Most big mortgage lenders, including all of the Big 6 banks, have hiked fixed rates once again over the past several weeks. In many cases, they’ve also reduced their variable-rate discounts, making variable-rate mortgages slightly pricier for new borrowers. Most of the fixed-rate increases were in the range of 15 to 20 bps, although Scotiabank…
It has been a long time since we brought on this subject, and now with 2022 well on the way, we thought we’d share some advice! But before we move forward with all the tips, let’s go back to some quick basics… What happens when you purchase a home? A down payment is typically applied…
We have already published articles about what the next 12 months might look like, but here we present to you another analysis by a professional in the industry. 2022 might prove to be a more volatile environment for the Canadian housing market as a whole, according to mortgage sector observer Rob McLister. This is particularly…
The transition from renting to buying is an important one for many young families, but it can be a confusing time, too, since both sides of the rent-versus-own debate come equipped with facts, numbers and compelling opinions. Conventional wisdom suggests that renting a dwelling is often cheaper than owning, but Royal LePage decided to find…
Now that we are approaching the end of another calendar year, what can the industry start predicting for 2022? Some believe that mortgage rates will rise again. The Bank of Canada’s recent forecast is a good indication of why, said Don Drummond, economist at Queen’s University and former chief economist for TD Bank. The Bank of Canada announced…
House prices around the country will continue going upwards this year, outpacing inflation after hitting record highs in 2020, according to a Reuters poll of property market analysts who said the risk of a COVID-19 resurgence derailing activity was low. Intermittent lockdown restrictions after a second wave of infections hit the country are threatening expectations…
Heavy restrictions are making it difficult for people to make life changing decisions such as buying a house this winter. However, if you’re a qualified buyer, you could definitely consider it! Canadians will be spending more time at home this 2021 winter – living, working, studying, playing, working out, and so on. Is there really…
At the end of 2020, the CREA released its latest resale housing market forecast, which revealed that — despite turbulent spring months — homebuyers are on track to set a record for the last calendar yesr, with some 544,413 homes projected to change hands by December 31, an 11.1% increase from 2019 levels. Subsequently, the national…
Canada’s housing market was full of surprises this year. The average house price has risen 17% despite numerous predictions that prices would decline. Near the beginning of the pandemic, the CMHC predicted that house prices would decline 9% to 18%. However, exactly the opposite has actually happened! The experts may have been proven wrong, or…
The mortgage deferral rate is on the decline according to the CMHC. In their quarterly financial report released November 27, the CMHC reported it had deferrals on 5% of its entire portfolio of insured mortgages since September 30. That’s a decline from approximately 8% in August. The active mortgage deferral rates as of September 30 was 4%…
