfortunately, Canadian retailers aren’t helping to top up these numbers. You see, we’re behind [...] Continue Reading…

Finance is a serious topic of discussion right now, one which will become even more topical as the holiday season approaches. The country often views the upcoming time of year as one that boosts the economy as consumer shopping increases, often on credit. But with Canadians only just emerging from the hurdles of the recent recession, are we ready to add more debt to our lives? Or will we instead be counting our pennies, replacing credit with cash? Perhaps this will be another year of cutting costs as we purchase gifts, throw parties and search for that perfect holiday [...] Continue Reading…

The housing market remains hot in the fourth quarter as the loonie continues to be strong and the Bank of Canada announced no plans to increase overnight lending rates, putting all previous speculations to rest. This is great news for the economy and the real estate market as consumer demand continues to grow.

According to the Canada Mortgage and Housing Corporation (CMHC), single home starts climbed in September to reach this year’s highest level while urban starts declined by 5.2% and urban multiple starts decreased by 21.4%. Overall, the seasonally adjusted rates of housing starts reached 150,100 units in September [...] Continue Reading…

How understanding the market and your finances can save you in a bidding war

We may be experiencing a balanced market, but with continued low mortgage rates and moderate price increases, the demand for resale housing has expanded in the past few months. And often with demand comes the all dreaded bidding war – which is alive and well in Canada, especially in such large and booming metropolitan markets like Vancouver and Toronto.

So what exactly is a bidding war and how do we find ourselves in the middle of one? Bidding wars occur when there are multiple strong offers [...] Continue Reading…