Bargain basement borrowing costs are prompting many Canadians to opt for fixed mortgages even though variable products continue to be a money-winning option for the foreseeable future, industry observers say.
Canadian Imperial Bank of Commerce's chief economist Benjamin Tal says variable rate mortgages should produce the greater benefit for the next two to 2.5 years, but be a wash over five years. ...
Posted by Sean Kavanagh
on March 10, 2009
When you pair falling housing prices with record low interest rates, both variable and fixed, many financial experts have deemed a home purchase in this market "a no-brainer."
Even though the financial experts have labelled a home purchase a "no brainer", consumers' fear is keeping them from taking advantage of the great opportunities out on the market today. As prices for most consumer goods, cars ...
Posted by Sean Kavanagh
on March 10, 2009
Term Rate 6 Months 5.00% 1 Year 3.90% 2 Years 3.90% 3 Years 4.00% 4 Years 4.09% 5 Years 4.19% 7 Years 5.70% 10 Years 6.05% Prime 3.00% ...
Posted by Sean Kavanagh
on February 28, 2009
Interest Rate Watch as of Friday, February 14, 2009
Term Rate
6 Months 5.20% 1 Year 3.89% 2 Years 3.99% 3 Years 3.75% 4 Years 4.19% 5 Years 4.19% 7 Years 5.90% 10 Years 6.35% ...
Posted by Sean Kavanagh
on February 17, 2009
Interest Rate Watch
If you read my previous post on the government's $30 billion dollar stimulus package, you would know that we are experiencing some of the lowest interest rates in recent times.
Click here to read about the interesting things the government is doing to help stimulate our economy.
Term Rate
6 Months 5.20% 1 Year 3.50% 2 Years 4.59% ...
Posted by Sean Kavanagh
on January 29, 2009
The government continues to lower its borrowing rates to stimulate the economy, but we can only expect an upturn once we start spending, according to Benjamin Tal, senior economist for CIBC. The public, however, isn't spending because of their fears in the economy. It appears we are now caught up in the old classic chicken and egg scenario! We don't spend due to the economy, but the economy won't ...
Posted by Sean Kavanagh
on January 28, 2009
For all those first time buyers or those who have been waiting for the right time to move into a bigger household, now is your time. With housing prices dropping and interest rates at record lows, now is the time to consider purchasing a home. House prices across Canada fell nearly 10 per cent and sales slipped 42 per cent in November compared with the same month last year, a drop the Canadian Real ...
Posted by Sean Kavanagh
on December 21, 2008
According to the governor of the Bank of Canada, the global financial crisis could have been avoided if every country had had a banking system like Canada's. He went on to say that the world would have been spared this global financial catastrophe if other international economic powers had a banking system "as sober and sensible" as ours. The World Economic Forum has recently rated Canada as having ...
Posted by Sean Kavanagh
on November 22, 2008
Recent popular belief is that Canada will fall into the disastrous economic situation that has crippled the U.S. economy. As our economy is affected by what happens south of the boarder, it is important to understand that we have been able to maintain a solvent banking system (where the U.S. has failed) and our government has implemented measures to prevent a collapse of our real estate market (no ...
Posted by Sean Kavanagh
on October 10, 2008
As of October 15, 2008, people interested in buying homes or refinancing mortgages should be aware of some significant changes that will affect HOW MUCH you can borrow and HOW LONG can you borrow it for.
To avoid the sub-prime lending meltdown that occurred in the U.S. and to maintain a strong Canadian housing market, CMHC (Canadian Housing and Mortgage Corporation), a body of the federal government ...
Posted by Sean Kavanagh
on September 24, 2008