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CANADA'S BEST 5-YEAR FIXED RATES The 5-year fixed rate is Canada’s most popular mortgage, by far, especially with first-time homebuyers. If you need long-term peace of mind, a five year mortgage is the best combination of security andsavings.
CANADA'S BEST 5-YEAR VARIABLE RATES Best 5 Year Variable Mortgage Rates. Variable-rate mortgages have outperformed for well over three decades. The best variable rates of all time have had discounts of one percentage point off prime rate. But even at a more modest prime minus 0.50%, they’ve handily beat fixed rates the majority of BEST MORTGAGE RATES CALGARY Calgary Average Home Price: $413,000 (as of December 2019; Source: CREA) Home Price Change (year-over-year): -1.4%. Minimum Down Payment Calgary: $20,650 (based on average home price) * Note: This page lists lenders with branches in the city and mortgage brokers with registered offices in the city. For a full list of mortgage providers in the BEST MORTGAGE RATES CANADA The Best Mortgage Rates in Canada Are Right Here! We spy on the best mortgage rates in Canada 24/7, helping you compare mortgage rates from virtually every lender and top mortgage broker in the country. FIND THE BEST MORTGAGE RATES IN CANADA Best Mortgage Rates: Tips. Your objective as a borrower must be to minimize your overall borrowing cost. The rate you choose is secondary to that goal for one simple reason: penalties, fees and rate surcharges can easily offset small differences in lender rates. CANADIAN BANK MORTGAGE RATES RateSpy.com is the only source that tracks estimated discretionary rates and official published rates from all of the six largest banks. The best mortgage rates at Canada’s banks generally apply to creditworthy borrowers with an amortization of 25 years or less. Higher rates sometimes apply to specialized products such as 30-year REVERSE MORTGAGE RATES CANADA A reverse mortgage is a loan that pays you cash, requires almost no proof of income and entails no payments until you leave your home.. What is the best reverse mortgage rate? The answer to that depends on what term you prefer. A 5-year fixed reverse mortgage rate, for example, is usually at least two-thirds of a percentage point greater than a variable or 1-year fixed. BEST MANITOBA MORTGAGE RATES Manitoba Mortgage Rates. Province in Brief: Manitoba is located at the longitudinal centre of Canada and is one of the country’s three Prairie provinces.It is bordered by Saskatchewan to the west, Ontario to the east and the territory of Nunavut to the north. It boasts a varied landscape, dominated by Canadian Shield and arctic tundra in the north and prairie grassland in the south and west. CANADA'S BEST 10-YEAR FIXED RATES The 10-year Fixed Mortgage . Ten-year mortgages have a few disadvantages, however: Fixed rates can have higher penalties for early termination. Major bank penalties, in particular, can be relatively extreme as they are calculated using the bank’s posted rates instead of its actual rates. BEST BC MORTGAGE RATES BC Home Prices. British Columbia is home to some of the highest average home prices in the country. As of November 2019, the average residential home price was $746,481, up 5.4% from the previous year (vs. the Canadian average home price of $528,728). (Images source:Wikipedia)
CANADA'S BEST 5-YEAR FIXED RATES The 5-year fixed rate is Canada’s most popular mortgage, by far, especially with first-time homebuyers. If you need long-term peace of mind, a five year mortgage is the best combination of security andsavings.
CANADA'S BEST 5-YEAR VARIABLE RATES Best 5 Year Variable Mortgage Rates. Variable-rate mortgages have outperformed for well over three decades. The best variable rates of all time have had discounts of one percentage point off prime rate. But even at a more modest prime minus 0.50%, they’ve handily beat fixed rates the majority of BEST MORTGAGE RATES CALGARY Calgary Average Home Price: $413,000 (as of December 2019; Source: CREA) Home Price Change (year-over-year): -1.4%. Minimum Down Payment Calgary: $20,650 (based on average home price) * Note: This page lists lenders with branches in the city and mortgage brokers with registered offices in the city. For a full list of mortgage providers in the FIND THE BEST MORTGAGE RATES IN CANADA Best Mortgage Rates: Tips. Your objective as a borrower must be to minimize your overall borrowing cost. The rate you choose is secondary to that goal for one simple reason: penalties, fees and rate surcharges can easily offset small differences in lender rates. BEST MORTGAGE RATES OTTAWA Ottawa Mortgage Rates. Mortgage Market Overview: Ottawa has one of the highest concentrations of mortgage brokers per capital in the country.That creates a vigorously competitive rate market, fuelled further by local lender Alterna Savings and the Big 5 banks. CANADA'S BEST HYBRID RATES Best. Mortgage Rates. A hybrid mortgage (a.k.a. “combination” or “50/50” mortgage) is part fixed and part variable. Or sometimes it is part long-term fixed rate and part short-term fixed rate. A hybrid mortgage allows a borrower to enjoy the stability of a fixed rate, while taking advantage of potential rate savings on the variableportion.
BEST MORTGAGE RATES CALGARY Calgary Average Home Price: $413,000 (as of December 2019; Source: CREA) Home Price Change (year-over-year): -1.4%. Minimum Down Payment Calgary: $20,650 (based on average home price) * Note: This page lists lenders with branches in the city and mortgage brokers with registered offices in the city. For a full list of mortgage providers in the MORTGAGE RATE COMPARISON CALCULATOR Mortgage Rate Comparison Calculator. This mortgage rate comparison calculator lets you compare the total nominal cost difference of any two interest rates over a given term. It also shows you the present value of that cost difference, which is a honest measure of how much rebate you should expect on a cashback effective rate. CANADA'S BEST HELOC RATES The average HELOC is approved for $135,000, as of 2014 (source: CAAMP). 9% of HELOC borrowers max them out, but that includes people who use them as mortgage substitutes (source: CAAMP). HELOCs require a minimum of 20% equity. Most lenders limit the revolving portion of a HELOC to 65% of a property’s value. On top of this, qualifiedborrowers
