Here's a roundup of mortgage news from the home front. Look for the latest rates from Mortgage Intelligence at the end of the post.
The Canadian Real Estate Association cut its sales forecast for this year and next on as it reported slower sales for November in the wake of tighter lending rules that Finance Minister Jim Flaherty moved in July. The market may have had a less than exciting year, but experts in this Financial Post article are unsure of whether we'll experience a soft landing or if a more severe housing correction is underway.
Prompted by a dubious comment made by Amanda Lang—co-host of The Lang and O’Leary Exchange—Rob McLister from Canadian Mortgage Trends explored the real risks faced by those who sign up for viariable mortgages and try to lock in before the rates surge. In his article, he points out that historically, rates can surge very quickly and unpredictably and that ultimately, even looking at past trends can't tell us what will definitely take place in the next year.
Speaking of Kevin O'Leary—in case you hadn't yet heard—The Globe & Mail reports that "Mr.Wonderful" is getting into the Mortage game with his own simpler product called, of course, O'Leary Mortgages. The product, Keven claims, is more comprehensive and lighter on the legalese. Among other things, an O'Leary Mortgage will come with tips and tricks to help borrowers manage their repayments. Let's see if Kevin's TV notoriety (and epic shrewdness) can translate into borrower confidence.
As always, here are the best rates from Bryan Guertin at Mortgage Intelligence:
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