Archives: June, 2010

Banks Drop Mortgage Rates

Perhaps the hype about increasing mortgage rates was just that…hype.  The end of this week saw major Canadian banks drop their 5-year posted mortgage rate by 10 basis points.  The Royal Bank of Canada, Toronto Dominion, and Bank of Montreal all dropped their 5-year mortgage rate by 10 basis points.  While the Canadian mortgage industry […]

Canadian Home Renovations…Some Interesting Facts

CMHC published some statistics about Canadian home renovations.  Here are a few notes: Over $25.8 billion dollars was spent on home renovations in Canada in 2009 Approximately 50% of Canadian households renovated their home during 2009 (40% of Canadian households renovated their home during 2008) Approximately 33% of home renovations were to remodel a room […]

Present State Of Canadian Mortgage Rates

Many potential home purchasers are curious about the present state of mortgage rates given recent news and mortgage rate increases.  Are mortgage rates too high now?  Is it worth buying a home now given these mortgage rate increases?  With the introduction of the HST, is buying a home a smart investment?  From a financial view, […]

Bank Of Canada Raises Prime Rate…by 25 Basis Points?

The big announcement in finance yesterday, was that the Bank of Canada finally raised their prime rate.  Now although raising the prime rate was not a surprising announcement to the market, the amount they raised it by was.  Economists predict that the Bank Of Canada’s prime rate will be 3.25% by the end of 2010.  […]