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BCREA Mortgage Rate Forecast March 2012
* Frenzied competition pushes offered mortgage rates to all time lows
* Pressure on mortgage funding costs rising
* Contagion risk in Europe reduced, but uncertainty remains
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BCREA Mortgage Rate Forecast September 2011
The third quarter saw a stunning collapse in government bond yields as markets digested weak US economic data and an increasingly serious debt crisis in the Euro-zone. The yield on five-year Government of Canada debt fell an incredible 150 basis points from its peak in the first quarter to 1.35 per cent, the lowest level on record.
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BCREA Mortgage Rate Forecast 2011
Following a period of relative calm, global financial markets have again been unsettled by fiscal instability in Europe and uncertainty regarding the Federal Reserves’ ability to spur the US economy out of its current doldrums. Amidst this economic backdrop, key government bond yields have reversed their downward trend, moving sharply higher. In our final mortgage rate forecast of 2010, we discuss what these trends mean for mortgage rates over the coming year...
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BCREA Mortgage Rate Forecast July 2010
The Canadian economy grew at the exceptional pace of 6.1% in the first quarter of 2010, propelled by a booming housing market, strong consumer spending and the rebuilding of private sector inventories. Moreover, growth in the second quarter of 2010, while not expected to register the sizzling pace of the previous six months, should be a robust 3%-4%. However there are signs that the economy, if not stalling out, may be
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Change in Qualification Criteria February 15, 2010
The federal finance minister this week announced a number of measure steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians. The change in the qualification criteria are minimal and will only impact a small percentage of borrowers.
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June 2009, How can mortgage rates be going up when prime is coming down
Now just imagine the family dinner conversation where your brother or sister declares utter confusion at how the prime rate could drop on the same day that rates went up for fixed mortgages. This just doesn't make sense… or does it? Let's clarify how fixed-rate and variable-rate mortgages are priced and you'll see the difference.
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Missing the Boat, June 13 2009
"I do think that interest rates will rise, I don't think it will happen in the very near future but three, four, five months from now they will be higher. Definitely a year from now they will be higher. And in two years, they could be notably higher." That’s what noted CIBC economist, Benjamin Tal, told the Globe & Mail yesterday. The Globe’s piece questioned whether people have missed the boat on historically-low fixed mortgage rates. If one had to guess, there’s a good chance that boat has indeed
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Analysts advise choosing type of mortgage wisely March 9, 2009
Bargain basement borrowing costs are prompting many Canadians to opt for fixed mortgages even though variable products continue to be a money-winning option for the foreseeable future, industry observers say. Canadian Imperial Bank of Commerce's chief economist says variable rate mortgages should produce the greater benefit for the next two to 2.5 years,
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Mortgage Insurance or Life Insurance ?
When buying a home or renewing a mortgage, many people think they are obligated to sign up for their financial institution's mortgage life insurance. Don't rush into buying your bank's insurance policy until you've looked at all the possibilities. You could end up saving money and getting added life insurance coverage at the same time by purchasing a term life insurance policy instead.
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Bank of Canada Makes Deep Cut in Rates
HEATHER SCOFFIELD
Globe and Mail Update
December 9, 2008 at 10:58 AM EST
OTTAWA — The Bank of Canada has dramatically cut its key interest rate by a hefty three-quarters of a percentage point, blaming a “broader and deeper” global slowdown for driving Canada into recession.
The central bank's overnight lending rate now stands at 1.50 per cent, a generational low and the likes of which have not been seen since the 1950s.
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Carney signals further interest rate cuts. Globe and Mail Nov 2008
Canada's economic prospects have deteriorated in the past month, and the central bank may continue to cut its key interest rates in order to stimulate growth, Bank of Canada Governor Mark Carney said Wednesday. In a speech in London's financial district, Mr. Carney laid out a blueprint to fix broken global financial markets, building on agreements already reached by decision makers to keep money flowing freely
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Average Mortgage Rate 1951-2007
Prior to 1978 the conventional mortgage rate shown is a simple average of rates charged by a number of large institutional lenders, including chartered banks for residential mortgage loans as at midmonth. Between 1967 and 1970 the average rate shown includes rates for twenty-five year mortgages. Prior to 1967 the average rate shown is exclusively for twenty-five year mortgages.
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Homeowners pushed to lock in mortgage rates Oct 15 2008
TORONTO - Canadian banks are trying to convince consumers to lock in their mortgage rates because more than 20 per cent of the home loans they have negotiated have become unprofitable, according to industry sources. The push has come after the banks cut the discount they offered to consumers with
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BCREA Mortgage Update Sept 2008
Posted Canadian mortgage rates moved up in mid-June and July before settling lower in August. Borrowing costs on one-, three- and five-year fixed-rate mortgages fell during the second week of August by 30 basis point (bps) compared to a week earlier. This decline brought the average one- and five-year rates down to
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Bank of Canada Sept 2 2008
MONTRÉAL, QUEBEC – The world is grappling with dramatic events that have seized up markets, sparked a massive flight to quality and caused some great names in the world of finance to succumb, Bank of Canada Governor Mark Carney said today. But, he argues, the turmoil may be cathartic in restructuring markets, prompting decisive policy responses and speeding the reordering of the financial system to make the world more stable. He concludes that Canada’s financial system is well positioned to weather this financial storm because it has been
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