It’s getting a bit tricky out there with the real estate market and home ownership. Amongst many banks, globally, the Bank of Canada’s rising interest rates have some variable-rate mortgage holders thinking about the upside of locking in a fixed rate, according to experts who spoke to Global News. Some industry experts were interviewed to understand what is currently happening…
While market activity has gone down significantly in recent months, several factors will act in concert to prevent an all-out housing crash, market observers argue. Chief among these trends is the inbound flow of new residents, which is expected to accelerate as borders continue to reopen and pandemic restrictions ease. New targets from the federal…
As we recently heard, another interest rate hike from the Bank of Canada means some Canadians could be spending a lot more on their monthly mortgage bills. According to industry professionals, it seems that variable- rate mortgage holders will be the most impacted. “It’s all but certain that when the Bank of Canada makes this announcement, the…
Amid a series of interest rate hikes implemented by the Bank of Canada over the last few months, some Canadian homeowners may be concerned about whether they’ll be able to keep up with their mortgage payments. Missed mortgage payments are not common in Canada, according to data compiled by the CMHC. In Q1 of 2022, the country’s mortgage…
Bond yields dove over 30 basis recently as economic worries start to replace inflation concerns. Bond yields, which lead fixed mortgage rates, fell to 2.84% down from 3.15% and well off the 3.59% high reached in mid-June. The decline comes due to growing expectations of an economic downturn. Rate analyst Rob McLister, editor of MortgageLogic.news, said…
To refinance your mortgage, you will need to adhere to the terms and conditions outlined by your lender. The process may feel overwhelming to some. However, by taking the time to think things through, you should be able to complete the process without much effort. Refinancing your mortgage is essentially replacing your existing mortgage with…
Bank economists are convinced that the Bank of Canada (BoC) will announce a 3/4s of a percentage point hike on July 13, 2022. Josh Nye, a senior economist with RBC Economics, believes that Canadian policymakers will follow the moves of their U.S. counterparts. Avery Shenfeld and Andrew Grantham, economists at CIBC, shares the same sentiment and said the…
It’s no secret that Canada is currently in the throes of a housing market cooldown, with the pace of home sales falling in April and national house prices also on the way down. New figures released by the Canadian Real Estate Association (CREA) revealed that the country’s home price index fell 0.6% between March and…
The real estate market is getting chaotic, wherever you stand in the housing market… Canadian homebuyers are increasingly considering credit unions and private lenders to secure mortgages as rates rise, brokers say. They are seeing more Canadians drawn to these lenders as fixed mortgage rates have crept to about 4% in recent months in many…
The Bank of Canada’s April 13 interest rate hike of 0.5%—the biggest one-time rate jump in decades—caught many variable-rate mortgage holders off guard. Some are likely thinking about running to their local bank branch or mortgage specialist to lock into a standard five-year fixed rate. Those who do so will likely be welcomed into the lion’s…
