Bank of Canada cut will prompt lower variable mortgage rate costs: Ratehub
By Sammy Hudes Ratehub.ca mortgage expert Penelope Graham said the decision should prompt the prime rate to fall to 5.2% at most Canadian lenders, and lead to lower variable mortgage rates. Calculations conducted by Ratehub indicate that a homeowner who put a 10% down payment on an average priced home in Canada — $676,640 as […]
Vancouver mayor plans freeze on new supportive housing in Downtown Eastside
By Chuck Chiang He said he wants to integrate the neighbourhood into the rest of the city and “break the cycle of hyper-concentrated social services,” while cracking down on gang activity. Sim announced the plan on Thursday at the Save Our Streets forum, held by a coalition concerned about crime and public safety in B.C. […]
New home prices dip in December
The national New Housing Price Index (NHPI) dropped by 0.1% from November to December, with price declines recorded in seven of the census metropolitan areas (CMAs) tracked by StatCan. Greater Sudbury saw the biggest month-over-month drop in December at -0.7%, followed by Calgary and Toronto, both down by -0.4%. These price declines were driven by […]
Questions linger over the government’s new secondary suite refinancing program
The program, first unveiled in October, allows homeowners to refinance up to 90% of their property’s value (capped at $2 million) to build secondary suites intended for long-term rental use, specifically excluding short-term rentals like Airbnb. In a previous post, Canadian Mortgage Trends examined the pros and cons of the program, concluding that it appears […]
2025 Mortgage Rate Predictions: Where Do They Go From Here?
It’s that time of the year when I look at what the next year might have in store for mortgage rates. It’s never easy to accurately forecast mortgage rates, and this past year was no exception. The 30-year fixed ranged from a low of 6.08% in September to as high as 7.22% in May, and […]
‘I’m homeless’: Jasper residents rally for housing as government negotiations stall
“I don’t know why the UCP would commit and promise something and then just completely revoke it,” said Sabrina Charlebois, who has been living in a hotel in town since November. “Because they’re not getting their way, they’re just pulling out completely? That’s unacceptable.” Charlebois helped organize a protest Friday on the six-month anniversary of […]
The Reason Mortgage Rates Jumped After the Fed Rate Cut
Well, it happened again. The Federal Reserve announced another rate cut and mortgage rates surged higher. In fact, the 30-year fixed now starts with a 7 instead of a 6 for most loan scenarios. What’s going on? While it seems to defy logic, it’s a pretty common occurrence. It actually happened back in September too. […]
Critics denounce Vancouver mayor’s ‘Trumpian’ plan to ‘integrate’ Downtown Eastside
By Chuck Chiang Swanson, an anti-poverty activist, said on Friday that Sim’s plans to pause net new supportive housing units in Vancouver and reduce the concentration of social services in the Downtown Eastside are “not compassionate” and are akin to victim blaming. She said housing was fundamental to health and safety, and with about 3,000 […]
Mortgage Rates Increased About a Quarter Percent This Week. What Does That Actually Mean?
If you’ve scanned the headlines lately, you probably saw that mortgage rates went up yet again. And they did so despite another Fed rate cut, which has a lot of folks pretty confused. I already touched on that strange relationship, but today I wanted to talk actual numbers. Yes, mortgage rates jumped up over 7% […]
‘People are panicking’: Snowbirds rush to sell Florida homes as loonie tanks
By Christopher Reynolds “Sunshine all the time. Don’t have to shovel snow. The beach, the sand…” the Ontarian said from her second home in Hallandale Beach, halfway between Miami and Fort Lauderdale. Last week, her retirement reverie came to an end as Cedrone and her husband signed the closing papers on their home sale. “Things […]