BEST MORTGAGE RATES SASKATOON Saskatoon Mortgage Rates. City in Brief: Saskatoon is located on the banks of the South Saskatchewan River in central Saskatchewan and is the largest city in the province. Saskatoon is sometimes referred to as “Hub City” since it is ideally situated in the centre of the country for distribution and logistics purposes, as well as “Bridge City” for the number of bridges that cross the BEST NEWFOUNDLAND MORTGAGE RATES Newfoundland Mortgage Rates. Province in Brief: Newfoundland and Labrador is the easternmost province in Canada and includes the island of Newfoundland and the mainland of Labrador.Roughly 92% of the province’s population lives in Newfoundland. The province’s Gros Morne National Park is a UNESCO world heritage site and is home to some of Newfoundland and Labrador’s most majestic CANADIAN MORTGAGE NEWS DAILY Singh calls for wartime era-like housing push and a return to 30-year mortgages (Kamloops This Week). Regarding Singh’s plan, which is going nowhere fast: Re-introducing 30-year amortizations on insured mortgages would certainly give people a buying power boost initially, but that boost would also drive up home prices, eventually negating much of the benefit. SERVUS CREDIT UNION MORTGAGE RATES Servus Credit Union Mortgage Rates. Servus Credit Union. Mortgage Rates. Below are the lowest mortgage rates that RateSpy is tracking for Servus Credit Union. Always confirm the exact up-to-date rate and terms directly with the provider itself. BEST MORTGAGE RATES CANADA The Best Mortgage Rates in Canada Are Right Here! We spy on the best mortgage rates in Canada 24/7, helping you compare mortgage rates from virtually every lender and top mortgage broker in the country. BEST MANITOBA MORTGAGE RATES Manitoba Mortgage Rates. Province in Brief: Manitoba is located at the longitudinal centre of Canada and is one of the country’s three Prairie provinces.It is bordered by Saskatchewan to the west, Ontario to the east and the territory of Nunavut to the north. It boasts a varied landscape, dominated by Canadian Shield and arctic tundra in the north and prairie grassland in the south and west. CANADIAN MORTGAGE NEWS DAILY By The Spy on May 9, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. 10 Things to Know About Mortgages This week. (RATESDOTCA) Mortgage rules changes often breed uncertainty about pre-approval handling. CANADA'S BEST 10-YEAR FIXED RATES The 10-year Fixed Mortgage . Ten-year mortgages have a few disadvantages, however: Fixed rates can have higher penalties for early termination. Major bank penalties, in particular, can be relatively extreme as they are calculated using the bank’s posted rates instead of its actual rates. CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 5, 2021. By The Spy on May 5, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. RBC Unexpectedly Lifts Fixed MortgageRates (RATESDOTCA)
CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 14, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. Don’t expect rate hikes till we regain “about 700,000 jobs,” Macklem suggests. NEW UNINSURED MORTGAGE STRESS TEST STARTS JUNE 1 Here’s the latest on what we know about the banking regulator’s new mortgage stress test proposal 12:10 p.m. ET Update OSFI has proposed a tougher minimum qualifying rate for uninsured mortgages. As planned, it will be the higher of: the mortgage contract rate plus 2%, or a 5.25% floor rate That 5.25% floor is 0.46%-pts HISTORY OF MORTGAGE RULE CHANGES IN CANADA History of Mortgage Rule Changes in Canada. By RateSpy Staff on March 25, 2018. The most extraordinary thing about Canadian real estate is how it has shrugged off rule change after rule change in the mortgage market. We’ve seen governments impose over 60 housing finance restrictions since 2008, the height of the global credit crisis. A TIP FOR THOSE WITH A HELOC WHO WANT TO SWITCH LENDERS MCAP Fusion. Etc. Until last year, if you wanted to change lenders with a collateral charge it usually required a refinance. That meant you couldn’t get super-low “insurable rates,” the best of which will save you about 1/4 point off your rate (i.e., ~$1,100 over five years per $100,000 of mortgage). But there’s now a little trick that THE NEW STRESS TEST COULD AFFECT YOUR PRE-APPROVAL The New Stress Test Could Affect Your Pre-Approval. By RateSpy Staff on October 24, 2017. If you’re among the roughly 1 in 6 conventional borrowers with the highest debt ratios, OSFI ’s new mortgage stress test could keep you from: buying the home you want (which may be a good thing) renewing at better rates with another lender, or. BEST MORTGAGE RATES CANADA The Best Mortgage Rates in Canada Are Right Here! We spy on the best mortgage rates in Canada 24/7, helping you compare mortgage rates from virtually every lender and top mortgage broker in the country. BEST MANITOBA MORTGAGE RATES Manitoba Mortgage Rates. Province in Brief: Manitoba is located at the longitudinal centre of Canada and is one of the country’s three Prairie provinces.It is bordered by Saskatchewan to the west, Ontario to the east and the territory of Nunavut to the north. It boasts a varied landscape, dominated by Canadian Shield and arctic tundra in the north and prairie grassland in the south and west. CANADIAN MORTGAGE NEWS DAILY By The Spy on May 9, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. 10 Things to Know About Mortgages This week. (RATESDOTCA) Mortgage rules changes often breed uncertainty about pre-approval handling. CANADA'S BEST 10-YEAR FIXED RATES The 10-year Fixed Mortgage . Ten-year mortgages have a few disadvantages, however: Fixed rates can have higher penalties for early termination. Major bank penalties, in particular, can be relatively extreme as they are calculated using the bank’s posted rates instead of its actual rates. CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 5, 2021. By The Spy on May 5, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. RBC Unexpectedly Lifts Fixed MortgageRates (RATESDOTCA)
CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 14, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. Don’t expect rate hikes till we regain “about 700,000 jobs,” Macklem suggests. NEW UNINSURED MORTGAGE STRESS TEST STARTS JUNE 1 Here’s the latest on what we know about the banking regulator’s new mortgage stress test proposal 12:10 p.m. ET Update OSFI has proposed a tougher minimum qualifying rate for uninsured mortgages. As planned, it will be the higher of: the mortgage contract rate plus 2%, or a 5.25% floor rate That 5.25% floor is 0.46%-pts HISTORY OF MORTGAGE RULE CHANGES IN CANADA History of Mortgage Rule Changes in Canada. By RateSpy Staff on March 25, 2018. The most extraordinary thing about Canadian real estate is how it has shrugged off rule change after rule change in the mortgage market. We’ve seen governments impose over 60 housing finance restrictions since 2008, the height of the global credit crisis. A TIP FOR THOSE WITH A HELOC WHO WANT TO SWITCH LENDERS MCAP Fusion. Etc. Until last year, if you wanted to change lenders with a collateral charge it usually required a refinance. That meant you couldn’t get super-low “insurable rates,” the best of which will save you about 1/4 point off your rate (i.e., ~$1,100 over five years per $100,000 of mortgage). But there’s now a little trick that THE NEW STRESS TEST COULD AFFECT YOUR PRE-APPROVAL The New Stress Test Could Affect Your Pre-Approval. By RateSpy Staff on October 24, 2017. If you’re among the roughly 1 in 6 conventional borrowers with the highest debt ratios, OSFI ’s new mortgage stress test could keep you from: buying the home you want (which may be a good thing) renewing at better rates with another lender, or. REVERSE MORTGAGE RATES CANADA A reverse mortgage is a loan that pays you cash, requires almost no proof of income and entails no payments until you leave your home.. What is the best reverse mortgage rate? The answer to that depends on what term you prefer. A 5-year fixed reverse mortgage rate, for example, is usually at least two-thirds of a percentage point greater than a variable or 1-year fixed. CANADA'S BEST 5-YEAR FIXED RATES The 5-year fixed rate is Canada’s most popular mortgage, by far, especially with first-time homebuyers. If you need long-term peace of mind, a five year mortgage is the best combination of security andsavings.
