Not too hot, not too cold, but ‘just right’ – the Goldilocks scenario that appears to be playing out in the Canadian housing market.
Mark Chandler, head of fixed income and currency strategist at RBC Capital Markets, noted that the latest round of mortgage measures – instituted in the summer of 2012 – looks like a success in terms of cooling demand.
“After an initial period of weakness in resale activity and subsequent rebound, sales have broadly stabilized,” Mr. Chandler said. “At present, there remains few signs the ‘holding pattern’ we have seen in the sector is apt to change.”
Today, about 30% of Canadian homeowners arrange their mortgages through mortgage brokers – independent specialists with extensive knowledge of mortgage lenders’ product offerings, their features and benefits, and contacts throughout the lender community to ensure competitive rates.
What can a Mortgage Broker do for you?
Mortgage Brokers are experts dedicated to finding the right mortgage solution and simplifying the mortgage financing process. The Broker will take the time to understand your individual situation and tailor the best solution from among the hundreds of products available to today’s homebuyers. Brokers complete all the paperwork and keep up-to-date on industry issues and changes that could affect the decision you make about which mortgage solution is right for you.
Rising prices, mortgage rates hits home affordability
Posted by waterland 2013-12-11 15:57:20
by The Canadian Press - Story: 103535
Nov 26, 2013 / 9:08 pm
OTTAWA - Higher prices and an increase in mortgage rates have made home affordability more of a problem for the average Canadian family, says a new report from the Royal Bank of Canada (TSX:RY).
RBC's latest research on the portion of average household income needed to maintain a home shows that affordability deteriorated over the summer, the second consecutive drop in as many quarters.
It’s easy to get caught in the posted mortgage rate trap at the big banks.
No, you won’t have to pay the posted rate on your next mortgage. Pretty much nobody does that any more, according to mortgage broker Robert McLister. The real danger is that posted rates will be used to calculate the penalty if you ever have to break your mortgage, probably costing you thousands of extra dollars.
Andrea Hopkins, Reuters | 13/06/12 | Last Updated: 13/06/12 10:54 AM ET
ORONTO — Canadian home prices jumped in May from April as a spring rebound in real estate continued in most cities, offsetting a couple of weak markets, the Teranet-National Bank Composite House Price Index showed on Wednesday.
The index, which measures price changes for repeat sales of single-family homes, showed overall prices rose 1.1% in May, the ninth time in 15 years that May prices were up 1.0% or more from April.
Garry Marr | 13/06/10 | Last Updated: 13/06/10 7:01 PM ET
New housing already purchased and in the pipeline continues to propel the Canadian real estate market but worries persist about what happens when that tap turns off.
Canadian housing starts rose at their fastest pace in more than a year in May on a surge in condominium construction, CMHC reports
For now, the industry got another bit of good news Monday with Canada Mortgage and Housing Corp. saying new home construction or starts reached the lofty 200,000 level in May on a seasonally adjusted annualized basis.
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