As stated in this article in the Vancouver Sun, the Canadian Real Estate Association has come out with new data for August showing home sales had increased 4.1% from July. This appears to indicate that the market is fairly stable for properties and sales, despite the numerous mortgage lending restrictions imposed upon the market over the past year in an attempt to protect the real estate market.
7 Ways To Build and Improve Your Credit Rating
I quite often meet with new clients who want to apply for financing and are looking for the best “A” mortgage rate possible. Everything looks good…until I check their credit. There are many different cases where clients of mine have poor credit for no really good reason. It is always rationalized to me by saying “The minimum payment is only $10 per month, I didn’t think it was a big deal” or something similar to that effect.
Major Bank Cuts Fixed Mortgage Rates to Spur Home Sales
There was an article today from the Financial Post about one of the major banks decreasing their interest rates. It is great free advertising for them, and I can only wish that a national newspaper would give me free press every time I had a mortgage lender that lowered interest rates, as all of my mortgage lenders have also done.
The Sky Still Isn’t Falling – Canadian Home Prices Continue to Rise
The Globe and Mail has an article out today on how Canadian home prices are continuing to rise despite the slower activity in the market recently. While these figures do not take into account July sales numbers, it is still a positive sign for everyone that believes the bubble on the housing market is bursting and that prices are going to go down significantly.
It is a Great Time to Refinance Your Mortgage
Each day I wake up and I check my email…and it seems like every day I am getting new notices about lower and lower rates. Last April I thought that rates were extremely low, and after fixed rates quickly went back up 1% I thought that we had seen the bottom…but it appears we are hitting a new all time low in fixed rate mortgages!
Variable Mortgage Rate Hike Forecast Dampened
CIBC world markets has trimmed their forecast for a Bank of Canada rate hike in coming months. The reasons for changing their forecast is due to slow growth in world markets, particularly in the US, which is Canada’s largest trading partner.
Canadian Dollar Continues to Increase in Value, Effect on Mortgages
The Canadian dollar continued to go up in value, reaching 98 cents US yesterday for the first time since May. This is usually what happens when the Bank of Canada raises interest rates, as they have twice recently and are expected to possibly do again in their next rate update.
Real Estate Owners, Mortgage Brokers and Home Buyers due for a “Reality Check”
Today I got this article come across my desk from the Financial Post talking about the “new reality” that everyone in the housing market will be facing in the near future. It is talking about the historical returns in the appreciation of real estate and how they are unsustainable, and gives some examples of people who have recently been burned by speculation in the real estate market.
Real Estate Prices and Sales Down in Vancouver
The mortgage news of the day today is that the Canadian housing market has cooled down considerably the past couple months compared to this time last year. The Canadian Real Estate Association has reported that housing sales are down 45% in Vancouver this year compared to July of 2009. Prices have also dropped since April, now being down 2.8 percent.
Online Mortgage Applications – Do You Know Who You Are Dealing With?
A question that I often receive when meeting with mortgage clients is “why is it that you do not have an online mortgage application?” I think today is a good day to write about exactly why I do not employ this tool in my mortgage operation, and I think it is food for thought for everyone searching for a mortgage on the internet. (more…)