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Blog by Micah Verceles

Big banks ratcheting up mortgage rates again

June 29th, 2013

Some of Canada's biggest banks have been inching up their mortgage rates in recent weeks, with Royal Bank being the latest to announce an increase Friday. The hike is the second in a month and will take effect next week.

The bank said it is boosting some of its special discounted fixed-rate mortgages, effective next Tuesday.

The four-year closed-rate mortgage is moving up 10 basis points to ...

RBC to hike mortgage rates on Tuesday

June 28th, 2013

 

RBC already increased some of its mortgage rates earlier this month following a plunge in bond prices in May.

 

Toronto - Royal bank of Canada is once again boosting some of its home mortgage rates effective Tuesdays.

The increases will range from one-tenth to three-tenths of a point, depending on the type of mortgage.

Royal Bank says its special discounted four-, five-, seven-, and ten-year rates are going up to 3.39, 3.69, 3.99 and 4.29% respectively.

Royal increased some of its mortgage ...

Canada Household Debt Ratio Falls for Second Time From Record

June 26th, 2013

The ratio of Canadian household debt to disposable income fell for a second quarter after reaching a record last year, suggesting consumers are heeding warnings about the risks of too much borrowing.
Credit-market debt such as mortgages fell to 161.8 percent of disposable income, compared with a revised 162.6 percent in the prior three-month period, Statistics Canada said today in Ottawa ...

The Economics of Mortgage Rates

June 25th, 2013

This has to be on one of the most confusing times in Canadian mortgages for a long time. We have inflation numbers come out at 0.7% when they were expected to be 0.9% and yet bond markets are on the rise causing mortgage rates to climb with them… this is not the way macroeconomics was supposed to work.
 
So what made this get so out of control – largely an announcement by the U.S. Feder ...

Higher bond yields trigger hike in mortgage rates

June 24th, 2013


The recent increase in mortgage rates by several of Canada’s big banks is likely the start of a slow upward trend, experts say.

Scotiabank, the Royal Bank of Canada, and TD Canada Trust raised rates this week on some mortgages for terms ranging from two to 10 years.

On Friday, the Bank of Montreal said it is hiking the rate for its three-year mortgage by 0.1 of a percentage point ...

Vancouver Real Estate Market Update June 2013!

June 23rd, 2013
Teresa Comeau's Real Estate Market Update for Vancouver BC June 11th 2013

Several big banks hike ‘special discounted’ fixed mortgage rates

June 22nd, 2013

Scotiabank and the Royal Bank of Canada on Thursday became the latest to announce a round of increases covering various terms of what they call special discounted rates.
TORONTO — A number of Canada’s largest banks are moving to increase some of their mortgage rates.

Scotiabank and the Royal Bank of Canada on Thursday became the latest to announce a round of increases covering various terms of what they call special discounted rates.

Those increases came a day after TD Canada Trust, the retail arm of TD Bank, boosted its “special” five-year closed rate a te ...

Yields, Swap Rates & Fixed Rates — Higher Yet Again

June 21st, 2013

steep-climbBond yields have been going vertical.

By early Thursday, the 5-year yield—which influences long-term fixed rates—was up as much as 20+ basis points in less than 48 hours. That's an unusual move and it was driven by optimistic economic comments from the U.S. central bank.

This spike in yields has led dozens of lenders to announce fixed rate increases. The most notable today was RBC, wh ...

New Challenges for Borrowers and Brokers Alike

June 20th, 2013

amortization-comparison

I have a favourite saying, which is “the only constant in life is change.” This certainly applies to the mortgage industry over the past few years.

For almost a year, we've been adapting to two major sets of mortgage changes, the insured mortgage rules imposed by Finance Minister Jim Flaherty and OSFI's B-20 residential underwriting guidelines. The latter has been causing lenders to ch ...

Failed condo pre-sale deal costs Vancouver buyer $750K

June 19th, 2013

 

 

A man who signed a pre-sale contract for a luxury condo in Vancouver has lost almost three quarters of a million dollars after he failed to complete the final sale on the unit.