CANADIAN MORTGAGE NEWS DAILY Singh calls for wartime era-like housing push and a return to 30-year mortgages (Kamloops This Week). Regarding Singh’s plan, which is going nowhere fast: Re-introducing 30-year amortizations on insured mortgages would certainly give people a buying power boost initially, but that boost would also drive up home prices, eventually negating much of the benefit. BEST MORTGAGE RATES SASKATOON Saskatoon Mortgage Rates. City in Brief: Saskatoon is located on the banks of the South Saskatchewan River in central Saskatchewan and is the largest city in the province. Saskatoon is sometimes referred to as “Hub City” since it is ideally situated in the centre of the country for distribution and logistics purposes, as well as “Bridge City” for the number of bridges that cross the LATE BREAKING NEWS FROM OSFI ON ITS NEW STRESS TEST Important Clarifications Here’s more of what you need to know about the new stress test rules, straight from the regulator:. On the Need to Act Now. 25.6% of uninsured mortgages originated between July and December 2020 had a “qualified TDS” above 43%, OSFI says.. 44% is the limit, and for a healthy market you really want to see that number down in the teens (at most). VARIABLE VS. ARM: ONE'S NOT BETTER THAN THE OTHER The adjustable-rate mortgage (ARM) Its payment rises and falls with prime rate. The variable-rate mortgage (VRM) Its payment doesn’t change when prime rate changes. The only exception is when rates soar so much that you’re not paying all the interest. Then the payment generally rises to cover the interest due. The latter was the subjectof
1.99% MORTGAGE RATES ARE BACK. THIS TIME WITH DUCA Sub-2% rates are here again. This time from Toronto-based DUCA Financial Services Credit Union — for default-insured 2-year fixed mortgages.This brand new offer is easily the lowest 2-year fixed rate out there. In fact, it’s the lowest mortgage rate in Canada period, and 57 basis points below the country’s next best offer. “This product is designed to help out first-time homebuyers get CANADA’S INVERTED YIELD CURVE. WHAT HAPPENS TO MORTGAGE The Canadian yield curve has officially inverted and that’s bearish for mortgage rates.. An “inverted yield curve” (in this context) means that the interest rate on almost every Canadian government bond is now below the Bank of Canada’s 1.75% overnight rate. That’spretty rare.
PEOPLE ARE LOCKING IN VARIABLES AT LOWER FIXED RATES In the world we now live in, variable borrowers are actually locking into five-year fixed rates that are lower than their current rate. For as long as we’ve been keeping detailed rate records (since 2009), we’ve never seen this happen before. One couple we spoke with this week has a prime – 0.55% (3.40%) variable from a major bank. OSFI DISMISSES RENEWAL IMPACT OF B-20 OSFI Dismisses Renewal Impact of B-20. We’ve said it many times over. OSFI ’s imposition of a stress test on borrowers switching lenders is potentially the most short-sighted government mortgage policy in Canadian history. The policy keeps borrowers—who have proven their ability to handle their mortgage—from switching lendersto reduce
BEST MORTGAGE RATES CANADA The Best Mortgage Rates in Canada Are Right Here! We spy on the best mortgage rates in Canada 24/7, helping you compare mortgage rates from virtually every lender and top mortgage broker in the country. BEST MANITOBA MORTGAGE RATES Manitoba Mortgage Rates. Province in Brief: Manitoba is located at the longitudinal centre of Canada and is one of the country’s three Prairie provinces.It is bordered by Saskatchewan to the west, Ontario to the east and the territory of Nunavut to the north. It boasts a varied landscape, dominated by Canadian Shield and arctic tundra in the north and prairie grassland in the south and west. CANADIAN MORTGAGE NEWS DAILY By The Spy on May 9, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. 10 Things to Know About Mortgages This week. (RATESDOTCA) Mortgage rules changes often breed uncertainty about pre-approval handling. CANADA'S BEST 10-YEAR FIXED RATES The 10-year Fixed Mortgage . Ten-year mortgages have a few disadvantages, however: Fixed rates can have higher penalties for early termination. Major bank penalties, in particular, can be relatively extreme as they are calculated using the bank’s posted rates instead of its actual rates. CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 5, 2021. By The Spy on May 5, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. RBC Unexpectedly Lifts Fixed MortgageRates (RATESDOTCA)
CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 14, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. Don’t expect rate hikes till we regain “about 700,000 jobs,” Macklem suggests. NEW UNINSURED MORTGAGE STRESS TEST STARTS JUNE 1 Here’s the latest on what we know about the banking regulator’s new mortgage stress test proposal 12:10 p.m. ET Update OSFI has proposed a tougher minimum qualifying rate for uninsured mortgages. As planned, it will be the higher of: the mortgage contract rate plus 2%, or a 5.25% floor rate That 5.25% floor is 0.46%-pts HISTORY OF MORTGAGE RULE CHANGES IN CANADA History of Mortgage Rule Changes in Canada. By RateSpy Staff on March 25, 2018. The most extraordinary thing about Canadian real estate is how it has shrugged off rule change after rule change in the mortgage market. We’ve seen governments impose over 60 housing finance restrictions since 2008, the height of the global credit crisis. A TIP FOR THOSE WITH A HELOC WHO WANT TO SWITCH LENDERS MCAP Fusion. Etc. Until last year, if you wanted to change lenders with a collateral charge it usually required a refinance. That meant you couldn’t get super-low “insurable rates,” the best of which will save you about 1/4 point off your rate (i.e., ~$1,100 over five years per $100,000 of mortgage). But there’s now a little trick that THE NEW STRESS TEST COULD AFFECT YOUR PRE-APPROVAL The New Stress Test Could Affect Your Pre-Approval. By RateSpy Staff on October 24, 2017. If you’re among the roughly 1 in 6 conventional borrowers with the highest debt ratios, OSFI ’s new mortgage stress test could keep you from: buying the home you want (which may be a good thing) renewing at better rates with another lender, or. BEST MORTGAGE RATES CANADA The Best Mortgage Rates in Canada Are Right Here! We spy on the best mortgage rates in Canada 24/7, helping you compare mortgage rates from virtually every lender and top mortgage broker in the country. BEST MANITOBA MORTGAGE RATES Manitoba Mortgage Rates. Province in Brief: Manitoba is located at the longitudinal centre of Canada and is one of the country’s three Prairie provinces.It is bordered by Saskatchewan to the west, Ontario to the east and the territory of Nunavut to the north. It boasts a varied landscape, dominated by Canadian Shield and arctic tundra in the north and prairie grassland in the south and west. CANADIAN MORTGAGE NEWS DAILY By The Spy on May 9, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. 10 Things to Know About Mortgages This week. (RATESDOTCA) Mortgage rules changes often breed uncertainty about pre-approval handling. CANADA'S BEST 10-YEAR FIXED RATES The 10-year Fixed Mortgage . Ten-year mortgages have a few disadvantages, however: Fixed rates can have higher penalties for early termination. Major bank penalties, in particular, can be relatively extreme as they are calculated using the bank’s posted rates instead of its actual rates. CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 5, 2021. By The Spy on May 5, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. RBC Unexpectedly Lifts Fixed MortgageRates (RATESDOTCA)
CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 14, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. Don’t expect rate hikes till we regain “about 700,000 jobs,” Macklem suggests. NEW UNINSURED MORTGAGE STRESS TEST STARTS JUNE 1 Here’s the latest on what we know about the banking regulator’s new mortgage stress test proposal 12:10 p.m. ET Update OSFI has proposed a tougher minimum qualifying rate for uninsured mortgages. As planned, it will be the higher of: the mortgage contract rate plus 2%, or a 5.25% floor rate That 5.25% floor is 0.46%-pts HISTORY OF MORTGAGE RULE CHANGES IN CANADA History of Mortgage Rule Changes in Canada. By RateSpy Staff on March 25, 2018. The most extraordinary thing about Canadian real estate is how it has shrugged off rule change after rule change in the mortgage market. We’ve seen governments impose over 60 housing finance restrictions since 2008, the height of the global credit crisis. A TIP FOR THOSE WITH A HELOC WHO WANT TO SWITCH LENDERS MCAP Fusion. Etc. Until last year, if you wanted to change lenders with a collateral charge it usually required a refinance. That meant you couldn’t get super-low “insurable rates,” the best of which will save you about 1/4 point off your rate (i.e., ~$1,100 over five years per $100,000 of mortgage). But there’s now a little trick that THE NEW STRESS TEST COULD AFFECT YOUR PRE-APPROVAL The New Stress Test Could Affect Your Pre-Approval. By RateSpy Staff on October 24, 2017. If you’re among the roughly 1 in 6 conventional borrowers with the highest debt ratios, OSFI ’s new mortgage stress test could keep you from: buying the home you want (which may be a good thing) renewing at better rates with another lender, or. REVERSE MORTGAGE RATES CANADA A reverse mortgage is a loan that pays you cash, requires almost no proof of income and entails no payments until you leave your home.. What is the best reverse mortgage rate? The answer to that depends on what term you prefer. A 5-year fixed reverse mortgage rate, for example, is usually at least two-thirds of a percentage point greater than a variable or 1-year fixed. CANADA'S BEST 5-YEAR FIXED RATES The 5-year fixed rate is Canada’s most popular mortgage, by far, especially with first-time homebuyers. If you need long-term peace of mind, a five year mortgage is the best combination of security andsavings.
