Mortgage Bytes

  • Rate-Predictions The average interest rate prediction from the big 5 banks is for a further reduction of 0.85% this year, possibly by mid-summer.  Partial source:  BCMortgage
  • The Canadian Real Estate Association is disappointed about Tuesday’s budget.  They expected some capital gains relief.  CREA feels Canada’s capital gains policy “locks in” investment properties from resale because people don’t want to pay the capital gains tax when they sell.
  • Ontario’s Realtor population grew an astounding 20% since 2005.  Metro Toronto now has one real estate agent for every 150 people.  Real Estate Intel.
  • Thinking of holding your mortgage in your RRSP? The Financial Posts notes that you’ll have to buy mortgage default insurance, even if you’re putting 20% down.  Plus you have to pay for a 3rd-party trustee.  More from Garth
  • 20% of Canadians were born abroad. Lenders are now catering to them more and more, with up to 100% financing in some cases.  Winnipeg Sun Story
  • Merix cut their rate discount today on their popular HELOC variable-rate mortgage.  It’s now prime – .25%  (versus prime – .50% yesterday).  That basically prices them out of the market if you want a variable readvanceable mortgage–which is sad because they have a solid product.
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