Lawrence Austin signed a deal to buy the condo at 1499 West Pender in the spring of 2008, just months before the global financial crash.

Austin agreed to pay Reliance Properties $2.71 million for the 25th floor ...

2013 housing sales off to better start than expected

June 18th, 2013
OTTAWA — The number of Canadian homes sold so far this year is slightly higher than projected and it looks as if 2014 will show a rebound, according to a new forecast by the Canadian real estate industry’s main association.
The Canadian Real Estate Association said Monday it still expects fewer sales this year than in 2012 but says the decline will be smaller than what was predicted in March ...

CREA bumps up annual home sales forecast

June 17th, 2013

File photo of a house for sale in Toronto. (Brett Gundlock for The Globe and Mail)
The Canadian Real Estate Association is raising its forecast for home sales this year, as the steep sales slump that began last summer appears to be abating.

The association, which represents realtors across the country, said Monday that the number of existing homes that changed hands in May came in 2.6 per cent lower than the prior May. About 60 per cent of the local markets that it gathers ...

Donald Trump's Vancouver visit next week confirms speculation about tower

June 16th, 2013

Donald Trump's Vancouver visit next week confirms speculation about tower
VANCOUVER -- Donald Trump is coming to Vancouver next week, confirming speculation that the Holborn Group will be bringing a Trump International tower to the city.

The Holborn Group wouldn’t elaborate on the announcement, saying only that the iconic Manhattan developer is bringing his family — including son Donald and daughter Ivanka — to a news conference Wednesday to announce details of wh ...

Canadian Dollar Advances as Economic Gains Prompt Rate-Rise Bets

June 16th, 2013


The Canadian dollar rose to the strongest level in a month against its U.S. peer as investors bet a strengthening economy will convince the Bank of Canada to raise its benchmark interest rate.

The currency gained for a second week versus the greenback as volatility in global foreign-exchange markets reached the highest in a year amid speculation on when the Federal Reserve will start taperin ...

Are Canada’s mortgage wars over?

June 14th, 2013

A woman walks past graffiti which reads, "KA-CHING" near condominium buildings behind a lot of vacant land that is boarded up in Toronto in this September 21, 2012 file photo. It's looking like an unsettling spring in Canadian housing, a market that has proven far more even-keeled and less scary for investors in recent years than in the United States.   REUTERS/Mark Blinch/Files  (CANADA - Tags: BUSINESS CONSTRUCTION REAL ESTATE)
Fixed mortgage rates are heading higher. Royal Bank of Canada, the country's largest mortgage lender, was the first to hike its rates, lifting the popular five-year fixed mortgage rate by 20 basis points to 3.29 per cent on Monday. In recent days, TD Canada Trust and Laurentian Bank followed. Who will be next to hike rates is anyone's guess.

While the higher mortgage rate environment can be ...

DLC Acquires Mortgage Centre Canada

June 13th, 2013
Today we are proud to announce that Dominion Lending Centres has purchased Mortgage Centre Canada (MCC) from the Canadian Imperial Bank of Commerce (CIBC).
 
MCC is a strong Canadian brand consisting of 90 franchises operating out of 160 locations across the country with 1,133 mortgage professionals. In 2012, MCC successfully funded more than $6.9 billion in mortgage v ...

Spring puts bounce back in Canadian home prices

June 12th, 2013

The report suggested Canada’s housing market regained strength in the spring after a long slow winter of decline following the government’s move to tighten mortgage lending rules in July 2012.
TORONTO — Canadian home prices jumped in May from April as a spring rebound in real estate continued in most cities, offsetting a couple of weak markets, the Teranet-National Bank Composite House Price Index showed on Wednesday.

Upbeat new housing numbers could be ‘last hurrah’

New housing already purchased and in the pipeline continues to propel the Canadian real estate market but worrie ...

Brokers hold breath as monolines follow big banks

June 11th, 2013
As the big banks increase their fixed rates, monolines like MCAP and First National are following suit – eliminating any breathing room for brokers already trimming commissions to accommodate clients.
 
