5 Year Fixed 3.74%

5 Year Variable 3.15%

Current Mortgage News

Home sales fell 2.5% across Canada from November to December.

Michael Hapke from Advanced Mortgage Investment Corporation joins to group discussing the benefits and advantages of this arm of the Advanced Group of Companies.

In an announcement made today, the Bank of Canada has maintained its key interest rate at 1.75%. This rate impacts the bank prime lending rates on which variable rate loans are calculated.

The Bank of Canada maintained its key interest rate today, keeping the benchmark rate 1.75%. This is the interest rate that impacts borrowing interest rates for consumers, specifically the prime rate for variable rate debt.

Throughout the 2018, Canada has experienced increases in immigration and youth employment, which, along with an aging population, saw more demand in the rental housing markets.

Although recent reports have shown a dip in Canadian real estate, given the home sale data from October, it seems that the Canadian housing market remains balanced according to the recent data release from the Canadian Real Estate Associate (CREA).

The days of assuming low mortgage debt loads means less of a credit risk to the lenders and banks are in the past.

In the month of October, members of the Ottawa Real Estate Board (OREB) sold a total of 1,383 residential properties. This is an increase from both last October which saw 1,237 sales and the 5 year average of 1,223 sales for an increase of nearly 12%.

President and CEO of the Canadian Mortgage and Housing Corporation (CMHC), Evan Siddall addressed industry concerns regarding the regulatory changes at the National Mortgage Conference earlier this week.

As expected, the Bank of Canada has moved ahead with another increase of 0.25% to the target rate in a decision released today bringing the overnight target rate to 1.75%.

The stress test implemented in January 2018 has made it more challenging for those looking to shop around when their mortgage is up for maturity.

In a recent survey by the Canada Mortgage Housing Corporation (CMHC), 85% of recent first-time home buyers purchased homes at the top of their price range.