Posts tagged “Mortgage Rates

Bank of Canada Keeps Benchmark Rate Unchanged!

Key Interest Rate Stays Put

With a lower growth forecast, the Bank of Canada is once again keeping its key policy rate unchanged, noting that our historic low rates “will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required.” With a weaker second half of 2012, the bank projects that growth in Canada will regain some momentum through 2013, with the economy “reaching full capacity in mid 2015 – later than anticipated.”

The prime rate for most lenders should stay at 3%, now unchanged since September 2010.

The Bank’s next rate decision is scheduled for May 29.

As for fixed rates, we continue to enjoy historically low rates for those looking to purchase or refinance, perfect for the spring market!

Some of the Best Rates out there give me a call and I can connect to you to a great Mortgage Broker!
Terms Posted Rates Our Rates
6 MONTHS 4.00% 3.95%
1 YEAR 3.00% 2.65%
2 YEARS 3.04% 2.69%
3 YEARS 3.70% 2.65%
4 YEARS 4.64% 2.85%
5 YEARS 5.24% 2.84%
7 YEARS 6.35% 3.49%
10 YEARS 6.75% 3.69%
Rates are subject to change without notice. OAC E&OE





Kitchener Waterloo Real Estate Market Update for 2013 –

I listened to Craig Alexander, Chief Economist for TD Bank speak yesterday on where he see’s the Real Estate market going for 2013. Have a look at the video to hear my thoughts on what he had to say.

Mortgage Plus Improvments and How It Works – Kitchener Waterloo Homes for sale

If you are in the market for a new home and are having trouble finding something that suits or have found something but it needs a bit of work and you may not have the extra money out-of-pocket, then you can get a mortgage plus improvements type product to help make that home a possibility. Have  a look at the video to hear how the product works.

New Mortgage Rules and how they affect you – Kitchener Waterloo Homes for sale

Last week the government mortgage rule changes came into effect. There were 2 major changes that are going to effect people and the amount that they will be able to borrow. Have a listen to the video to hear my thoughts.

Mortgage Pre Approvals. Why they are a good idea! – Kitchener Waterloo Real Estate, Homes and condos online

Before you start your home buying search a great first step is to get a mortgage preapproval from your bank or mortgage broker. There are a few key reasons as to why. Have a look at this video to hear some helpful advice.

Mortgages…Read the documents before you sign – Kitchener Homes for sale

Make sure you always read the paperwork before you sign any mortgage or legal documents. Have a look at the video to see my thoughts….

Interest Rate announcement last week and what it means for Canadians

Here are some brief thoughts on the Fed’s announcement to keep rates at the same levels.

Bank of canada raises rates again… still no need to panic! -Kitchener Homes for Sale.

The Bank of Canada cranked up its trendsetting overnight rate for the third time in four months on Wednesday and the impact will be felt by a wide range of borrowers. But home buyers? Not so much.

 True, the central bank’s increase of one-quarter of a percentage point has already been applied by the major banks to their prime lending rate which now sits at 3%. That in turn means variable-rate mortgages, plus lines of credit, are now a quarter-point more expensive.

 But there are two trends that offset higher carrying costs for variable-rate mortgages. One is that fixed-rate mortgages, notably in the popular five-year term, have been coming down in recent weeks and are now as low as 3.59 per cent. That’s a fabulous rate, by the way.

 The other trend is a return to previous levels of discounting in variable-rate mortgages. If you shop around you can find them as low as .70 off prime rate. Do your homework and shop around. My best advice is talk to a great mortgage broker and have them shop around for the best rate out there. Ever percentage point you can save will mean huge savings over the years to come.

 If you have any questions as always send me a quick email  

Thanks and have a super day!

Kitchener Homes for sale -Rates Stay Put for Now

Bank of Canada (BOC) announced that rates are going to stay where they are for now. But for how long? Watch the video to see my thoughts.

Waterloo Homes for sale – RBC and TD raise rates…

RBC and TD raised the 5 year posted rate by 6/10th’s of a percent to 5.85%. Hear my thoughts on this and why it is not time to start getting stressed about cheap money being over.

Kitchener Homes For sale-Real Estate Inventory Levels are dropping.

Real Estate inventory levels across the country are dropping and Kitchener Waterloo is no exception. Unlike last February the market has done a complete 180 degree turn. There are buyers getting into the market that wouldn’t normally move this soon for several reasons.

  1.  the threat of higher interest rates is ever looming and at some point they are going to start to go up.
  2. the announcement last week by Minister Jim Flaherty tightening the lending criteria for banks and financial institutions
  3. the H.S.T. is just around the corner and it will bring with it a slight increase in the cost of buying a home.

Watch my video for my thoughts on how this is all going to play out  and please leave your comments or thoughts.

Kitchener Homes for sale -New Mortgage Rules For Real Estate Investment

If you are a new or active real estate investor the announcement this morning from Finance Minister Jim Flaherty will have an effect on how you qualify and purchase property. In a release this morning he is making 3 significant changes to Mortgage insurance rules:

1. Variable mortgages qualified at five year fixed rate;

2. Refinancing limited to 90% instead of 95%;

3. Non owner occupied residences require 20% down payment;

“There is no clear evidence of a housing bubble, but we’re taking a proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it.” Say’s Flaherty.

So what does all that mean? Well as of April 19th these new rules will affect buying a home and more specifically investment property. Flaherty said that it is not meant to focus on investment property but speculators out there that are in multiple condo developments. I believe that this will help tighten the requirements so that people don’t get in over their head and over leveraged in the event that rates start to creep up.

I understand that you can still take advantage of the current structure until April 19th so give me a call to discuss if you have any questions.

Click hear to watch my video on the changes to the rules