The Bank of Canada announced this week it will begin purchasing 10-year Canada Mortgage Bonds (CMBs), a move seen as paving the way for mortgage lenders to more easily offer lower-cost 10-year fixed mortgage rates to consumers.
I recently had clients who were refinancing their mortgage completely reject a very attractive offering from one of the big chartered banks.
The governor of the Bank of Canada suggests it won’t be long before the country’s housing market has bounced back and starts growing once again.
As property values have soared, Canadians have been increasingly securing loans through home equity lines of credit, or HELOCS — which let borrowers tap into the value of their home even if they aren’t finished paying off a mortgage.
An analysis from LowestRates.ca has found that, in 2018, Canada’s largest banks – RBC, TD, BMO, Scotiabank, CIBC, and National Bank of Canada – were consistently the most expensive options.
Why do we stay with them? Complacency is a big reason. A lack of knowledge is another.
“[The Canadian Real Estate Association] will release the full set of October housing market data [this week], and the overall picture will continue to look stable/subded,” writes Kavcic. “National sales are estimated to be down 6 percent year-over-year, slightly improved from September’s 8.9 percent year-over-year decline.”
The Canadian housing market hasn’t provided much of a boost to the country’s economy in 2018 and, according to one bank, it’s a trend that will likely continue in the new year.
Housing starts have been slowing in recent months, which CIBC economist Royce Mendes believes is a sign that the market will exert a drag on the Canadian economy in 2019.
Interest rates, and more specifically the growing certainty of higher rates to come, have been dominating headlines following the announcement of a new trade agreement
In its latest report of its results, the Canadian Imperial Bank of Commerce announced that new mortgage sales volume weakened by over 40% in the
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