CMHC Released their annual report last week, Tuesday May 8th. The Canadian Mortgage and Housing Corporation continues to be an integral player in contributing to the stability of the Canadian marketplace. In 2011, spending on housing accounted for a whopping 20 per cent of Canada’s GDP last year and CMHC provided $2 billion in support of housing programs. Here’s a summary of the report.
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Increased uncertainty in Europe and the wider global economy will cause Canada to sit back and wait before making any major changes to interest rates that could potentially derail its economic growth. While this waiting game plays out, RateSupermarket.ca’s panel of mortgage experts expect both fixed and variable mortgage rates to remain unchanged in the short term.
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There have been talks about Canada’s subprime mortgage industry getting out of control as the banks turn more and more clients away who have less than perfect credit. Who are these so called less than perfect clients turning to?
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You might be wondering what a cash back mortgage is – it is exactly what it sounds like. When your mortgage funds you receive a set percentage back in cash to go towards, well whatever you want! Some will turn around and use a 5 per cent cash back amount as their down payment, a sly move around the minimum down payment required to qualify for a mortgage in Canada. The pro with this type of mortgage is that you can do whatever you want with the cash back!
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Today the Bank of Canada announced that once again (for the 13th consecutive time over the past 19 months) that there will be no change to the overnight lending rate. This pleases variable rate mortgage holders since there are no alterations to the bank’s Prime lending rate and therefore no increase to their own mortgage rate and monthly mortgage payments.
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