For the first time in two months, lenders are finally starting to drop their 5-year fixed rates. HSBC and Alterna Savings are leading the way lower. Both are now under 5.70%.
More BC renters are becoming dissatisfied with their landlords. Renter dispute resolutions in BC are up 40% in the last year. At 1.2%, BC has Canada’s 2nd lowest rental vacancy rate behind Alberta.
Scotiabank has these not-so-rosey thoughts about Canadian home prices: “There is little doubt that current trends are unsustainable…there is growing evidence of overvaluation…Affordability is becoming increasingly stretched for many would-be buyers after almost a decade of rising home prices.”
The Bank of Canada says, “caveat emptor.” It will not bail out Canadian debt investors hurt by the subprime debacle. The BoC further advises investors not to rely on debt ratings for complex commercial paper, the type used to fund many mortgages.
Manulife wants to “own” online banking in Canada. Expect a bigger mortgage push from the company in coming months.
It takes 52% of the average person’s income to afford a typical house in Toronto. (Most lender’s like to keep mortgage applicants near 32%.)
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