News, Views and Trends!
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.
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…
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.
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