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Mortgage Bytes

  • Lock-in-MortgageIn Thursday’s National Post Invis’s Neil Glasberg suggested locking in your mortgage rate for piece of mind.  The story flouts research that supports the benefit of variable mortgages, calling that benefit “marginal” over the past 20-years. 
  • The difference between variable and 5-year fixed rates is currently about 0.44%.
  • In the same story above, the National Post quotes Glasberg as saying half of Canada’s mortgage holders have variable rate mortgages.  I’m guessing this is a misprint or misquote.  CAAMP‘s research suggests 73% of Canadians have fixed rate mortgages.
  • Your credit score is the major factor in getting a mortgage.  Yet, only 15% of Canadians have ever requested a copy of their credit report says the Windsor Star.
  • With few rentals available, Nunavut is one of the worst places in Canada to be foreclosed on.
  • Million Dollar Journey provides some guidelines on what it costs to build a house in Canada.
  • Would you pay $202,000 to save $288 a month?  Read this post by HouseHuntVictoria.
  • Real Estate Intelligence writes that Toronto is still setting real estate records.
  • Canada’s subprime mortgage default rate is 3% versus 13% in the States, according to the Financial Post.
  • Will financial turmoil keep the Bank of Canada from raising rates?