“The first question out of their mouth is always ‘What is your best rate?’” says Shawn Mooney, a broker with Verico Bayfield Mortgage Professionals in Airdrie, Alberta. “It was tough to conv ...

Why you should take Canada’s jobs bonanza with a grain of salt

June 10th, 2013

Job-seekers at a jobs fair in Toronto. Canada long ago recovered all the jobs lost during the 2008-09 recession, but unemployment remains above pre-crisis levels and net job losses were recorded in the first four months of this year.
OTTAWA — Canada’s economy churned out a spectacular 95,000 jobs in May, the second-biggest gain in 37 years, according to an official report that raised hopes the economy is gaining momentum, but was also taken with a grain of salt.

Canada posts biggest job gain in 11 years, crushing forecasts

Canada’s unpredictable labour market delivered another big surprise in May, piling on 95,000 job ...

The secret plan to break up the CMHC

June 9th, 2013


Larry Smith delivers his warning about the state of Canada’s housing market in the kind of gruff, no-nonsense tone you might expect from a guy who’s seen it all before and said everything he thought he could  in years past, back when people might have listened.

Canada Mortgage and Housing Corp., the country’s national housing agency, is finally on the path to being operated like a significan ...

May 2013 Housing Market Update

June 8th, 2013
The Real Estate Board of Greater Vancouver Housing Market Update for May 2013 with REBGV president Sandra Wyant.

RBC mortgage rates to rise on Monday

June 7th, 2013

RBC's mortgage rates will rise on Monday.

TORONTO — One of Canada’s biggest mortgage lenders says many of its rates are going up Monday.

Royal Bank of Canada says the increases will range from one-tenth to two-tenths of a point, depending on the type of mortgage.

The biggest increase affects a five-year closed mortgage that RBC has been offering at 3.09% — a promotional rate below the regular rate of 5.14%.

The special five-year r ...

BOC's Poloz: As global economy heals, interest rates will rise

June 6th, 2013

Bank of Canada Governor Stephen Poloz used his first public comments to reiterate Mark Carney’s view that the central bank’s policy rate will rise as the economy grows and declined to give “running commentary” on whether the nation’s currency is overvalued.

 

“As the world heals, interest rates will rise,” Poloz, 57, said during testimony to the House of Commons Finance Committee in Ottaw ...

May Real Estate Stats: Spring months bring balance to Greater Vancouver housing market

June 5th, 2013

While the number of home sales in Greater Vancouver continued to trend below the 10-year average in May, the balance of sales and listings meant continued market stability this spring.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,882 on the Multiple Listing Service® (MLS®) in May 2013. This represents a one per cent ...

Change in the Canadian Mortgage Market

June 4th, 2013



The Canadian Association of Accredited Mortgage Professionals (CAAMP) recently released its spring mortgage consumer report, Change in the Canadian Mortgage Market.

 

The report, compiled by Will Dunning, CAAMP’s Chief Economist, reveals that Canadians are comfortable with their mortgage, but also discusses the impacts that government restrictions on mortgage borrowing are having on ho ...

Vancouver housing affordability improves – but still worst in Canada: RBC

June 3rd, 2013


In 2013’s first quarter, owning a detached bungalow would take up 82.3% of a typical income earner’s pre-tax paycheque, up 0.1 percentage points from the previous quarter. That compares with 53.8% for Toronto and 38.7% for Ca ...

Extreme Saving: Setting a retirement goal of age 35

June 1st, 2013

Derek Knight is living mortgage-free and saves more than 70% of his income with the goal of retiring  in the next few years. Derek and with his wife Mandy play with their children Madelyn, 4, Ethan, 3, and Evelyn, 1, in the living-room of their Port Dover home

Derek Knight is living mortgage-free and saves more than 70% of his income w ith the goal of retiring in the next few years. Derek and w ith his w ife Mandy play Glenn Lowson photo for National Post
w ith their children Madelyn, 4, Ethan, 3, and Evelyn, 1, in the living-roomof their Port Dover home
Derek Knight is living mortgage-free and saves more than 70% of his income w ith t ...