How Did Almost Half of Recent Home Buyers Snag a Mortgage Rate Under 5%?
Everyone knows high mortgage rates have been a total drag lately, especially for prospective home buyers facing extremely high asking prices. But what if I told you that nearly half of those who purchased a home recently still got an interest rate below 5%? Sounds pretty unlikely, given the fact that the 30-year fixed is […]
National home sales continue surging, prices rise amid falling interest rates: CREA
By Sammy Hudes A total of 37,855 homes changed hands last month across Canada, compared with 30,042 in November 2023, following a 30% year-over-year increase of sales in October. “We’re starting to see a little bit of consumer confidence make its way into the marketplace,” said Mike Heddle, a broker for Royal LePage State Realty […]
November home sales surged more than expected
Investors own more than 131,000 homes in the Las Vegas Valley now. Las Vegas Review-journal | Tribune News Service | Getty Images Sales of previously owned homes rose 4.8% in November compared with October, according to the National Association of Realtors. That put them at a seasonally adjusted, annualized rate of 4.15 million units. Sales […]
January 24, 2024 Bank of Canada Rate Announcement
The Bank of Canada announced today that its key overnight interest rate will remain at 5%. This means the prime lending rate will remain at 7.2% for the fourth time in a row. Let’s talk about inflation In Canada, CPI inflation ended the year at 3.4%. Shelter costs remain the most significant contributor to above-target […]
Chase Relationship Pricing Offers Discounted Mortgage Rates for Up to 1% Off
If you recall, Chase took over troubled First Republic Bank back in May 2023. Prior to First Republic going under, they were the leading jumbo home loan lender in the United States. They catered to very wealthy homeowners and businesspeople. And it was ironically their ultra-low rate mortgages that eventually took them down. Today, Chase […]
Fed minutes spark market turmoil: Making sense of it and why Canadian mortgage rates are likely to rise
I thought it would be really hard to top Monday’s chaotic events in Parliament, but it looks like I was wrong. Today at 2 p.m., the U.S. Federal Reserve met, and boy oh boy, did things escalate quickly. As part of the Fed meetings, the minutes are released along with the statement, and today’s minutes […]
American homeowners are wasting more space than ever before
Tim Kitchen | The Image Bank | Getty Images There may not be a lot of homes for sale these days, but there is a lot of housing space sitting empty. In fact, the most in recorded history. The number of extra bedrooms, which is defined as a bedroom in excess of the number of […]
June 5, 2024 Bank of Canada Rate Announcement
Variable-rate mortgage holders are celebrating, having awaited this day since the first rate hike 27 months ago. The overnight target rate was cut to 4.75%, lowering the prime lending rate to 6.95%. This rate cut is likely just the beginning. The Bank of Canada expects this to be the start of a series of rate […]
What Will Happen to Mortgage Rates During Trump’s Second Term?
It’s been no secret that most everyone thinks mortgage rates will be higher under President Trump. But because it’s been so telegraphed this time around, we’ve seen a very defensive bond market leading up to the election. Many have argued that him winning the election was already priced in to the bond market. After all, […]
Halifax mayor says city is past the worst of its housing crisis, advocates disagree
By Lyndsay Armstrong Andy Fillmore, elected mayor Oct. 19 after resigning over the summer as Liberal MP for Halifax, says the city is coming out the other side of its dire housing shortage because of the new shelter and housing options available. “I have great hopes that we, together with the province, are going to […]