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Posted Mortgage Trends

December ’09 best ever for home sales

Hard to believe that we were or are in a recession when you hear reports like this one in the media.   It’s easy to say that this market is interest rate driven…. there’s a lot of truth to that, but there must also be some level of consumer confidence… confidence in having a job, being able to pay the mortgage…   We’ll have to watch and see how the Feds will view these numbers…

Remember, inflation will surely cause the government to raise rates.. up til now, no inflation concerns… Personally, I think it was partly driven by pent-up buyer demand…the market was much slower than normal in September, October and November…  we’ll be watching and reporting…stay tuned..

Posted Mortgage Rates

Variable rate pricing drops again…

Last year, variable rate mortgages were Prime plus 0.60%…  a far cry from the Prime minus 0.90% that we saw 2 years ago.  Today, one of our Lenders has just come out with a special promotion of Prime less 0.30%….wow!    Prime is 2.25% less 0.30% gives us a rate of 1.95%….  gotta love it.

Posted Real Estate Trends

Real Estate prices expected to remain strong…

Here’s a little more good news…. Real estate prices are expected to remain strong in the first half of 2010 according to an article in the Canadian Press.

Did you know….. a 0.25% rate difference on a $250,000 mortgage adds up to a $3,100 savings over a typical 5 year term?   Factor in that your principal residence mortgage is not tax deductible and add in a 40% tax bracket and you are talking around a $5,000 difference…

Posted Mortgage Trends

Starting with the good news…

Welcome to the launch of  CanadaMortgageNews.ca.   This is the place to find the latest on interest rates, trends, forecasts and 0pinions….  A mortgage is the biggest debt for most of us…take the time to get informed and stay informed…

The good news for today is that the Bank of Canada announced they won’t raise interest rates to cool the housing market, according to an article in the Globe and Mail, Jan 11th.