CANADIAN MORTGAGE NEWS DAILY Singh calls for wartime era-like housing push and a return to 30-year mortgages (Kamloops This Week). Regarding Singh’s plan, which is going nowhere fast: Re-introducing 30-year amortizations on insured mortgages would certainly give people a buying power boost initially, but that boost would also drive up home prices, eventually negating much of the benefit. BEST MORTGAGE RATES SASKATOON Saskatoon Mortgage Rates. City in Brief: Saskatoon is located on the banks of the South Saskatchewan River in central Saskatchewan and is the largest city in the province. Saskatoon is sometimes referred to as “Hub City” since it is ideally situated in the centre of the country for distribution and logistics purposes, as well as “Bridge City” for the number of bridges that cross the LATE BREAKING NEWS FROM OSFI ON ITS NEW STRESS TEST Important Clarifications Here’s more of what you need to know about the new stress test rules, straight from the regulator:. On the Need to Act Now. 25.6% of uninsured mortgages originated between July and December 2020 had a “qualified TDS” above 43%, OSFI says.. 44% is the limit, and for a healthy market you really want to see that number down in the teens (at most). VARIABLE VS. ARM: ONE'S NOT BETTER THAN THE OTHER The adjustable-rate mortgage (ARM) Its payment rises and falls with prime rate. The variable-rate mortgage (VRM) Its payment doesn’t change when prime rate changes. The only exception is when rates soar so much that you’re not paying all the interest. Then the payment generally rises to cover the interest due. The latter was the subjectof
1.99% MORTGAGE RATES ARE BACK. THIS TIME WITH DUCA Sub-2% rates are here again. This time from Toronto-based DUCA Financial Services Credit Union — for default-insured 2-year fixed mortgages.This brand new offer is easily the lowest 2-year fixed rate out there. In fact, it’s the lowest mortgage rate in Canada period, and 57 basis points below the country’s next best offer. “This product is designed to help out first-time homebuyers get CANADA’S INVERTED YIELD CURVE. WHAT HAPPENS TO MORTGAGE The Canadian yield curve has officially inverted and that’s bearish for mortgage rates.. An “inverted yield curve” (in this context) means that the interest rate on almost every Canadian government bond is now below the Bank of Canada’s 1.75% overnight rate. That’spretty rare.
PEOPLE ARE LOCKING IN VARIABLES AT LOWER FIXED RATES In the world we now live in, variable borrowers are actually locking into five-year fixed rates that are lower than their current rate. For as long as we’ve been keeping detailed rate records (since 2009), we’ve never seen this happen before. One couple we spoke with this week has a prime – 0.55% (3.40%) variable from a major bank. OSFI DISMISSES RENEWAL IMPACT OF B-20 OSFI Dismisses Renewal Impact of B-20. We’ve said it many times over. OSFI ’s imposition of a stress test on borrowers switching lenders is potentially the most short-sighted government mortgage policy in Canadian history. The policy keeps borrowers—who have proven their ability to handle their mortgage—from switching lendersto reduce
BEST MORTGAGE RATES CANADA The Best Mortgage Rates in Canada Are Right Here! We spy on the best mortgage rates in Canada 24/7, helping you compare mortgage rates from virtually every lender and top mortgage broker in the country. BEST MANITOBA MORTGAGE RATES Manitoba Mortgage Rates. Province in Brief: Manitoba is located at the longitudinal centre of Canada and is one of the country’s three Prairie provinces.It is bordered by Saskatchewan to the west, Ontario to the east and the territory of Nunavut to the north. It boasts a varied landscape, dominated by Canadian Shield and arctic tundra in the north and prairie grassland in the south and west. CANADIAN MORTGAGE NEWS DAILY By The Spy on May 9, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. 10 Things to Know About Mortgages This week. (RATESDOTCA) Mortgage rules changes often breed uncertainty about pre-approval handling. CANADA'S BEST 10-YEAR FIXED RATES The 10-year Fixed Mortgage . Ten-year mortgages have a few disadvantages, however: Fixed rates can have higher penalties for early termination. Major bank penalties, in particular, can be relatively extreme as they are calculated using the bank’s posted rates instead of its actual rates. CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 5, 2021. By The Spy on May 5, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. RBC Unexpectedly Lifts Fixed MortgageRates (RATESDOTCA)
CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 14, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. Don’t expect rate hikes till we regain “about 700,000 jobs,” Macklem suggests. NEW UNINSURED MORTGAGE STRESS TEST STARTS JUNE 1 Here’s the latest on what we know about the banking regulator’s new mortgage stress test proposal 12:10 p.m. ET Update OSFI has proposed a tougher minimum qualifying rate for uninsured mortgages. As planned, it will be the higher of: the mortgage contract rate plus 2%, or a 5.25% floor rate That 5.25% floor is 0.46%-pts HISTORY OF MORTGAGE RULE CHANGES IN CANADA History of Mortgage Rule Changes in Canada. By RateSpy Staff on March 25, 2018. The most extraordinary thing about Canadian real estate is how it has shrugged off rule change after rule change in the mortgage market. We’ve seen governments impose over 60 housing finance restrictions since 2008, the height of the global credit crisis. A TIP FOR THOSE WITH A HELOC WHO WANT TO SWITCH LENDERS MCAP Fusion. Etc. Until last year, if you wanted to change lenders with a collateral charge it usually required a refinance. That meant you couldn’t get super-low “insurable rates,” the best of which will save you about 1/4 point off your rate (i.e., ~$1,100 over five years per $100,000 of mortgage). But there’s now a little trick that THE NEW STRESS TEST COULD AFFECT YOUR PRE-APPROVAL The New Stress Test Could Affect Your Pre-Approval. By RateSpy Staff on October 24, 2017. If you’re among the roughly 1 in 6 conventional borrowers with the highest debt ratios, OSFI ’s new mortgage stress test could keep you from: buying the home you want (which may be a good thing) renewing at better rates with another lender, or. BEST MORTGAGE RATES CANADA The Best Mortgage Rates in Canada Are Right Here! We spy on the best mortgage rates in Canada 24/7, helping you compare mortgage rates from virtually every lender and top mortgage broker in the country. BEST MANITOBA MORTGAGE RATES Manitoba Mortgage Rates. Province in Brief: Manitoba is located at the longitudinal centre of Canada and is one of the country’s three Prairie provinces.It is bordered by Saskatchewan to the west, Ontario to the east and the territory of Nunavut to the north. It boasts a varied landscape, dominated by Canadian Shield and arctic tundra in the north and prairie grassland in the south and west. CANADIAN MORTGAGE NEWS DAILY By The Spy on May 9, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. 10 Things to Know About Mortgages This week. (RATESDOTCA) Mortgage rules changes often breed uncertainty about pre-approval handling. CANADA'S BEST 10-YEAR FIXED RATES The 10-year Fixed Mortgage . Ten-year mortgages have a few disadvantages, however: Fixed rates can have higher penalties for early termination. Major bank penalties, in particular, can be relatively extreme as they are calculated using the bank’s posted rates instead of its actual rates. CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 5, 2021. By The Spy on May 5, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. RBC Unexpectedly Lifts Fixed MortgageRates (RATESDOTCA)
CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 14, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. Don’t expect rate hikes till we regain “about 700,000 jobs,” Macklem suggests. NEW UNINSURED MORTGAGE STRESS TEST STARTS JUNE 1 Here’s the latest on what we know about the banking regulator’s new mortgage stress test proposal 12:10 p.m. ET Update OSFI has proposed a tougher minimum qualifying rate for uninsured mortgages. As planned, it will be the higher of: the mortgage contract rate plus 2%, or a 5.25% floor rate That 5.25% floor is 0.46%-pts HISTORY OF MORTGAGE RULE CHANGES IN CANADA History of Mortgage Rule Changes in Canada. By RateSpy Staff on March 25, 2018. The most extraordinary thing about Canadian real estate is how it has shrugged off rule change after rule change in the mortgage market. We’ve seen governments impose over 60 housing finance restrictions since 2008, the height of the global credit crisis. A TIP FOR THOSE WITH A HELOC WHO WANT TO SWITCH LENDERS MCAP Fusion. Etc. Until last year, if you wanted to change lenders with a collateral charge it usually required a refinance. That meant you couldn’t get super-low “insurable rates,” the best of which will save you about 1/4 point off your rate (i.e., ~$1,100 over five years per $100,000 of mortgage). But there’s now a little trick that THE NEW STRESS TEST COULD AFFECT YOUR PRE-APPROVAL The New Stress Test Could Affect Your Pre-Approval. By RateSpy Staff on October 24, 2017. If you’re among the roughly 1 in 6 conventional borrowers with the highest debt ratios, OSFI ’s new mortgage stress test could keep you from: buying the home you want (which may be a good thing) renewing at better rates with another lender, or. REVERSE MORTGAGE RATES CANADA A reverse mortgage is a loan that pays you cash, requires almost no proof of income and entails no payments until you leave your home.. What is the best reverse mortgage rate? The answer to that depends on what term you prefer. A 5-year fixed reverse mortgage rate, for example, is usually at least two-thirds of a percentage point greater than a variable or 1-year fixed. CANADA'S BEST 10-YEAR FIXED RATES The 10-year Fixed Mortgage . Ten-year mortgages have a few disadvantages, however: Fixed rates can have higher penalties for early termination. Major bank penalties, in particular, can be relatively extreme as they are calculated using the bank’s posted rates instead of its actual rates. CANADA'S BEST 5-YEAR FIXED RATES The 5-year fixed rate is Canada’s most popular mortgage, by far, especially with first-time homebuyers. If you need long-term peace of mind, a five year mortgage is the best combination of security andsavings.
BEST MORTGAGE RATES OTTAWA Ottawa Mortgage Rates. Mortgage Market Overview: Ottawa has one of the highest concentrations of mortgage brokers per capital in the country.That creates a vigorously competitive rate market, fuelled further by local lender Alterna Savings and the Big 5 banks. CANADA'S BEST HYBRID RATES Best. Mortgage Rates. A hybrid mortgage (a.k.a. “combination” or “50/50” mortgage) is part fixed and part variable. Or sometimes it is part long-term fixed rate and part short-term fixed rate. A hybrid mortgage allows a borrower to enjoy the stability of a fixed rate, while taking advantage of potential rate savings on the variableportion.
CANADIAN MORTGAGE NEWS DAILY Singh calls for wartime era-like housing push and a return to 30-year mortgages (Kamloops This Week). Regarding Singh’s plan, which is going nowhere fast: Re-introducing 30-year amortizations on insured mortgages would certainly give people a buying power boost initially, but that boost would also drive up home prices, eventually negating much of the benefit. BEST MORTGAGE RATES SASKATOON Saskatoon Mortgage Rates. City in Brief: Saskatoon is located on the banks of the South Saskatchewan River in central Saskatchewan and is the largest city in the province. Saskatoon is sometimes referred to as “Hub City” since it is ideally situated in the centre of the country for distribution and logistics purposes, as well as “Bridge City” for the number of bridges that cross the LATE BREAKING NEWS FROM OSFI ON ITS NEW STRESS TEST Important Clarifications Here’s more of what you need to know about the new stress test rules, straight from the regulator:. On the Need to Act Now. 25.6% of uninsured mortgages originated between July and December 2020 had a “qualified TDS” above 43%, OSFI says.. 44% is the limit, and for a healthy market you really want to see that number down in the teens (at most). ING DIRECT MORTGAGE RATES Below are the lowest mortgage rates that RateSpy is tracking for ING Direct. Always confirm the exact up-to-date rate and terms directly with the provider itself. PEOPLE ARE LOCKING IN VARIABLES AT LOWER FIXED RATES In the world we now live in, variable borrowers are actually locking into five-year fixed rates that are lower than their current rate. For as long as we’ve been keeping detailed rate records (since 2009), we’ve never seen this happen before. One couple we spoke with this week has a prime – 0.55% (3.40%) variable from a major bank. BEST MORTGAGE RATES CANADA The Best Mortgage Rates in Canada Are Right Here! We spy on the best mortgage rates in Canada 24/7, helping you compare mortgage rates from virtually every lender and top mortgage broker in the country. CANADIAN BANK MORTGAGE RATES RateSpy.com is the only source that tracks estimated discretionary rates and official published rates from all of the six largest banks. The best mortgage rates at Canada’s banks generally apply to creditworthy borrowers with an amortization of 25 years or less. Higher rates sometimes apply to specialized products such as 30-year FIND THE BEST MORTGAGE RATES IN CANADA Best Mortgage Rates: Tips. Your objective as a borrower must be to minimize your overall borrowing cost. The rate you choose is secondary to that goal for one simple reason: penalties, fees and rate surcharges can easily offset small differences in lender rates. REVERSE MORTGAGE RATES CANADA A reverse mortgage is a loan that pays you cash, requires almost no proof of income and entails no payments until you leave your home.. What is the best reverse mortgage rate? The answer to that depends on what term you prefer. A 5-year fixed reverse mortgage rate, for example, is usually at least two-thirds of a percentage point greater than a variable or 1-year fixed. BEST MANITOBA MORTGAGE RATES Manitoba Mortgage Rates. Province in Brief: Manitoba is located at the longitudinal centre of Canada and is one of the country’s three Prairie provinces.It is bordered by Saskatchewan to the west, Ontario to the east and the territory of Nunavut to the north. It boasts a varied landscape, dominated by Canadian Shield and arctic tundra in the north and prairie grassland in the south and west. CANADA'S BEST 10-YEAR FIXED RATES The 10-year Fixed Mortgage . Ten-year mortgages have a few disadvantages, however: Fixed rates can have higher penalties for early termination. Major bank penalties, in particular, can be relatively extreme as they are calculated using the bank’s posted rates instead of its actual rates. BEST BC MORTGAGE RATES BC Home Prices. British Columbia is home to some of the highest average home prices in the country. As of November 2019, the average residential home price was $746,481, up 5.4% from the previous year (vs. the Canadian average home price of $528,728). (Images source:Wikipedia)
CANADA'S BEST 5-YEAR FIXED RATES The 5-year fixed rate is Canada’s most popular mortgage, by far, especially with first-time homebuyers. If you need long-term peace of mind, a five year mortgage is the best combination of security andsavings.
