What’s in store for 2014 mortgage rates? RateSupermarket.ca’s expert panel has released their forecast for fixed and variable rates in January.
On the house hunt? Good news – buyers’ market conditions may be on the way as home prices continue to soften across the country.
When it comes to personal finance, Canadians are know-it-alls. Or at least they think they are, according to the RBC Canadian Consumer Outlook survey. On a national scale, 70 per cent of Canadians rate their own financial knowledge as “excellent / good”, while another 65 per cent think the average Canadian’s ranks as “not very good” when it comes to financial know-how.
The province you reside in can make a big difference when it comes to buying a home. A Housing Trends and Affordability report by RBC sheds more light on on what potential buyers and current homeowners can afford, based on their income, mortgage payments and property taxes.
Canadians are feeling much more confident about their jobs. A BMO poll shows that optimism is up by 11 per cent regarding company expansion, opportunities for promotion and increasing expectations for pay raises.
The CMHC had added their predictions to the cooling housing market pile – and they’re fortunately less extreme than past calls of a 10 per cent drop. While they’re forecasting a slowdown in pricing, new construction and existing home sale figures, Canada’s housing market is still sitting pretty compared to the U.S., where 4 million homeowners are now underwater on their mortgages.
Sometimes it’s worth shelling out extra for a brand name – but should that apply to your mortgage as well? While smaller lenders often feature the best rates in the country, mortgage shoppers often pass them up for a big bank product instead. We debunk the myths surrounding the small – but mighty – mortgage lender.
Earlier this week, we couldn’t believe our eyes when we saw the already ground-level 5 year fixed mortgage rate drop to a record of 2.94% in Ontario. Taking into account the roller coaster nature of these rates, we wondered: how long could this rate stay around? And could it go even lower? Our musings were answered today as rates dipped even lower to 2.89% – and this time, more provinces are getting in on the action.