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Overnight Rate: What it is and why it should matter to you!

Posted on October 11th, 2013 by Connie

overnight rate chart

What is the “Overnight” interest rate? The Bank of Canada (BOC) carries out monetary policy by influencing short-term interest rates. By raising and lowering the target for the ‘overnight’ rate they are able to do this. Financial institutions borrow and lend between each other, doing so they charge interest on funds exchanged, this is called | Read More »

Market Update: Canadian Bonds Up Which Means Mortgage Rates Up Too

Posted on September 10th, 2013 by Connie

arrow showing bonds and mortgage rates increasing

With bonds at a 25 month high, interest rates are on the rise again. On Monday the 9th expect some lenders rates to be up to 3.85% for a 5 year fixed term. Prime has not changed but lender’s rates are fluctuating with a trend up. This rate might shock some people but there are | Read More »

Deconstructing The Latest Ontario Mortgage Trends

Posted on August 8th, 2013 by Connie

ontario mortgage trending up

Ok, its not new information that the government has been trying to lower the risk in the housing market since the crazy times in 2008. They implemented changes last year to mortgage amortization and products and recently made more changes to how Ontario borrowers can qualify for certain mortgage products… now the trend continues with | Read More »

Surprising Recent Mortgage Rate Trends

Posted on July 3rd, 2013 by Connie

rate risk

Rates at the beginning of last week were at a consistent low of 2.99% and by the end of the week, they have jumped to 3.29% with some lenders posting as high as 3.44%.  The question everyone is asking is whether these rates will continue to inch their way up or slide back down. The | Read More »

3 Important Mortgage Industry Changes You Should Know About

Posted on June 24th, 2013 by Connie

mortgage industry updates

Rates are going up, up, up… ok maybe not that high but just recently lenders have sent out updated rate sheets to all brokerages indicating a small increase. The most common trend I see impact the 5 year fixed rates, which have gone up 0.05-0.10% from an average of 2.94% to now a 3.14% for | Read More »

May 31-2013 Weekly Mortgage Wrap Up

Posted on June 1st, 2013 by Connie

mortgage industry updates

2013 RBC Report on Canadian Housing Affordability Released RBC has released a report on Canadian housing affordability. Click here to find out what the buying conditions are like in your province. Canadian Mortgage and Housing Corporation (CMHC) Volumes Down: CMHC, Canadian provider of loan insurance for high ratio mortgages, reports first quarter refinance volumes are | Read More »

Weekly Wrap Up: May 17-2013 Mortgage News & Updates

Posted on May 17th, 2013 by Connie

mortgage industry updates

35 Year Mortgage Amortization Changes on the Horizon? Last year CMHC and the Department of Finance (DoF) cut back amortization from maximum 35 years to 25 years for insured mortgages and most financial institutions federally regulated. Conventional (uninsured) mortgages and other non-federally regulated lenders are still offering amortizations over 25 years but choose to do | Read More »

CRA is on the Hunt for Real Estate Investors…

Posted on April 17th, 2013 by Connie

The Toronto Star posted an article how Canada Revenue Agency (CRA) is cracking down on those who are claiming their real estate investments as homes to avoid paying the tax. Here is a breakdown of real estate sales tax: No tax on personal residence Tax on half a gain from selling a recreational, rental or | Read More »

Moving to Windsor Ontario? New Housing Construction on the Rise…

Posted on January 30th, 2013 by Connie

Thinking of moving to Windsor Ontario?  Good news, as of January 2013 recent reports indicate the city of Windsor’s housing market is bouncing back and expanding!  The Windsor Star posted an article today stating that more people are looking to build detached homes instead of town homes, semi-detached or row housing. “Greater employment, increasing incomes, | Read More »

New Changes to the Mortgage Industry

Posted on June 28th, 2012 by Connie

changes coming

Changes Taking Effect July 9, 2012: Refinance amounts lowered to 80% from 85% Amortization periods lowered from 30 to 25 years New HELOC’s lowered to 65% LTV from 80% What does this mean to you? Simply put, it will become a bit harder to qualify for a home refinance or home equity line of credit | Read More »

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