CANADA'S BEST 5-YEAR VARIABLE RATES Best 5 Year Variable Mortgage Rates. Variable-rate mortgages have outperformed for well over three decades. The best variable rates of all time have had discounts of one percentage point off prime rate. But even at a more modest prime minus 0.50%, they’ve handily beat fixed rates the majority ofPRIME RATE CANADA
Prime Rate History. All-time high: 22.75% (Aug. 1981) All-time low: 2.25% (Apr. 2009) Longest period of no change: 4.33 years (Sep. 2010 to Jan. 2015) Since the Bank of Canada started inflation targeting in 1991, the average Bank of Canada rate hike cycle has lasted 2.29 percentage points (as measured from the trough to the peak, as ofSeptember 2018).
BEST MORTGAGE RATES CANADA The Best Mortgage Rates in Canada Are Right Here! We spy on the best mortgage rates in Canada 24/7, helping you compare mortgage rates from virtually every lender and top mortgage broker in the country. CANADIAN BANK MORTGAGE RATES RateSpy.com is the only source that tracks estimated discretionary rates and official published rates from all of the six largest banks. The best mortgage rates at Canada’s banks generally apply to creditworthy borrowers with an amortization of 25 years or less. Higher rates sometimes apply to specialized products such as 30-year FIND THE BEST MORTGAGE RATES IN CANADA Best Mortgage Rates: Tips. Your objective as a borrower must be to minimize your overall borrowing cost. The rate you choose is secondary to that goal for one simple reason: penalties, fees and rate surcharges can easily offset small differences in lender rates. REVERSE MORTGAGE RATES CANADA A reverse mortgage is a loan that pays you cash, requires almost no proof of income and entails no payments until you leave your home.. What is the best reverse mortgage rate? The answer to that depends on what term you prefer. A 5-year fixed reverse mortgage rate, for example, is usually at least two-thirds of a percentage point greater than a variable or 1-year fixed. BEST MANITOBA MORTGAGE RATES Manitoba Mortgage Rates. Province in Brief: Manitoba is located at the longitudinal centre of Canada and is one of the country’s three Prairie provinces.It is bordered by Saskatchewan to the west, Ontario to the east and the territory of Nunavut to the north. It boasts a varied landscape, dominated by Canadian Shield and arctic tundra in the north and prairie grassland in the south and west. CANADA'S BEST 10-YEAR FIXED RATES The 10-year Fixed Mortgage . Ten-year mortgages have a few disadvantages, however: Fixed rates can have higher penalties for early termination. Major bank penalties, in particular, can be relatively extreme as they are calculated using the bank’s posted rates instead of its actual rates. BEST BC MORTGAGE RATES BC Home Prices. British Columbia is home to some of the highest average home prices in the country. As of November 2019, the average residential home price was $746,481, up 5.4% from the previous year (vs. the Canadian average home price of $528,728). (Images source:Wikipedia)
CANADA'S BEST 5-YEAR FIXED RATES The 5-year fixed rate is Canada’s most popular mortgage, by far, especially with first-time homebuyers. If you need long-term peace of mind, a five year mortgage is the best combination of security andsavings.
CANADA'S BEST 5-YEAR VARIABLE RATES Best 5 Year Variable Mortgage Rates. Variable-rate mortgages have outperformed for well over three decades. The best variable rates of all time have had discounts of one percentage point off prime rate. But even at a more modest prime minus 0.50%, they’ve handily beat fixed rates the majority ofPRIME RATE CANADA
Prime Rate History. All-time high: 22.75% (Aug. 1981) All-time low: 2.25% (Apr. 2009) Longest period of no change: 4.33 years (Sep. 2010 to Jan. 2015) Since the Bank of Canada started inflation targeting in 1991, the average Bank of Canada rate hike cycle has lasted 2.29 percentage points (as measured from the trough to the peak, as ofSeptember 2018).
FIND THE BEST MORTGAGE RATES IN CANADA Best Mortgage Rates: Tips. Your objective as a borrower must be to minimize your overall borrowing cost. The rate you choose is secondary to that goal for one simple reason: penalties, fees and rate surcharges can easily offset small differences in lender rates. CANADA'S BEST HELOC RATES The average HELOC is approved for $135,000, as of 2014 (source: CAAMP). 9% of HELOC borrowers max them out, but that includes people who use them as mortgage substitutes (source: CAAMP). HELOCs require a minimum of 20% equity. Most lenders limit the revolving portion of a HELOC to 65% of a property’s value. On top of this, qualifiedborrowers
PRIME RATE CANADA
Prime Rate History. All-time high: 22.75% (Aug. 1981) All-time low: 2.25% (Apr. 2009) Longest period of no change: 4.33 years (Sep. 2010 to Jan. 2015) Since the Bank of Canada started inflation targeting in 1991, the average Bank of Canada rate hike cycle has lasted 2.29 percentage points (as measured from the trough to the peak, as ofSeptember 2018).
CANADA'S BEST HYBRID RATES Best. Mortgage Rates. A hybrid mortgage (a.k.a. “combination” or “50/50” mortgage) is part fixed and part variable. Or sometimes it is part long-term fixed rate and part short-term fixed rate. A hybrid mortgage allows a borrower to enjoy the stability of a fixed rate, while taking advantage of potential rate savings on the variableportion.
MORTGAGE RATE COMPARISON CALCULATOR Mortgage Rate Comparison Calculator. This mortgage rate comparison calculator lets you compare the total nominal cost difference of any two interest rates over a given term. It also shows you the present value of that cost difference, which is a honest measure of how much rebate you should expect on a cashback effective rate. BEST MORTGAGE RATES ALBERTA Alberta Mortgage Rates. Alberta in Brief Alberta is one of Canada’s three Prairie provinces, but features a diverse range of natural geography, including the prairies to the west, the desert badlands to the south, the Rocky Mountains to the west and vast boreal forests inthe north.
