Author Archives: Dan

Dan

About Dan

Dan Wowk has over 20 years experience in the financial services industry with a focused expertise in the residential mortgage market. Dan's accomplished career includes an MBA from the Schulich school of business, and roles ranging from vice president of Canada's largest mortgage bank to running an independent brokerage. Dan believes in sharing his expertise with the Canadian consumer to improve their financial well being. Knowledge is Power. Be Powerful!

Check out my Google Profile

Mortgage Rates Are Going Up

Last week’s 0.25% increase in 5 year fixed mortgage rates is being followed up with another 0.15% increase effective tomorrow.  You may not see a change to any of the banks’ posted mortgage rates, but the best discounted mortgage rates will be 0.40% higher than they were 2 weeks ago. The sudden increase in fixed mortgage rates is a direct result of Ben Bernanke’s policy announcement south of the boarder.  … Read More

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

The Rich are Getting Richer

The rich are getting richer according to the World Wealth Report, a study co-authored by RBC Wealth Management and Capgemini.  The number of Canadians with investable assets of $1 million or more grew by 6.5% to a record of 298,000 Canadians.  Even more shocking is that the really rich, the number of Canadians with investable assets of $30 million or more, grew by 11% to a record 4,500 Canadians. Now … Read More

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

Do You Qualify for the Average Home?

You need a household income of $77,700 to buy the average Canadian home.  Of course there is no average city so you’ll need to earn more or less income depending on where you live.  Here’s a chart released by the Royal Bank of Canada (RBC) outlining the minimum income needed to qualify for the average house price in select Canadian cities. City Average Q1 Price Qualifying Gross Income Canada $366,500 … Read More

Posted in Blog, Canadian Housing Market, Mortgage Rates, Personal Finance | Tagged , , , , | Leave a comment

RBC Raises Mortgage Rates

Rising bond yields have put upward pressure on fixed mortgage rates for the past few weeks and RBC was this first to flinch.  As of today RBC increased its 1 year mortgage rate by .14% to 3.14%; it’s 2 year mortgage rate by .1% to 3.14%; it’s 3 year mortgage rate by .1% to 3.65%; it’s 4 year mortgage rate by 0.1% to 3.09%; and most notably it’s 5 year … Read More

Posted in Blog, Canadian Housing Market, Mortgage Rates | Tagged , , , , , , | Leave a comment

Mortgage Rates Keep Prices High

After a period of steep year-over-year sales declines, the number of homes changing hands is back on a steady course.  “Last year’s deep downturn in Canadian home sales appears to be fading” according to Sal Guatieri, Bank of Montreal economist.  The tighter mortgage rules clearly had an impact on the number of transactions, knocking out many potential first time buyers, but it didn’t impact home prices like the Department of … Read More

Posted in Blog, Canadian Housing Market, Mortgage Rates | Tagged , , , | 1 Comment

CMHC’s Volume Cut in Half

Stricter mortgage rules on CMHC insured mortgages have had a profound impact on the housing market as well as the insurer itself.  CMHC reports that in the first quarter of this year the number of housing units insured dropped to 52,078 from 114,045 over the same period last year.  This translates to a drop of underwritten insurance to $8.2 billion down by 56.8% from $19 billion last year. The good … Read More

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

Variable Mortgage Rate Forecast – May 2013

Mark Carney’s last rate announcement came and went without much fanfare.  Variable mortgage rates will remain the same at least until the next announcement date on July 17th, 2013 and likely well into the latter half of 2014. The Bank of Canada’s language hasn’t changed much from its previous interest rate announcement stating that low rates “will likely remain appropriate for a period of time, after which some modest withdrawal … Read More

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

Fixed Mortgage Rate Forecast – May 2013

You can expect 5 year fixed mortgage rates to move up slightly over the next 30 days.  Fixed mortgage rates are tied to the bond market as most mortgage lenders issue bonds to raise the money to lend out as residential mortgages.  The lower the yields on the bonds they have to pay out, the lower the fixed mortgage rates they can offer.  The bond market has been on a … Read More

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

Save $12,000 on Your Next Mortgage

Mortgage penalties are a necessary evil and should be closely scrutinized when negotiating your next mortgage.  Choosing a mortgage solely based on the interest rate could cost you over $12,000 in future penalties overshadowing any interest savings. Forced to comply with new federal regulations, mortgage companies must now fully disclose their penalty formulas and must provide an on-line penalty calculator. It would be worth your while to submit your mortgage … Read More

Posted in Blog, Canadian Housing Market, Mortgage Rates, Personal Finance | Tagged , , , , , | Leave a comment

Housing Market to Drag Economy

A report released today by the Canadian Association of Accredited Mortgage Professionals (CAAMP) predicts significant job losses coming in the wake of the slowing housing market.  Analysis by Chief Economist Will Dunning points out that fewer sales mean fewer housing starts which will ultimately lead to fewer jobs.  Housing starts are already down by 15% from the 2011/12 average and its projected that the total drop will approach 30% by … Read More

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