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Updated from our First Time Buyer's Archive. Originally posted on Jun13, 2007 Imagine falling in love with a home, making and offer only to find out later that you are not eligible for such amount? Or another scenario: Competing with other buyers over your dream home, to find out the vendor accepted the other buyer’s offer JUST because they were already pre-approved. It does happen. … [Read more...]
This is one of the most informative articles on quebec Housing economy published this year. The FCIQ released the latest Window on the Market newsletter, in the section "A word from the Economist", this month's issue discusses the price increase in Quebec's market since the 1980's until the present date (and then some forecasts). Get the ultimate answer to the perennial question: How … [Read more...]
An article by the Canadian Press: Several of Canada's big banks announced increases in their residential mortgage rates effective Tuesday. Royal Bank (TSX:RY), TD Bank (TSX:TD) and Laurentian Bank (TSX:LB) all raised the posted rate for a five-year fixed-rate mortgage by 0.15 percentage points to 5.54 per cent. Royal Bank raised its special offer rate for a five-year mortgage by 0.15 … [Read more...]
Bank of Canada governor Mark Carney raised the overnight lending rate a 0.25% point on Wednesday morning. CTV News reports: The decision marks the third straight month that the central bank has boosted the rate, which was set at a rock-bottom 0.25 per cent during the recession. The overnight lending rate affects short-term borrowing, such as variable-rate mortgages and some lines of … [Read more...]
Great deals only last for a limited time. We all knew it was coming, we just didn't know how soon... Canada's biggest banks are increasing key mortgage rates. Royal Bank of Canada announced the change on five-year, fixed-rate mortgages to 5.45%, an increase of 0.2%. Bank of Montreal, Toronto-Dominion Bank, Bank of Nova Scotia and Canadian Imperial Bank of Commerce are following. The changes at … [Read more...]
Interest rates drop half a point - The Star.com "Bank of Canada governor Mark Carney has signalled the need for lower consumer borrowing costs and hinted further interest rate cuts may be required to shield Canada from a worse-than-expected slowdown in the United States. For the second time in eight weeks, the Bank of Canada slashed its policy-setting overnight interest rate by half a percentage … [Read more...]
The interest rate cut announced today by the Bank of Canada will help Canadian home owners and buyers, according to The Canadian Real Estate Association. The Bank of Canada cut its benchmark overnight lending rate by one-half of one percentage point to 3 1/2 per cent on March 4th, and signaled further cuts in the near future. The trend-setting Bank rate, which is set 0.25 percentage points above … [Read more...]
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