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Mortgage Bytes

  • Canadian-DollarBMO expects the Bank of Canada to “raise rates 1/4% on July 10, and again on September 5 before pausing due to a lofty loonie.”  However, some economists feel a faltering U.S. economy and soaring Canadian dollar could postpone the September hike.  Nonetheless, now is the time to get pre-approved and lock in rates if you’re home buying in the next 4 months.
  • Joanna Duong from comments on the potential effect of Toronto’s proposed Land Transfer Tax
  • The Toronto Real Estate Board decries the tax saying, “Many home buyers will have no choice but to take money from their down payment to pay this tax, which would mean extra mortgage interest and higher mortgage insurance premiums. The city will literally be forcing people to take out a mortgage to pay a tax.”
  • Seems the Brits have a potential sub-prime fiasco of their own.  1/3 of the files that England’s Financial Services Authority recently reviewed showed “an inadequate assessment of consumers’ ability to afford [their] mortgage.”  London Free Press story
  • Saskaboom!  The average condo price in Saskatoon is up 84.7% to $205,000 since last year.  Source:  Royal LePage