Friday Mortgage Round Up – February 24th, 2012

February 23, 2012 by Laura

Friday Mortgage Round Up – February 24th, 2012

TD and RBC were supposed to have their promotional rates available on the 2.99 per cent four year fixed mortgage until the end of this month (February 29th to be exact). But low and behold, just two short weeks after BMO’s campaign ran its course TD and RBC took their promo rate off the table as well. Those rates are history now; in fact they did make history as being the lowest 4 year fixed rate on RateSupermarket.ca. If you are interested in a 4 year term from one of the Big 6, you are now looking at 3.39% (or more) which is 40 bps higher than the short lived promotional rate.
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Canadian Mortgage Rates Market Expected to Cool

February 7, 2012 by Kelvin Mangaroo

Canadian Mortgage Rates Market Expected to Cool

Recent fluctuations in variable and fixed mortgage rates have left Canadian consumers confused about future mortgage trends. The good news is that February should be less volatile, with RateSupermarket.ca’s Mortgage Rate Outlook Panel anticipating both fixed and variable mortgage rates will remain level during the month.
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My Debt to Income Ratio is Higher than 153%: But That’s Okay!

February 2, 2012 by Rubina

My Debt to Income Ratio is Higher than 153%: But That’s Okay!

Experts will tell you your debt-to-income ratio is one of the best ways to gauge your financial position. The media often quotes the Bank of Canada saying Canadians are at dangerously high levels of debt at 153 per cent. But what does that mean? I’ve spent dinner parties arguing how to properly calculate debt to income ratios and how much is too much. There are many schools of thought on how to asses your financial health. Here are a few.
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Friday Mortgage Round Up: January 20th, 2012

January 19, 2012 by Laura

Friday Mortgage Round Up: January 20th, 2012

This past Tuesday the Bank of Canada had their first meeting of 2012 to discuss any changes they were going to make to the overnight lending rate. Low and behold … no change. This came as no big surprise to Canadians and the overnight rate remains steady at 1%. FYI the next meeting is scheduled for March 8th, 2012. How does this impact the mortgage industry exactly?
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Bank of Canada Rate Announcement – No Change to Interest Rates

January 17, 2012 by Kelvin Mangaroo

Bank of Canada Rate Announcement – No Change to Interest Rates

The Bank of Canada announced this morning that interest rates will remain unchanged for the 11th consecutive time over the past 15 months. The last time the BOC made a change to the overnight lending rate was in September 2010 with a moderate increase of 0.25 per cent. The news is really no news at all, given that nearly all industry professionals and top economists were anticipating no change. But what should be of interest to consumers is the justification behind the decision. Here’s why the Bank of Canada is keeping interest rates where they are.
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