We hate to be the bearers of bad news but according to the Vancouver Sun, the average BC home value is “only” expected to rise 6% next year. That means the average mortgage payment will only jump $160 a month! (assuming 10% down, 6% interest, and a 25-year am.)
- ICICI Bank Canada, the subsidiary of India’s 2nd largest bank, is rumoured to be starting a Canadian mortgage broker division by early 2008.
- Canadian housing starts by year:
- 2006: 227,395
- 2007: 227,530
- 2008: 214,000 (estimated)
Why the expected dip in 2008? Analysts say rising home prices and mortgage rates…
- Existing home sales should break a record this year.
- An estimated 50,000+ people will have moved to Toronto in 2007. That’s helped downtown Toronto condo prices jump 15.7% this year.
- 1 million British Columbians rent–largely because it’s a lot cheaper than carrying a BC mortgage. Toronto has the highest rents in Canada, however, followed by Vancouver. Montreal is the most affordable.
- Scotia Capital’s Kevin Choquette says it is surprising “how Canadian banks have essentially missed the U.S. subprime mortgage debacle, while a significant number of global players have large exposure.”
- Dorado, a U.S. based lending systems developer, wants to give industry leader Filogix a run for its money. Dorado has partnered with First Canadian Title to distribute Dorado’s mortgage origination applications to Canadian lenders and mortgage brokers.