BEST MORTGAGE RATES CALGARY Calgary Average Home Price: $413,000 (as of December 2019; Source: CREA) Home Price Change (year-over-year): -1.4%. Minimum Down Payment Calgary: $20,650 (based on average home price) * Note: This page lists lenders with branches in the city and mortgage brokers with registered offices in the city. For a full list of mortgage providers in the CANADIAN MORTGAGE NEWS DAILY By The Spy on May 9, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. 10 Things to Know About Mortgages This week. (RATESDOTCA) Mortgage rules changes often breed uncertainty about pre-approval handling. CANADIAN MORTGAGE NEWS DAILY Singh calls for wartime era-like housing push and a return to 30-year mortgages (Kamloops This Week). Regarding Singh’s plan, which is going nowhere fast: Re-introducing 30-year amortizations on insured mortgages would certainly give people a buying power boost initially, but that boost would also drive up home prices, eventually negating much of the benefit. RBC ROYAL BANK MORTGAGE RATES But RBC may charge an approximately 0.10%-point higher rate if your amortization is over 25 years. As for payment frequency, you can choose any of the following on RBC mortgages: monthly, semi-monthly, bi-weekly, weekly, accelerated bi-weekly and accelerated weeklypayments.
BEST MORTGAGE RATES CANADA The Best Mortgage Rates in Canada Are Right Here! We spy on the best mortgage rates in Canada 24/7, helping you compare mortgage rates from virtually every lender and top mortgage broker in the country. CANADIAN BANK MORTGAGE RATES RateSpy.com is the only source that tracks estimated discretionary rates and official published rates from all of the six largest banks. The best mortgage rates at Canada’s banks generally apply to creditworthy borrowers with an amortization of 25 years or less. Higher rates sometimes apply to specialized products such as 30-year REVERSE MORTGAGE RATES CANADA A reverse mortgage is a loan that pays you cash, requires almost no proof of income and entails no payments until you leave your home.. What is the best reverse mortgage rate? The answer to that depends on what term you prefer. A 5-year fixed reverse mortgage rate, for example, is usually at least two-thirds of a percentage point greater than a variable or 1-year fixed. BEST MANITOBA MORTGAGE RATES Manitoba Mortgage Rates. Province in Brief: Manitoba is located at the longitudinal centre of Canada and is one of the country’s three Prairie provinces.It is bordered by Saskatchewan to the west, Ontario to the east and the territory of Nunavut to the north. It boasts a varied landscape, dominated by Canadian Shield and arctic tundra in the north and prairie grassland in the south and west. CANADIAN MORTGAGE NEWS DAILY By The Spy on May 9, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. 10 Things to Know About Mortgages This week. (RATESDOTCA) Mortgage rules changes often breed uncertainty about pre-approval handling. CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 5, 2021. By The Spy on May 5, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. RBC Unexpectedly Lifts Fixed MortgageRates (RATESDOTCA)
CANADA'S BEST 5-YEAR FIXED RATES The 5-year fixed rate is Canada’s most popular mortgage, by far, especially with first-time homebuyers. If you need long-term peace of mind, a five year mortgage is the best combination of security andsavings.
BEST BC MORTGAGE RATES BC Home Prices. British Columbia is home to some of the highest average home prices in the country. As of November 2019, the average residential home price was $746,481, up 5.4% from the previous year (vs. the Canadian average home price of $528,728). (Images source:Wikipedia)
CANADA'S BEST 5-YEAR VARIABLE RATES Best 5 Year Variable Mortgage Rates. Variable-rate mortgages have outperformed for well over three decades. The best variable rates of all time have had discounts of one percentage point off prime rate. But even at a more modest prime minus 0.50%, they’ve handily beat fixed rates the majority ofPRIME RATE CANADA
Prime Rate History. All-time high: 22.75% (Aug. 1981) All-time low: 2.25% (Apr. 2009) Longest period of no change: 4.33 years (Sep. 2010 to Jan. 2015) Since the Bank of Canada started inflation targeting in 1991, the average Bank of Canada rate hike cycle has lasted 2.29 percentage points (as measured from the trough to the peak, as ofSeptember 2018).
BEST MORTGAGE RATES CANADA The Best Mortgage Rates in Canada Are Right Here! We spy on the best mortgage rates in Canada 24/7, helping you compare mortgage rates from virtually every lender and top mortgage broker in the country. CANADIAN BANK MORTGAGE RATES RateSpy.com is the only source that tracks estimated discretionary rates and official published rates from all of the six largest banks. The best mortgage rates at Canada’s banks generally apply to creditworthy borrowers with an amortization of 25 years or less. Higher rates sometimes apply to specialized products such as 30-year REVERSE MORTGAGE RATES CANADA A reverse mortgage is a loan that pays you cash, requires almost no proof of income and entails no payments until you leave your home.. What is the best reverse mortgage rate? The answer to that depends on what term you prefer. A 5-year fixed reverse mortgage rate, for example, is usually at least two-thirds of a percentage point greater than a variable or 1-year fixed. BEST MANITOBA MORTGAGE RATES Manitoba Mortgage Rates. Province in Brief: Manitoba is located at the longitudinal centre of Canada and is one of the country’s three Prairie provinces.It is bordered by Saskatchewan to the west, Ontario to the east and the territory of Nunavut to the north. It boasts a varied landscape, dominated by Canadian Shield and arctic tundra in the north and prairie grassland in the south and west. CANADIAN MORTGAGE NEWS DAILY By The Spy on May 9, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. 10 Things to Know About Mortgages This week. (RATESDOTCA) Mortgage rules changes often breed uncertainty about pre-approval handling. CANADIAN MORTGAGE NEWS DAILY Canadian Mortgage News Daily — May 5, 2021. By The Spy on May 5, 2021. . Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents). Reader note: RateSpy’s mortgage news is now at → RATESDOTCA. RBC Unexpectedly Lifts Fixed MortgageRates (RATESDOTCA)
CANADA'S BEST 5-YEAR FIXED RATES The 5-year fixed rate is Canada’s most popular mortgage, by far, especially with first-time homebuyers. If you need long-term peace of mind, a five year mortgage is the best combination of security andsavings.
BEST BC MORTGAGE RATES BC Home Prices. British Columbia is home to some of the highest average home prices in the country. As of November 2019, the average residential home price was $746,481, up 5.4% from the previous year (vs. the Canadian average home price of $528,728). (Images source:Wikipedia)
CANADA'S BEST 5-YEAR VARIABLE RATES Best 5 Year Variable Mortgage Rates. Variable-rate mortgages have outperformed for well over three decades. The best variable rates of all time have had discounts of one percentage point off prime rate. But even at a more modest prime minus 0.50%, they’ve handily beat fixed rates the majority ofPRIME RATE CANADA
Prime Rate History. All-time high: 22.75% (Aug. 1981) All-time low: 2.25% (Apr. 2009) Longest period of no change: 4.33 years (Sep. 2010 to Jan. 2015) Since the Bank of Canada started inflation targeting in 1991, the average Bank of Canada rate hike cycle has lasted 2.29 percentage points (as measured from the trough to the peak, as ofSeptember 2018).
FIND THE BEST MORTGAGE RATES IN CANADA Best Mortgage Rates: Tips. Your objective as a borrower must be to minimize your overall borrowing cost. The rate you choose is secondary to that goal for one simple reason: penalties, fees and rate surcharges can easily offset small differences in lender rates.PRIME RATE CANADA
Prime Rate History. All-time high: 22.75% (Aug. 1981) All-time low: 2.25% (Apr. 2009) Longest period of no change: 4.33 years (Sep. 2010 to Jan. 2015) Since the Bank of Canada started inflation targeting in 1991, the average Bank of Canada rate hike cycle has lasted 2.29 percentage points (as measured from the trough to the peak, as ofSeptember 2018).
