Twitter Weekly Updates for 2009-12-13

• Sometimes a Friday feels just like one very long day that holds you back from the weekend and some much needed R&R #

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Bank of Canada leave overnight rate unchanged

As widely expected, the Bank of Canada held the target for overnight rate at 0.25%, and reiterated its commitment to keep rates at their effective lower bound through the second quarter of 2010.  The Bank recognized that while the global economic landscape has been slightly more positive, there are a significant amount of ‘fragilities’ still out there; enough to justify keeping rates where they are.  More than likely, the Bank of Canada will stay put past its conditional commitment of June 2010 and the first rate hike will not come until the fourth quarter of next year.

Twitter Weekly Updates for 2009-12-06

• RT @stephenhubbard #Olympic Torch makes it’s way2 Vancouver for the #Vancouver2010: Winter Olympic Games. http://tumblr.com/x1g4gnhsx #
• Remax Report: 2009 is year of the house http://tr.im/Gyn7 #HousePrices predict to rise in 2010. I’ll do a rate hold for 120 days! #
• RT @shelleymantei: That's pretty crappy – Vancouver city is looking at changing parking metres to run until 10pm http://tr.im/Gqt6 #
• Great information on Strata Changes: HST coming in 2010 to Strata fees http://tr.im/GmJV #
• Great information of Strata Changes: HST coming in 2010 to Strata fees http://tr.im/GmJV #

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CURRENT BEST RATES – DON’T MISS OUT!

We are at what many are calling “the bottom” for Fixed & Variable mortgage rates.  With the BC real estate market still going strong, and the Vancouver Olympics right around the corner… it looks like it’s going to be an exciting start to 2010.

Thinking of getting into a home soon, or refinancing sometime between now and springtime?  Give me a call to discuss holding today’s GREAT rates for 120 days and enjoy peace of mind all winter!

As of today, here are some of the best rates* available to Canadians:

VARIABLE RATE:

3Yr @ 2.00%

• Prime -.25%
• Must close within 30 days

5Yr @ 2.15%

• Prime -.10%
• Excellent Pre-Payment Privileges
• Portable
• Assumable

FIXED RATE:

5Yr @ 3.89%

• 25% Pre-Payment Privileges
• Portable
• Assumable

CALL ME TODAY!

*Rates are based on approved credit and are subject to change without notice.  They are based on the most current lender information and may vary based upon individual circumstances.

A Cut to Fixed Rates

Posted fixed-rate mortgages at TD Bank, CIBC, Scotiabank, Bank of Montreal and Royal Bank were cut last week, reflecting lower rates in the bond market.

Bank of Montreal was the first to announce its cuts last Wednesday while Scotiabank waited until Thursday afternoon, the last among the big banks. Laurentian Bank also lowered posted rates.

The largest percentage cuts were at Scotiabank and CIBC; however, these cuts kept all the lenders at close to the same rates. Across the board, five-year fixed rates were at 5.59 per cent and two-year fixed rates dropped to between 3.75 per cent and 3.95 per cent . Scotiabank and BMO also offered a five-year fixed closed special of 4.29 per cent.

Overall, when comparing the lowest ten-year fixed closed rate, BMO and TD have rates of 6.7 per cent, whereas CIBC is slightly higher at 6.80 per cent. Variable closed mortgage rates did not change.

When speaking about the ‘Big 5′ lowering their rates…  there are some things to keep in mind.   Above and beyond the banks lowest rates, there are promotional rates that are available to consumers.  These lower rates might be available on a 30-day ‘Quick-close’ product OR available only to select brokers who have exceeded a certain quota in mortgage volume.  Fortunately, I’m in a position to discount past a lot of advertised rates.  Call me to discuss your deals today!

Affordability Toughens in Canada

Canadian home ownership costs have become more expensive for the first time in 18 months, according to a report today by the Royal Bank of Canada.

Rising property values and a recent pickup in mortgage rates are at cause behind the numbers.

The decline in affordability was true in all major markets and in all types of housing, and follows steep declines since the spring of 2008. Yet despite the latest decline in affordability, it’s still better than it was a year ago.

“The current levels in the RBC measures are in line with those in early 2006 when housing market activity was shifting into high gear in Canada,” the report says.

The average rate on a five-year conventional mortgage went from 5.45 per cent to 5.73 per cent in the third quarter, according to the RBC. It was the first quarterly increase since last year.

The overall property market has also picked up.

“In markets such as Vancouver, which had been badly hurt last year, the turnaround has been nothing short of breathtaking,” says the report. “In that market, as well as in parts of the Greater Toronto Area, bidding contests are common again.”

Twitter Weekly Updates for 2009-11-15

• Can your Interest Rates be lowered? http://tr.im/EzfF #
• RT @77ozzie 2morrow, CMHC will present a very bullish Housing Market #
• Can your Interest Rates be lowered? http://tr.im/EzfF #
• Can your Interest Rates be lowered? #
• Hello Twitterworld – here’s my first tweet. It’s not so bad after all. #

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