Tag: Mortgage Rates

More New Mortgage Rules in 2011???

In 2010, the government introduced new rules for mortgages needing default insurance. These rules were stricter than previously and made it more difficult for buyers to purchase properties. Those new rules were: – Qualifying mortgages at the higher rate of the contract rate or 5-year Bank of Canada posted rate (regardless of the mortgage product). […]

Mortgage Rates

The Bank of Canada has left major rates affecting mortgage rates the same this week. The posted 5-year mortgage rate remains at 5.19%. Also the Prime rate (which is the key factor that determines the interest rate on variable mortgage products) remains unchanged at 3.00%. Despite the predictions of analysts, mortgage rates this year did […]

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 […]

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.  […]