BEST BC MORTGAGE RATES British Columbia (BC) consistently rivals Ontario for the lowest mortgage rates in the country. Not only are there more brokers per capita competing for your business, but B.C. also has a CANADA'S BEST HYBRID RATES Best. Mortgage Rates. A hybrid mortgage (a.k.a. “combination” or “50/50” mortgage) is part fixed and part variable. Or sometimes it is part long-term fixed rate and part short-term fixed rate. A hybrid mortgage allows a borrower to enjoy the stability of a fixed rate, while taking advantage of potential rate savings on the variableportion.
CANADA'S BEST 10-YEAR FIXED RATES The 10-year Fixed Mortgage . Ten-year mortgages have a few disadvantages, however: Fixed rates can have higher penalties for early termination. Major bank penalties, in particular, can be relatively extreme as they are calculated using the bank’s posted rates instead of its actual rates. CANADA'S BEST HELOC RATES The average HELOC is approved for $135,000, as of 2014 (source: CAAMP). 9% of HELOC borrowers max them out, but that includes people who use them as mortgage substitutes (source: CAAMP). HELOCs require a minimum of 20% equity. Most lenders limit the revolving portion of a HELOC to 65% of a property’s value. On top of this, qualifiedborrowers
MORTGAGE RATE COMPARISON CALCULATOR Mortgage Rate Comparison Calculator. This mortgage rate comparison calculator lets you compare the total nominal cost difference of any two interest rates over a given term. It also shows you the present value of that cost difference, which is a honest measure of how much rebate you should expect on a cashback effective rate. BEST MORTGAGE RATES ALBERTA Absolutely. You’ll find the spread between Alberta’s best and worst mortgage rates can be over one percentage point. RateSpy helps you compare mortgage rates in seconds, from among the most reputable providers in the province. The best mortgage rates can usually be found with brokers, but often major banks or credit unions will run BEST MORTGAGE RATES CALGARY Calgary Average Home Price: $413,000 (as of December 2019; Source: CREA) Home Price Change (year-over-year): -1.4%. Minimum Down Payment Calgary: $20,650 (based on average home price) * Note: This page lists lenders with branches in the city and mortgage brokers with registered offices in the city. For a full list of mortgage providers in the CANADIAN MORTGAGE NEWS DAILY Singh calls for wartime era-like housing push and a return to 30-year mortgages (Kamloops This Week). Regarding Singh’s plan, which is going nowhere fast: Re-introducing 30-year amortizations on insured mortgages would certainly give people a buying power boost initially, but that boost would also drive up home prices, eventually negating much of the benefit. the spy compares 2736 mortgage rates from 300 companies across canada* log in
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THE BEST MORTGAGE RATES IN CANADA ARE RIGHT HERE! We spy on the best mortgage rates in Canada 24/7, helping you compare mortgage rates from virtually every lender and top mortgage broker in the country. RateSpy.com’s proprietary technology scans thousands of mortgage websites multiple times a day so you know exactly where to find the best deals. Unlike other rate comparison sites, we don’t ignore providers who don’t pay us. We list the lowest rates from all reputable sources so you don’t need to look elsewhere. The Spy’s mission is to be:* 100% transparent
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* The leader in comparing Canadian mortgage rates. HOW TO SEARCH THE LOWEST MORTGAGE RATES The biggest mistake borrowers make is focusing on the lowest rate when they should be looking for the best rate. There’s a difference. The best rate is the one that entails the least cost of borrowing. It factors in the upfront interest cost, all fees and closing costs, the penalty for breaking the mortgage early, portability privileges, refinance restrictions, prepayment rights, the option to borrow more before maturity, flexibility in blending the rate, rate conversionfeatures and so on.
Note: Unless otherwise mentioned, the rates you see apply only to reasonably well qualified borrowers. Among other things, that means a 680+ credit score, sufficient provable income, a marketable residentially-zoned property and owner occupancy. All rates are contingent on approved credit. Before settling on any mortgage you see here, remember that contract flexibility can save you far more than a small rate difference. Pick up the phone or email the mortgage broker or lender and have them compare their rate against the competition. Smart spies know the devil is in the fine print. COVID-19 Update: We’re Here for You. These are uncertain times but one thing that is certain is our commitment to you. As an online business, we’re set up to help you remotely so you can still take care of your mortgage decisions. Xcurrent best rates
National Alberta British Columbia Manitoba New Brunswick Newfoundland Northwest Territories Nova Scotia Nunavut Ontario Prince Edward Island (PEI) Quebec Saskatchewan Yukon National2.59%
1 Yr Fixed
Northern Saving...
2.34%
2 Yr Fixed
HSBC Bank Canada
2.24%
3 Yr Fixed
intelliMortgage
2.59%
4 Yr Fixed
intelliMortgage
2.26%
5 Yr Fixed
Butler Mortgage
2.99%
7 Yr Fixed
Tangerine
3.09%
10 Yr Fixed
Tangerine
2.40%
3 Yr Variable
CONEXUS Credit ...
1.97%
5 Yr Variable
Butler Mortgage
2.35%
HELOC
Tangerine
2.52%
Hybrid
National Bank o...
2.45%
Open
Cambrian Credit...
Assumes $300000 mortgage | $500000 property. Updated 11:09 ET Apr 27 COMPARE CANADIAN MORTGAGE RATESGET STARTED NOW!
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x CLOSE Subscribe Today! Email me periodic rate news and key updates We don't spam! Unsubscribe anytime! Privacy Policy and Terms of Use DAILY MORTGAGE Report – April 24Apr 24
RBC Cuts Again: The nation's biggest mortgage lender dropped six "Special Rates" today:1yr: 3.14% to 3.04% 2yr: 2.79% to... MORE DAILY MORTGAGE Report – April 22Apr 22
Cracks in Real Estate: Home sales have plunged. No secret there. But new data from HouseSigma gives us a hint of how muc... MOREmost popular rates
#1
2.34%
5 Year Fixed
HSBC Bank Canada
#2
2.26%
5 Year Fixed
Butler Mortgage
#3
2.35%
HELOC
Tangerine
#4
2.30% _*_
5 Year Variable
ScotiaBank
#5
2.69% _*_
5 Year Fixed
ScotiaBank
rate tweets
RateSpy@RateSpy
@javananand Deep discount cash-back effective rates are ok. But most standard cashback mortgages have too high of an effective rate. You always have to compare the APR to see if the lender is overcharging for the cash. And note that most lenders impose clawbacks if the mtg is broken early.Read more
RateSpy@RateSpy
Lots of mortgage nuggets in this Friday update, including: • Rate cuts from RBC and CIBC • More evidence of real estate's adverse reaction to CVirus • Mortgage lenders changing policiesRead more
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* Tais on 1.99% HSBC Mortgage Special * Karen on Daily Mortgage Report – April 22 * The Spy on Daily Mortgage Report – April 22 * The Spy on Daily Mortgage Report – April 22 * The Spy on Daily Mortgage Report – April 24 * The Spy on Daily Mortgage Report – April 24%
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