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Please view the articles below for more information on Canadian mortgage lending rates, Kelowna mortgage rates, and the latest on home prices in BC and Kelowna. Low interest mortgage opportunities are also further explained in the articles below.
Happy New Year 2012!!!
Shannon, Chris, and I wish all our clients the best of everything this year. We thank you for your trust in us, especially to provide you and your family with mortgage solutions that best fit for each of you. We have learned years ago that no two deals are the same. We will continue to [...]
Paying Off Your Mortgage Faster May Not Be Your Best Strategy
We’ve all heard how beneficial it is to pay down your mortgage as quickly as possible (mostly from our parents), which is mainly to reduce the total interest costs you would pay until this debt is paid in full. I won’t bore you with all sorts of examples with how much you would save with a [...]
T.D. CEO Suggests Mortgage Rules Should Be Stricter
In a report in yesterday’s Globe And Mail, Ed Clark, the chief executive officer of Toronto-Dominion Bank, said the federal government should reduce the amortization of CMHC insured mortgages from 30 years to 25 years.
Apparently, we Canadians need to curtail our spending habits and the best way to fix this problem is for the banks to [...]
Purchasing a New Home and You’re Short Closing Costs?
We know it’s tough enough these days to save up for the minimum 5% downpayment that is required for the purchase of a new home let alone another 1.5% you’ll need to show the lender that you have available for the closing costs. Closing costs are normally the legal fees to register the mortgage and [...]
A Mortgage or a HELOC…Which one to choose?
By definition, the word mortgage comes from the French word “mort” which means “dead” and “gage” from Old English, which means “pledge”. It is a conveyance of an interest in property as security for the repayment of money borrowed. A traditional mortgage will have both principal and interest payments to eventually pay off the debt [...]
How easy (or hard) is it to refinance your mortgage if you lose your job?
Okay, you’ve dealt with the same bank for 30 years, never missed a payment, and always thought the bank has your best interest at heart. Perhaps they do. But just imagine you missed one or two payments on your mortgage or you tell them when you apply for a new mortgage that you just lost [...]
What’s new at The Mortgage Centre – BC Direct Mortgages!
Hello Everyone! It’s been a very hectic year so far and I know it’s been some time since my last blog. I promise to be more diligent in my blogging with more mortgage information and insight in future.
First of all, I am proud to announce a new addition to our team at The Mortgage Centre [...]
Rates Starting to Rise….What to do???
Financial institutions across Canada are starting to raise their fixed term rates this week by as much as 0.25%. One chartered bank’s best 5 year fixed rate is now 4.24%. However, we still have a few lenders today promoting their best 5 year fixed rate at 3.79%. The bank’s prime lending rate remains unchanged at [...]
November stats for the Okanagan
Here are some interesting stats from OMREB (Okanagan Mainline Real Esate Board). There seems to be a trend to a lower inventory level and with homebuyers continuing to take advantage at this time of a good selection and pricing along with securing a great mortgage rate (it’ll be very interesting to see where rates will be a [...]
The Bank of Canada raises its key interest rate by 0.25%
Quite expectedly (most economists were predicting this), The Bank of Canada has again raised their rate by 0.25%. Due to improved personal and corporate spending in the previous quarters and forseeable future, justifies for the increase at this time. However, the Bank of Canada suggests that this could be the last one we will see [...]
Are fixed rates heading “south” again?
Some lenders are cautiously reducing their rates for 3, 4, and 5 year fixed terms albeit with some conditions. One of our lenders is offering a 3 year fixed rate at 3.50% for new business and insured deals only. This same lender offers a 4 year rate with similar guidelines at 3.89%. Another lender has [...]
Rates One Year Ago Today!!!
Perhaps one of the most major decisions each of us makes with regards to our mortgage is which term to choose from: variable or fixed. Definitely not an easy task as we’re all wanting to pay the least amount of interest over time, yet have some comfort that the type of mortgage we do choose is the [...]
Bank of Canada raises the benchmark lending by 0.25%
Today, Mark Carney, the governor of Bank of Canada, announced that they have raised the overnight rate by 0.25%. This was definitely anticipated by most economists as the feds did indicate they would do so once the economy rebounded from the recession. I guess the bigger question is what they will do on July 20th, which is [...]
Interesting Re/Max survey results for first quarter of 2010…
showing luxury homes sales rebounding in Kelowna by 700%! (highest in Canada). We definitely all know that Kelowna and surrounding areas continues to attract buyers from across Canada and world-wide for that matter. In my initial meeting with new clients who are new to our area, I enjoy listening to each of their stories as to why they have [...]
Interest rates 20 years ago today!
