The Mortgage Blog » Mortgage Trends

Mortgage Rate Update: Don’t Miss Out!

Mike Morisset — Wed, 07 Jul 2010 16:02:45 +0000

Mortgage Matters with Mike Morisset – Episode #20

Five year fixed mortgage rates have dropped again this morning! This is a great opportunity for anybody in the market to purchase a home, refinance their mortgage, or have an upcoming renewal! Lock in today’s rates now! Protect yourself now by locking in to today’s low rates! If rates continue to fall you will always be able to take advantage of the lowest rate at signing. Take Action Now!

RBC Housing Affordability Report – Just Released!

Zach Silverman — Tue, 25 May 2010 17:44:57 +0000

Below is a link to the RBC Housing Affordability Report showing housing affordability trends across Canada. The overall consensus is that “homeownership costs are starting to bite typical Canadian households, but not dangerously so at this stage”. In BC, high housing costs lowered the affordability significantly, with the only province not seeing significant deterioration in affordability being Alberta!

For the detailed report, please click RBC Housing Affordability Report!

Mike Morisset Mortgage Minute – Episode #2

Mike Morisset — Thu, 20 May 2010 00:11:38 +0000

Now we know that getting pre-approved is important when searching for a home…now we look at how to go about getting pre-approved! This short video goes over how to get pre-approved and what documents you will need to fill out in order to get this done!

Canada’s Economic Recovery…

Mike Morisset — Sun, 05 Jul 2009 02:25:41 +0000

We are now into the swing of full summer, the weather in the Lower Mainland is beautiful, people are taking vacations, and the housing markets seem to be recovering. While many people are taking a vacation from worrying about the markets, the economy, and the general well-being of our country’s economic well-fare, here are a few quick bytes to go by.

According to John Bordignon, Executive VP of Strategic Development with MERIX, there isn’t a lot of changes expected in mortgage rates in the near future. While the economy is recovering, it isn’t recovering as fast as initially expected.

In order for the economy to continue to recover, a number of factors need to improve, including :

A decrease in unemployment rates and job-loss statistics
A stabilization in oil prices
The TSX is still fairly volatile, and needs to stabilize
Stabilization of oil and other commodities at a price that will stimulate the economy
Overall world economic stabilization

However signs of stability in Canada’s economy are evident in the bond and rate markets:

Bond yields have improved over the last month
The yields and spreads are now within the “comfort zone” of 1.8 to 2.0%. The banks are comfortable with the spreads and will likely not change rates unless the spreads rise above 2.0%.
Variable rate mortgages are settling in at between Prime +35 and +45

For all intents and purposes, we are on the road to recovery, how quickly we will actually get there and what the long-term consequences for the last 8-10 months will be is yet to be known.