Just got notice from one lender that their 5 year fixed rate will increase tomorrow. Not sure by how much increase until tomorrow. Their current 5 year fixed rate is 2.79%.
What housing crisis? Many homeowners would be spared in major correction
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Ross Andrews, Special to Financial Post | 13/05/09 | Last Updated: 13/05/09 10:50 AM ET
There is a housing market correction in the making and it has the banks a little worried — but homeowners even more so. Get ready for a slew of “Told ya so” commentaries from anyone who has predicted a crash over the past decade. Cry about something long enough and eventually it’ll come true. But let’s take a step back and think about the situation.
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Theresa Tedesco | 13/05/08 | Last Updated: 13/05/09 8:37 AM ET
Most summers, federal Finance Minister Jim Flaherty gathers with a group of CEOs, academics and policy wonks in the quiet Quebec village of Wakefield. Two years ago, Robert P. Kelly, the newly minted chairman of the Canada Mortgage and Housing Corp., was among the 25 invitees who attended the August, 2011 retreat. At the time, the 59-year-old Haligonian inhabited a corner office on Wall Street as chief executive officer of The Bank of New York Mellon, the fifth largest in the U.S. Apparently, Kelly made an impression with his blunt talk and depth of knowledge of the financial services industry in both Canada, where he spent 19 years at Toronto Dominion Bank, and the U.S. “He wasn’t the most subtle person in the room,” recalled Ian Lee, a professor at the Sprott School of Business at Carlton University. “He was very direct; he didn’t speak in code and nor was he politically correct.”
People still willing to jump into real estate bidding wars might want to ask themselves why they want to be part of such a buying frenzy in this softening market.
It always costs you, if you are buying. But apparently some Canadians are still willing to do the bidding of organized real estate and go to war over price.
By Dr. Don Taylor, Ph.D., CFA, CFP, CASL | Bankrate.com – Tue, 12 Mar, 2013 11:24 AM EDT
Refinancing a mortgage at a lower interest rate isn't always the right decision. Having bragging rights at the neighborhood picnic isn't a reason for refinancing a mortgage. Instead, it's good to put some thought behind the timing of your decision.
Refinancing a mortgage multiple times can reduce your overall financial benefit. Refinancing junkies who always migrate to the next low mortgage rate pay a hefty price by leaving a trail of closing costs in their wake.
B.C. property sales, prices drop in February as market chill
Posted by waterland 2013-03-28 14:39:13
The standoff between buyers and sellers extended into February across British Columbia, the B.C. Real Estate Association reported Thursday, prompting its chief economist to ponder when it might break.
Sales recorded through the Multiple Listing Service dropped 24 per cent in February to 4,501 transactions compared to 5,895 a year ago, the report said. The provincial average price was $529,922 in February, down 8.1 per cent from February 2012.
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