You may be surprised by this, but back in April 1990, Canada’s prime lending rate charged by financial institutions was a whopping 14.75%! The average prime lending rate for the past 25 years is approx. 7.0% and has been under 5.0% for the past two years. We are all hearing that the Federal Government will [...]
5 year fixed rate now available at 3.69%!!!
It’s great to see these low rates still with us. For how long is anyone’s guess, but the Fed’s are suggesting rate hikes later this year. Let’s hope later than sooner. For those of you considering a variable rate mortgage, we have lenders offering a five year variable rate at Prime minus .40% (1.85%) or a three [...]
Canada Mortgage and Housing Corporation predicts a rise in housing construction.
In today’s news release by CBC, CMHC’s chief economist, Bob Dugan, has said that the increased demand for new homes across Canada is as a result of the strong pace of sales of existing homes as seen for the most part of 2009, along with continued low mortgage rates.
This is great news for all those in the construction trades, I’m [...]
The Government of Canada announced today…
three changes to a high-ratio, insured mortgage effective April 19th, 2010.
Here is the impact for each of the three changes to be implemented:
1. The first change is that qualifying for a new mortgage will be calculated using the higher five year fixed rate term instead of the three year fixed rate term. You can still choose [...]
Qualifying for a mortgage in the future may get tougher…
warns Finance Minister, Jim Flaherty. In a recent Globe and Mail article (Report on Business), the federal government has suggested that mortgage amortizations may be reduced and/or the minimum downpayment requirement may be increased. Either way, this is definitely not good news for those still saving for a downpayment or have a particular home price [...]
The ABC’s of mortgages and Understanding your Credit Report
Want to learn more about mortgages and would like to have a better understanding of your credit bureau report? The Financial Consumer Agency of Canada has a great website to answer these questions and much more. If you have any questions about your own situation and mortgage eligibility, please give me, Ed Kolisnyk (Accredited Mortgage [...]
Average Canadian home price to rise 5.4% in 2010!
In addition, existing home sales are forecasted to rise 13.3%, according to The Canadian Real Estate Association (CREA) in a recent article by CBC News.
Interestingly, the average home price increase would be $17,300 and the slight drop predicted for 2011 would be $5,100. That’s still approx. $12,000 more in the average Canadian home price from [...]
More Canadian Consumers are using mortgage brokers…
instead of going to the traditional bank branch according to a recent study by Maritz Research on behalf of CAAMP. In British Columbia, 27% of all mortgage activity is originated by mortgage brokers.
As an Accredited Mortgage Professional, my clients appreciate the knowledge and experience I bring to the table (I have over 30 years of [...]
Interest rates will eventually rise, but…
most Canadians are bracing for this according to a recent survey of mortgage consumers conducted by CAAMP in the fall of 2009. It was reported that for those who had purchased a home during the past 12 months, 80% of consumers took out fixed rate mortgages, and of those, 70% chose terms of 5 years [...]
Happy New Year! Historically over the years, December tends to slow down with general mortgage enquiries but….
for whatever reason, this past December continued on like previous months for those requiring mortgages for their home purchase or refinancing their existing mortgage for home renovations, consolidating debts, investment purposes, etc.
One main factor may well have been the extraordinary low mortgage rates we continue to enjoy (ie – the best 5 year fixed rate [...]
Ottawa Mulls Tighter Mortgage Rules
From CBC News Online:
Ottawa is considering new measures to tighten mortgage standards and prevent would-be homebuyers from taking on more debt than they can afford.
Finance Minister Jim Flaherty said in an interview with CTV he’s worried about people piling up debt while interest rates are low and then getting into trouble when interest rates rise, [...]
Housing Market to Continue Upswing
Found this great article from Castanet in Kelowna:
The housing market’s gradual upswing will continue throughout the fall and into the new year, says Kelowna’s Paul Fabri of the Canada Mortgage and Housing Corporation.
Read the article here…
Canada’s Remarkable Housing Recovery
Here is an article I found on http://www.cbc.ca/ :
The signs of economic recovery seem to be everywhere these days. Consumer confidence is up.
Click here to read the article…
Worst of Housing Price Decline Behind Us
Here is an interesting article I found online at The Financial Post website:
The worst is over for North America’s beleaguered housing markets, with a steady stream of data out of Canada and the U.S. indicating the recovery is at hand, economists say.
Click here to read the article…
Variable rate mortgage drops again!!!
One of our major lenders has just announced a rate reduction to their variable rate mortgage. The rate is now at Prime plus 0.20% which is 2.45% (current Prime lending rate is 2.25%). For those of you who are not wishing to lock in your mortgage just yet, take advantage of our best variable rate [...]
Some Interesting Statistics from CAAMP
In April 2009, CAAMP (Canadian Assoc.of Accredited Mortgage Professionals) reported from a recent survey the following:
First-time mortgages are most likely to be sourced through a mortgage broker (48%) (compared to Banks at 44%).
The mortgage broker industry represented 46% of all new mortgages written in Canada last year (compared to 43% through Banks).
The average mortgage holder [...]
Welcome to Summer in the Okanagan!!!
What a great day! The sun is shining, birds are singing, and mortgage rates are still a bargain! Yes, we’ve seen the rates slowly go up these past few weeks but no one would imagine that the lowest rates in history would last forever. The best 5 year fixed rate is now 4.29% which, in [...]
"Worst" of Housing Prices Decline Behind Us
The worst is over for North America's housing markets, with a steady stream of data out of Canada and the U.S. indicating the recovery is at hand, economists say.
Five Signs a Housing Recovery Is On The Way
Despite July's slight slip in housing starts, economists point out plenty of reasons for optimism.
Real Estate Booming in Vancouver and Victoria Areas
Historically low interest rates and discounted housing prices are fuelling a real estate boom on B.C.'s south coast with sales in Vancouver up 75 per cent compared to June of last year.
Bank of Canada Holds Rates Steady
Bank of Canada maintains overnight rate target at 1/4 per cent and reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010.
Metro Vancouver Real Estate Sales Bounce Back
Numbers down from one year ago but a strong surge in the month of March across Lower Mainland and the Island.
CAAMP's Annual State of the Residential Mortgage Market in Canada
The report, compiled by Will Dunning, CAAMP's chief economist, shows that Canadian mortgage consumers remain confident yet cautious during the current financial storm.
What Else has Happened that Could Possibly Cause a World Recession?
Heres a clue Four of the last five global recessions were caused by huge spikes in oil prices.
Weekly Market Insight
There are already a few signs that suggest we are closer to the end of the crisis than at the beginning.
Canadian Banks the Soundest in the World: Report
In the midst of a global market crisis, a survey by the World Economic Forum has proclaimed Canada to have the world's soundest banking system.
Where’s The Trigger for a Canadian House Price Crash?
The triggers that led to a freefall in Canadian real estate markets in the early 1990's and today in the US are nowhere to be found.
A Tale of Two Streets
Article explaining the US credit situation and Wall Street vs. Main Street's reaction.
Credit Crunch Fallout Raises Mortgage Rates
Mortgage rate increase linked to bailout's bond market impact.
An Exit Door for the Credit Crunch
Article explaining the bailout for the US credit crunch.
Feds Change Rules For Government Guaranteed Mortgages
Ottawa is tightening the rules for government-guaranteed mortgages that will limit the maximum amortization period to 35 years and require a minimum down payment of 5%.
BC House Prices Forecast to Keep Rising
Anyone looking for a dip in the British Columbia real estate market before buying a home might reconsider their strategy.
Bank of Canada Opts for Aggressive Interest Rate Cut
The Bank of Canada has lowered Canadian mortgage lending rates by half a percentage point.
Housing Starts Reach Record High
Kelowna area housing starts led by a multi-family sector, reached a record high in 2007.
TD Economics Commentary - Feb 1/08
The Feb 1 2008 economic commentary, provided by TD.
RBC Study: Homes Will Be More Affordable in 2008
Because of low interest mortgage rates, buying a house will become easier and more affordable in 2008, according to a Royal Bank of Canada report.
Bank of Canada Not Done Cutting Rates
Bank of Canada cuts rates by 25 basis points, and makes it clear that further rate reductions will follow in the coming months, further reducing Canadian mortgage lending rates.
What slowdown? Real estate has record year in Canada
The resale housing market in Canada's major cities enjoyed a record year for sales and prices in 2007.
The Canadian Mortgage Picture is Far Brighter Than in the U.S.
Article explaining the difference between the mortgage markets in Canada and the U.S.
North American and International Economic Highlights
If the fundamentals of the Canadian economy are much better, how come financial markets behave like Canada is in the middle of the American storm?
TD Economics Commentary - January 2008
The January economic commentary, provided by TD.
Canadian Interest Rates to Tumble
Article explaining Canadian mortgage lending rates could decrease in the coming year.
Canadian Cities - An Economic Snapshot
Article describing economic growth in various cities across Canada.
2008 Kelowna Housing Market Outlook
Kelowna low interest mortgage rates and strong demand will keep Kelowna area housing starts and existing home sales at near record high levels in 2008.
Has the U.S. Subprime Correction Gone Too Far?
Article further explaining the U.S. subprime crisis.
CIBC World Markets - September Economics & Strategy
The September 2007 economics report, provided by CIBC.
Bank of Canada Holds Steady on Interest Rate
The global credit crunch has shoved the Bank of Canada to the sidelines, prompting the central bank to hold its key interest rate at 4.5 per cent.
What's Next in the Credit Crunch?
Is the worst now over, or does more turbulence lie ahead?
Mortgage Outlook - August
Article explaining that any increase in mortgage rates should be relatively modest.
What's in the Pipeline
The process of mortgage rate resets - the catalyst of the subprime meldown - is far from over.
CIBC World Markets - August Economics & Strategy
The August 2007 economics report, provided by CIBC.
U.S. Housing Woes Get Stuck at Border
Canada's strong economy and dearth of high-risk mortgage lending should help the real estate sector withstand the volatility that's been buffeting the equity markets.
A Credit Crunch Primer
Article explaining the U.S. subprime mortgage market.
The Canada-U.S. Housing Divide
The contrast between the Canadian and U.S. housing markets has never been starker.
CIBC World Markets - July Economics & Strategy
The July 2007 economics report, provided by CIBC.
Bank of Canada Rate Increase
July 10/07 - Bank of Canada raises overnight rate target by 1/4 percentage point to 4 1/2 per cent.
CIBC World Markets - June Economics & Strategy
The June 2007 economics report, provided by CIBC.
Kelowna Housing Market Outlook
Existing home market remains strong, thanks in part to Kelowna low interest mortgage rates.
Low-Rate Ride is Finished, So Lock In Your Mortgage
Article explaining that the golden age of variable-rate mortgages is over.
Housing Starts Will Slow Down in 2007 and 2008
Although fundamental factors such as high employment levels, income gains and low mortgage rates remain supportive of strong demand, housing starts will resume a gradual downward trend in 2007.
Five-Year Mortgage Remains the Most Popular Term for Canadians
Says The Canadian Association of Accredited Mortgage Professionals (CAAMP) biannual report "Consumer Mortgage Choices in a Changing Market".
Comments on Short and Long Term Interest Rates
The Bank of Canada made it very clear that it is going to raise rates come July 10.
Mortgage Rates: What To Do?
So what makes sense at this point? Is it a good time to lock in?
First-time Buyers Plunge Into the Market
No price too high as purchasers raid their RRSPs, borrow from family, Re/Max says.
CIBC World Markets - April Monthly Indicators
The April 2007 Monthly Indicators Forecast, provided by CIBC.
Canadian House Prices Not Based on Demographics Alone
Article explaining that house prices in Canada are more likely to double in the coming twenty years.
Mortgage Risk - Canada vs. USA
Interesting article outlining the differences between the Canadian and USA mortgage markets.
CIBC World Markets - March Monthly Indicators
The March 2007 Monthly Indicators Forecast, provided by CIBC.
CIBC World Markets - February Monthly Indicators
The February 2007 Monthly Indicators Forecast, provided by CIBC.
Mortgage Outlook - October
Explains that moderate downward pressure in rates is likely by mid-2007.
CIBC World Markets - November Monthly Indicators
The November 2006 Monthly Indicators Forecast, provided by CIBC.
CIBC World Markets - October Monthly Indicators
The October 2006 Monthly Indicators Forecast, provided by CIBC.
40 Year Amortization Now Available
Genworth Financial Canada making homeownership more affordable for canadians with 40 year amortization.
CIBC World Markets - August Monthly Indicators
The August 2006 Monthly Indicators Forecast, provided by CIBC.
Mortgage Outlook - August
August 2006 - Expert views on where the mortgage market is heading.
CIBC World Markets - July Monthly Indicators
The July 2006 Monthly Indicators Forecast, provided by CIBC.
Household Credit Analysis
An in-depth look at household credit statistics.
CIBC World Markets - June Monthly Indicators
The June 2006 Monthly Indicators Forecast, provided by CIBC.
Condominium Sales Post Double-Digit Gains in Q1 2006
Unprecedented demand for condominium apartments and town homes has sparked double-digit gains in unit sales in most major Canadian centres during the first quarter of 2006, says Re/Max.
Century 21 Canada Five-Year Comparison
Alberta and British Columbia post largest house price increases.
Albertans Drive Up B.C. Real Estate Prices
Data shows they're buying at twice the rate of other non-B.C. buyers.
Where are interest rates in Canada heading?
Economic Update provided by Benjamin Tal of CIBC World Markets.
CIBC World Markets - May Monthly Indicators
The May 2006 Monthly Indicators Forecast, provided by CIBC.
