The big banks hiked most fixed mortgage rates about 0.20% today.
The Bank of Canada’s David Dodge feels the Canadian economy will have a weak 1st half of 2008 and a stronger 2nd half. If he’s right, the same may apply to mortgage rates.
“More and more first-time buyers are [being] gifted with a significant down payment from their boomer parents, as an advance on their inheritance.” — Don Lawby, president of Century 21 Canada.
Do Canadians have a false sense of security with our real estate market? MacLeans article.
From 1997 to 2007 Canadian house prices rose 78%. In the U.S. it was 165%. In England, 213%! Who knew Canada was such a “bargain?” (Source: The Economist)
14% of Canadians say paying down their mortgage is their top financial priority in 2008, according to Manulife.
Despite home prices doubling in the last 15 years, the Home Buyers Plan withdrawal limit has stayed the same. CMHC’s Will Dunning says it must be raised.
Since 1990, the GST paid on new homes has jumped 95%.
Statistics Canada’s mortgage-interest cost index was up 7% in November compared to a year earlier.
2.6% of Canadian rental units were vacant in October–the same ratio as last year. If you can believe it, CMHC says idyllic Kelowna, BC actually had 0.0% vacancy! Windsor, ON was tops at 12.8%.
Canada’s most expensive rentals are around Fort McMurray, AB where $2,085 will lease you a 2-bedroom apartment. The most expensive big city is Calgary, which happens to be the (new) best Canadian city to live in according to the Conference Board of Canada.
Are Canadian lenders curtailing lending in the wake of big bank writedowns (like CIBC’s)? “The short answer is no,” says Jim Murphy of CAAMP. (Bankrate story)
Quest Capital, who just launched last week, wants “to become Canada’s largest Mortgage Investment Corporation.”
Scotiabank’s mortgage market share increased 0.15% in 2007. They attribute that to “strong growth” in the branch and mortgage broker channels. 0.15% might be the weakest “strong growth” we’ve ever seen.
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