Mortgage interest rates are poised to increase as soon as this summer.
If the banks aren’t prepared to put the brakes on rising mortgage debt, the Bank of Canada may soon be, hinting that it could raise its key overnight rate as soon as this summer.
“The heightened uncertainty around the global economic outlook has decreased in the weeks since the Bank released its January Monetary Policy Report (MPR),” reads Thursday’s announcement maintaining the Central Bank’s benchmark rate at 1 per cent. “With tentative signs of stabilization in European bank funding and sovereign debt markets, conditions in global financial markets have improved and risk aversion has decreased.”
Dont get excited about BMO’s 2.99% mortgage again.
BMO is bringing back the 2.99% mortgage again. Don’t get worked up about it. It is just as super-restricted as it was before, 25 year am max and there is a Due on Sale clause causing a need for a payout – which could be literally thousands in penalties.
Alberta MLS sales activity to top Canada for next two years: 6.8% hike in 2012
This is great news!
CALGARY — Alberta MLS sales activity is forecast to show the biggest year-over-year gains in the country in the next two years, according to the Canadian Real Estate Association.
In a report released Monday, CREA said MLS sales in the province would grow by 6.8 per cent this year to 57,400 and by another 1.7 per cent in 2013 to 58,400.
Immigrants the proudest Canadians, poll suggests
We love people that are New to Canada. New immigrants are 20% of our business. There are lots of tricks on what is needed to get a mortgage for them and not all banks do these files BUT WE ARE SPECIALISTS at it. I will upload our brochure for it here.
Banks Have Canceled their 4-year Promos – Rates on the rise.
Still time to get a rate hold at the old rates if you hop to it.
The banks 2.99% four-year fixed promotions were intended to last until February 29. RBC and others have cancelled them early.
The nation’s banks rates are now:
Burgeoning Calgary population to fuel demand in housing market & the West is now bigger than the East!
The migration West continues! Just yesterday Canada Census noted that for the first time in history the West has more people than the East – sure it is only by 0.1% but hey … it’s official.
Alberta job growth outpacing Canada: Statistics Canada
This is great news – but a bit old as everyone in Alberta is aware of their friends getting great jobs, without interviews, for more than they were expecting! And all those people are buying homes which will support the prices.
New Canadian Mortgage Rules are Possible
Below is a commentary on the possible new rules for Canadian mortgages. Anyone looking at buying with 5% down (which is about 80% of our clients) or using a 30 year amortization (75% of our clients) should look at buying sooner than later.
CIBC Being Sued: Unfair payout penatly calculations continue
This is interesting.
We have always thought that the way they do their math was odd or different or something.
Another reason to use a good Calgary broker that has other options than the Big 6 banks that continue to take advantage of their own customers. Why do they do this?
Canada’s East-West economic divide deepens
As the divide gets greater the West continually does better. Alberta is the best place to live and do business in North America right now. That creates home demand and supports home prices.
This is from the Globe and Mail: