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Mortgage News

Latest news on mortgage rates and tips for getting a mortgage.

Found 10 blog entries about Mortgage News.

2016 New Year's Resolutions from Finance Minister Bill Morneau

2016 Down payment increaseIf you're looking to purchase a home over $500,000 after February 15, 2016, you may want to start socking away more for your down payment.

In an effort to stabilize the Canadian housing market, Finance Minister Bill Morneau will be doubling the down payment required on homes priced from $500,000 to $999,999. Normally, a home or condo priced under $500,000 requires a minimum 5% down payment. With the new regulations, any portion above $500,000 will now require a minimum 10% down payment. Currently homes over $1 million already have a 20% minimum down payment requirement, which will remain as is.

To put this in perspective, if you buy a Calgary home or condo priced at $750,000, you will

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2014 has been a productive year for real estate in Calgary and across Canada. Fueled by low interest rates, home and condo sales have continued to increase in most areas. Here are the predictions for 2015 by some of the major players in the Canadian real estate industry:

Remax:

Because of falling oil prices, interest rates could remain as they are. Alberta home prices will increase, but only by three percent due to the slump in oil prices. Unless the price of oil continues to decline, house prices should remain steady.

Canada Mortgage and Housing Corporation:

Existing home sales will rise moderately with increases of about 2 percent.

Royal Bank of Canada:

Not the most optimistic report, RBC predicts that home sales are expected to drop by

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Calgary Real Estate News

Read all about it! Don’t miss the big Calgary real estate news from Feb. 17-March 4. Compliments of the Calgary Home Team.

Calgary Real Estate Market Soars to New Highs, Calgary Herald

While the mercury tumbled in February, it was piping hot for Calgary’s resale housing market. February established all-time highs for MLS sale prices, as well as luxury home sales, while nearly 1 in 5 transactions turned into bidding wars in the marketplace due to a continued low inventory of available properties. “Prices are high, for sure, but other factors are driving those strong sales. Calgary is adding close to 30,000 people a year. And Calgarians, whether they’ve just arrived or have lived here for years, can flat-out service those bigger mortgages and higher

1,668 Views, 3 Comments

Calgary Real Estate News

Read all about it! Don’t miss the most important events in Calgary real estate news for the weeks of December 29, 2013 - January 11, 2014. Compliments of the Calgary Home Team.

Banks, Insurance Companies Clamp Down On Financing Post-Flood, CBC

Residents are in a state of frenzy and frustration following the recent announcement by many banks and insurance companies that, due to Calgary being an unpredictable area post-flood, financing options will be reduced for home owners. The news comes seven months after the southern prairies were destroyed by the torrential phenomena.

Companies are laying down a blanket policy, wherein any homes within the vicinity of certain high risk area codes must inherit extra conditions to mortgages and financial

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Calgary Homes for Sale Read all about it! Don’t miss the most important events in Calgary real estate news for the week of  June 3 - 9, 2013.  Compliments of the Calgary Home Team.

Bank of Canada Keeps Interest Rate At The Same 1%! CTV NEWS

Last week,  Bank of Canada has announced that it is keeping the prime interest rate at the current 1%. The announcement that came in the wake of stronger than expected 2013 first-quarter economic growth, has showed an increasing confidence in the rest of the year growth, expecting it to remain in alignment with the bank's forecast.  

Calgary Residential Resale Prices Break Records In May! Calgary Herald

May turned out to be a very strong month for real estate market in Calgary as the total residential sales of 2,543 (up 6.80 per cent

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Calgary Homes for Sale It is no secret to anyone following the real estate market news in Canada that home sales, with few exceptions, were cooling down across the country lately! The recent, most evident plunges in sales activity that were recorded in British Columbia and Ontario, have led the Canadian Real Estate Association (CREA) in its latest Quarterly Forecast Report to lower its expectations for Canadian home sales this year and the next, while cautioning at the same time that "all real estate is local." (Calgary market, for example, backed with strong economic growth has performed very well in 2012. Check out our market report here!)  

In a recent report released by the Canadian Association of Accredited Mortgage Professionals, the chief economist, Will

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Canadian Home Prices to Contract Over the Next Two YearsA new poll by Pollara for the Bank of Montreal said that about half of the Canadians (49%) are not familiar with the changes to the mortgage rules!  Only 45% of those surveyed knew that the amortization period for government insured mortgages is now down to 25 years from the previous 30 years.  The recent changes to mortgage rules, effective July 9th, 2012 is a step in the right direction to impose limits on the household demand of credit without disturbing the economy with higher interest rates, which will help to cool off some of the overvalued markets like Vancouver and Toronto!  A recent report released lately by TD Economics is anticipating a decrease in the Canadian household debt over the next two years, helping to narrow the gap between the income

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Mortgage Anuual Percentage Rate CalgaryWhen it comes to mortgages we have to admit that interest rate is the feature that gets most of the the home buyers attention in the contract! The lower the better, they think, forgetting that it is but one factor among many others that determine the total cost of the borrowed money!

Comparing interest rate of one lender to another in order to make your final decision is not a very wise move and could be misleading to say the least. And while there is no magic, one and only formula that you can apply to get the best deal when shopping for a mortgage, some other more accurate tools do exist to help you in your mortgage comparison task, and among them is the APR or the Annual Percentage Rate!

So what is APR and how does it work? APR or Annual Percentage

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mortgage battleCanada's mortgage party has come to an abrupt halt, reports Grant Robertson with The Globe and Mail.

The bonanza of dirt-cheap mortgages offered by some of the country’s biggest lenders in recent weeks has been shut down sooner than expected, as banks pull their offers in the face of higher funding costs and concerns over dwindling profit margins.

On Wednesday, Toronto-Dominion Bank (TD-T 78.87-0.22-0.28%) pulled discount mortgage rates that were supposed to be available until the end of the month. Royal Bank of Canada (RY-T 53.85-0.08-0.15%) did the same on Tuesday.

RBC and TD were both offering four-year fixed-rate mortgages with a 30-year-amortization at 2.99 per cent, and had announced plans to keep those rates in place until the end of the

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If you're like a lot of Calgary home buyers, you may have questions about the differences between a five-year and a ten-year mortgage. The five-year fixed rates are looking pretty tempting these days, hovering around 3%, but if you're planning to stay in your new home for a long time, or if you're buying a rental property that you plan to hold onto, you may want to consider a ten-year term.

Thanks to Allan Bowerman, AMP (Senior Mortgage Planner with The Mortgage Alliance Company of Canada) for providing the following information, which may help you to make an informed decision. Let's see how two five-year mortgages stack up against a ten-year.

First Scenario

Mortgage Amount

$250,000.00

Five-Year at 3.19%

Payment

1,672 Views, 0 Comments