Category Archives: Blog

5 Steps to Pay-Off Your Mortgage Sooner

Owning your own home is a fundamental dream for Canadians, but with a large mortgage looming it can feel like the bank is the real owner.  Owning your home free and clear is a more ambitious goal.  Here are 5 steps to get to that mortgage burning party sooner. 1)      Set a Realistic Timeline – It’s important to set an ambition goal, but make sure it’s achievable.  Just saying that … Read More

Posted in Blog, Personal Finance | Tagged , , | 3 Comments

Few Sacrificed For the Good of the Many

It seems that all housing market industry participants are finally in agreement.  Mortgage rules don’t need to be any tougher.  After the most recent mortgage rule changes, Jim Flaherty admitted that he couldn’t see making them any tighter.  Adrienne Warren, Scotiabank’s senior economist, recently pronounced “Canada’s national housing market is shifting towards a more sustainable path”, and earlier this week, Standard and Poor’s reaffirmed Canada’s triple A rating. Sales activity … Read More

Posted in Blog, Canadian Housing Market, Government Policy | Tagged , , | Leave a comment

Fixed Mortgage Rate Forecast – December 2012

Fixed mortgage rates are priced off of government of Canada benchmark bond yields.  5 year fixed mortgages are currently the most popular mortgage term for Canadian homeowners, and 5 year government of Canada bond yields continue to hover around all-time lows.  Over the past four months the yield has trended downward to it’s current rate of 1.28% which is also below it’s 12 month average of 1.38%. 5 year fixed … Read More

Posted in Blog, Mortgage Rates | Tagged , , | Leave a comment

Variable Mortgage Rate Forecast – December 2012

The Bank of Canada last met December 5th and as expected they made no change to the overnight lending rate and as a result no change to variable mortgage rates.  The prime lending rate in Canada is currently at 3.0% and new variable rate mortgages are being offered at Prime to Prime less 0.35%.  The next scheduled meeting date for the bank of Canada is January 24th, 2013 and it … Read More

Posted in Blog, Mortgage Rates | Tagged , , , , | 1 Comment

Bank of Canada Maintains Mortgage Rates

The Bank of Canada announced today that it’s leaving interest rates unchanged.  The target for the overnight rate will remain at 1% which will in turn leave the prime lending rate at 3.0%.  This decision was largely expected by industry participants who believe that the prime lending rate will maintain it’s current level well into 2013. What wasn’t clear was the message the Bank was going to relay in it’s … Read More

Posted in Blog, Government Policy, Mortgage Rates | Tagged , , , | Leave a comment

Mortgage Refinances Plummet while Credit Card Debt Soars

According to a report issued by CMHC, overall mortgage activity declined by 37% in the third quarter of this year.    The biggest chunk of that decrease is from mortgage refinances which decreased by 22% from the same period last year. Mortgage refinancing rules were hit the hardest with the barrage of mortgage rule changes over the past 4 years.  Four years ago you could access as much as 95% of … Read More

Posted in Blog, Government Policy, Personal Finance | Tagged , | 2 Comments