By Josh Sherman Eight times a year, the Bank of Canada sets its key interest rate. Leading up to these routine announcements, there’s typically a flurry of commentary as experts weigh in on what it could mean for the Canadian economy if the central bank hikes, cuts or maintains its current rate. Given the housing market is one of the...[ read more ]
By Josh Sherman As the third quarter marches on, BuzzBuzzHome News spoke with economists from some of Canada’s biggest banks about what to watch for in the nation’s housing market over the next several months leading up to 2016. Here’s what they said. Stock market volatility Weaker stock exchanges in general could slow the Canadian housing market, says Randall Bartlett,...[ read more ]
By Jorge and Alisa Aragon What do lenders look at when qualifying me for a mortgage? Most lenders look at the following factors when determining whether you qualify for a mortgage: Income Debts Employment History Credit history Value and marketability of the property you wish to purchase. HOW MUCH CAN I QUALIFY FOR WHEN BUYING A HOME? In order to...[ read more ]
By Kris Grasty WOW! The big banks have lowered their rates! Two major lenders announced last week that they have lowered their posted rates. While this is great news for shoppers out there and advertised just in time for the Spring Rush, the reality is that bank rates have finally come to a level that has been accessible by Mortgage...[ read more ]
By Michael Aynsley Photo: Bank of Canada/Flickr In a meeting with the House of Commons finance committee on Tuesday, Canada’s top central bankers said the country’s real estate market is not at risk of a sharp correction despite recent reports of overvaluation. From the Wall Street Journal: [Bank of Canada senior deputy governor Carolyn Wilkins] said the central bank believed...[ read more ]
Interest Rate Hike Unlikely in 2015: BMO By Wayne Karl Relax, Canada, not only is the real estate market not going to experience a U.S.-style crash, as some pundits continue to predict, but there’s isn’t even going to be any significant interest rate hike in 2015. This is according to Douglas Porter, chief economist of BMO Financial Group. He suggests...[ read more ]
By Michelle Malcolm-Francis Chances are your circumstances have changed from when you obtained your first mortgage. Whether it’s a change in job or family situation, mortgage renewal time is a great opportunity to re-evaluate your needs and the mortgage that works best for you. In most cases, when you renew your mortgage, you are simply starting the mortgage from scratch. The existing mortgage is closed and...[ read more ]
According to a recent RBC Home Ownership survey, 65 per cent of Canadian homeowners are worried about mortgage rate increases, and 56 per cent admit that their mortgage is higher than they expected. “Flexible payment options can help take some of the guesswork out of interest rates increases,” says Marcia Moff at, RBC head of home equity financing. “Speaking with a mortgage specialist and...[ read more ]
By Gail Vaz-Oxlade If you’re like me and you always pay the amount owing on your credit card by the payment due date, you never have to pay interest, so you may not much care what your interest rate is or how it’s calculated. But if you carry a balance, or if you ever take cash advances, read on. Interest on a credit...[ read more ]
Vancouver housing market springs back to life. After a prolonged slide in sales and prices, the Vancouver housing market has swung from “buyers” status to “balanced”, according to a new report from BMO Economics on Canada’s major housing markets. The report titled “Canadian Housing Update: Tale of Four Cities” examines the state of the housing markets in Canada’s four largest cities: Vancouver, Calgary, Montreal...[ read more ]