Bank of Canada Rate Increase
May 24/06 - Bank of Canada raises overnight rate target by 1/4 percentage point to 4 1/4 per cent.
2006 Federal Budget GST Reduction
The transitional rules for the new GST rate of 6% on purchasing a new residence.
Mortgage Outlook - April
Expert views on where the mortgage market is heading, as of April 2006.
Interest Rates: The Rising Cost of Money
An explanation of interest rates in Canada, provided by CBC News Online.
CIBC World Markets - March Monthly Indicators
The March 2006 Monthly Indicators Forecast, provided by CIBC.
CIBC World Markets
A brief assessment of the economy and implications for interest rates and the mortgage market.
CIBC World Markets - April Monthly Indicators
The April 2006 Monthly Indicators Forecast, provided by CIBC.
Bank of Canada Rate Increase
Apr 25/06 - Bank of Canada raises overnight rate target by 1/4 percentage point to 4 per cent.
Re/Max Real Estate - Decade In Review Report
A review of the realestate market from 1995-2005 provided by Re/Max.
CIBC World Markets - Monthly Indicators
The February 2006 Monthly Indicators Forecast, provided by CIBC.
CIBC Consumer Watch Canada - Long and Short
A closer look at the shape and near-term prospects of the mortgage market - its momentum and composition.
CMHC Market Insight - 4th Quarter 2005
"Market Insight" the newsletter from Canada Mortgage and Housing Corporation's BC Market Analysis Centre.
CMHC Mortgage Insurance Matters Winter Newsletter
The Winter 2005 Mortgage Insurance Matters Newsletter, provided by the CMHC.
Household Credit Analysis
Household Credit Analysis by Benjamin Tal, provided by CIBC.
CIBC World Markets Forecast - Winter 2005
The Winter 2005 World Markets Forecast, provided by CIBC.
CMHC Market Insight - 3rd Quarter 2005
"Market Insight" the newsletter from Canada Mortgage and Housing Corporation's BC Market Analysis Centre.
Scotiabank Real Estate News - July 2005
Real Estate News and Trends, provided by Scotiabank.
CMHC Mortgage Insurance Matters Fall Newsletter
The Fall 2005 Mortgage Insurance Matters Newsletter, provided by the CMHC.
CMHC Market Insight - 2nd Quarter 2005
"Market Insight" the newsletter from Canada Mortgage and Housing Corporation's BC Market Analysis Centre.
Economic Update August 2005
Economic Update August 2005, provided by CIBC.
CIBC World Markets Forecast - Summer 2005
The Summer 2005 World Markets Forecast, provided by CIBC.
CMHC Mortgage Insurance Matters Summer Newsletter
The Summer 2005 Mortgage Insurance Matters Newsletter, provided by the CMHC.
Economic Update June 2005 - "How Low Can Rates Go?"
Economic Update June 2005, provided by CIBC.
CIBC World Markets Forecast - Spring 2005
The Spring 2005 World Markets Forecast, provided by CIBC.
CMHC Mortgage Insurance Matters Spring Newsletter
The Spring 2005 Mortgage Insurance Matters Newsletter, provided by the CMHC.
CIBC Consumer Watch Canada - Loonie Boom
How The Soaring Dollar Is Sustaining The Canadian Housing Market.
First Time Home Buyer Help
Finding and purchasing the right home isn't a matter of luck. It's a matter of good planning. And since you can't be expected to know everything, you should obtain qualified professional assistance whenever possible. We put together the following advice.
Finding The Right Mortgage
When you are searching for the right mortgage for your needs, there are many different factors to keep in mind. You want to obtain the right mortgage at the right price and with the right terms. Here is a discussion of some of the key issues to consider.
You Don't Need A Spouse
It may not be as straightforward as buying a house with your spouse, but going in with a friend on a home purchase can work out, as long you hope for the best and prepare for the worst.
The Mortgage Game: Gamble or play it safe?
Mortgage Customers are deserting play-it-safe locked-in mortgages by the thousands for the high risk gamble of variable rate interest rate. The savings have been huge all year.
Educated Buyers
That financial commitment is called a mortgage and, for some people, getting one for the first time can be a confusing or even intimidating process.
Lower Rates Drive Housing Frenzy
First-time buyers are entering the housing market in record numbers. As many as 75 per cent of people buying homes this year may be first timers, says a survey released last November by Canada Mortgage and Housing Corp.
Thank you for viewing the information on Canadian mortgage lending rates, Kelowna mortgage rates, and the latest on home prices in BC and Kelowna. If you have any questions on low interest mortgage opportunities, please give our mortgage brokers at The Mortgage Centre – BC Direct Mortgages a call anytime at (250) 762-2070.
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