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Will the Bank of Canada cut interest rates again tomorrow (March 4, 2015)?

Will the Bank of Canada cut interest rates again tomorrow (March 4, 2015)?

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Tight market restricts growth for resale

http://www.househunting.ca/calgary/real-estate/Tight+market+restricts+growth+resale/9591425/story.html Resale activity of single-family homes in Calgary last month climbed two per cent over the same time a year earlier, the Calgary Real Estate Board says. Last month, 1,230 homes changed hands, up from 1,207 in February 2013. “Demand growth in the single-family sector has been restricted by the availability of product,” CREB chief […]

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CMHC Raising Insurance Premiums!!

Breaking News: It has been announced Friday CMHC has decided to raise their mortgage insurance premiums. Here are the 4 main Points to Review: 1. The average purchaser with less than a 20% down payment could have an increase in payment of approx.  $5 dollars a month as of May 1st 2014 2. This will […]

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Banking and their Infamous changing rates!!

The Bank of Canada has kept the key interest rate steady and banks have been quietly cutting their rates for fixed and variable mortgage rates. They are also fighting for a shrinking pool of borrowers so it sounds like a great time to renew your mortgage. Yet many Canadians simply sign their mortgage renewal papers. A 2011 Manulife survey found […]

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Residential Market Update!

“At this time every year the perennial question arises, pay down the mortgage or top up the RRSP? Traditionally the answer has been, top up the retirement savings and use the tax refund to make an extra mortgage payment. It is not bad advice but there are those who say, “mortgage first”. They argue that […]

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What’s Going on with Lowering Rates?

The mortgage market in Canada is causing a big stir this week, as at least four big banks lowered their mortgage rates…quietly. Everyone is watching as the four biggest banks in our country, tried to ‘one-up’ each other as competitors continue to lower rates; and today we learn Bank of Canada is keeping the interest […]

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New Rules for Prepaid Credit Cards

The Government of Canada announced earlier this week, that changes are coming to prepaid credit cards in Canada, part of a new ‘consumer-friendly agenda’. “A consumer code will help Canadians make more informed financial decisions today and in Canada’s rapidly changing, increasingly digital financial marketplace in the future,” said Maxime Bernier, minister for small business […]

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Notes from the CAAMP Mortgage Forum

Earlier this week, the Canadian Association of Accredited Mortgage Professionals (CAAMP), held its annual Mortgage Forum. At the Forum Julie Dickson, Superintendent of the Office of the Superintendent of Financial Institutions (OFSI), made headlines with her speech on the residential mortgage market. Here are some of the highlights of her speech: The basics are not […]

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The 2013 Mortgage Holder

After numbers were released by CAAMP this week in their Annual State of the Residential Market Report, we’re able to have a pretty good picture of what the mortgage consumer in 2013 looks like. The information tells us quite a bit about the marketplace and who’s looking to buy right now. 450,000: The number of […]

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Profile of Canadian First-Time Homebuyers

    Information from a recent CMHC survey, gives us a bit of a look at what the average Canadian first-time homebuyer looks like: • 2/3 are under the age of 35 (only 20% of repeat buyers are under 35) • 2/3 have household incomes of under $90,000 (50% for repeat buyers) Although First-Time Buyers […]

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