The Office of the Superintendent of Financial Institutions (OSFI) is proposing stricter rules on uninsured mortgages that could have an even more profound effect on the housing market. Will house prices decrease? Will there be less competition?
As the latest numbers released by CREA show sales were down 17.4% in December, it looks like Canada’s housing market is downright frozen – but will spring’s traditionally hot mortgage market help turn things around?
Bank of Canada Rate: No Change Here! Nothing like kicking off the week with a Bank of Canada rate announcement! There wasn’t much drama to be had, though, as it was confirmed the target for the overnight lending rate would remain at one per cent for the time being. The lack of movement was hardly …
5 year fixed mortgage rates hit a new low this week, at 2.77%. This full service mortgage is available in Ontario and accessible to high ratio borrowers. Could we see more downward movement before next year’s anticipated rate hike?
Canada’s economic stance is one of caution, as risk of a recession looms globally and action pends on the U.S. fiscal cliff. As a result, there is no anticipated end to stimulus efforts on the home front, with mortgage rates remaining unchanged for the coming month.
Finance Minister Jim Flaherty stated plans this week for the eventual privatization of the CMHC. Would would this mean for the mortgage market and borrowers?
The latest industry numbers from CREA and TREB are out this week, and they all point to a cooling housing and mortgage market across Canada.
The latest consensus from RateSupermarket.ca’s Mortgage Rate Outlook Panel has been released for September 2012. Looks like both Fixed and Variable mortgage rates are to remain unchanged this month amidst global economic uncertainty and a consistent Bank of Canada interest rate.
We’re starting to witness the effects of last week’s guideline and policy changes for the secured lending industry. Potential first time home buyers aren’t the only ones feeling the belt tighten – many mortgage agents who cater to this market are biting their nails as buyers may increasingly choose to stick with the renting market. Looks like everything comes with a price – even affordability.
With Governor Mark Carney hinting that the Bank of Canada will be increasing interest rates comes Scotiabank’s UVRM (Ultimate Variable Rate Mortgage) offering protection from rate increases. Here’s what the Ultimate Variable Rate Mortgage offers.