Friday, 15 September 2017

September News and Rate Advisor

Welcome to the September issue of the News & Rate Advisor.
Current Discount Mortgage Rates for Sep 2017
Rate
Variable Rate 2.20%
1 Year 2.44%
3 Year 2.69%
5 Year 2.94%
Prime Rate 2.95%
Canadian Qualifying Rate Sep 2017
Rate 4.84%
Source: Bank of Canada
Current Bank of Canada Rate & Prime Rates Sep 2017 Sep 2016 Sep 2015
Bank Rate 1.25% 0.75% 0.75%
Prime Rate 2.95% 2.70% 2.70%
Source: Bank of Canada

Nationwide Building Permits Jul 2017 Jul 2016 Jul 2015
Residential $5,010,106,000 $4,087,851,000 $5,005,523,000
Commercial $2,911,455,000 $2,554,845,000 $2,836,355,000
Total $7,921,561,000 $6,642,696,000 $7,841,878,000
Source: Stats Canada - preliminary figures
Average House Prices by Province Jul 2017 Jul 2016 Jul 2015
National $478,696 $480,743 $437,699
Yukon $376,909 $344,863 $351,916
Northwest Territories $366,991 $388,352 $398,889
British Columbia $698,718 $663,411 $608,294
Alberta $396,946 $403,666 $394,977
Saskatchewan $291,399 $303,414 $305,431
Manitoba $283,978 $275,914 $273,164
Ontario $517,379 $517,831 $454,098
Quebec $303,083 $284,662 $278,760
New Brunswick $173,797 $164,961 $168,412
Prince Edward Island $192,605 $180,427 $171,140
Nova Scotia $228,399 $221,689 $217,236
Newfoundland $244,653 $252,846 $275,072
Source: CREA - Most Recent Month Reported
Average House Prices by City Jul 2017 Jul 2016 Jul 2015
Yellowknife $366,991 $388,352 $398,889
Vancouver $1,029,786 $1,007,687 $866,772
Victoria $644,510 $580,555 $519,379
Edmonton $383,624 $384,504 $372,910
Calgary $458,480 $469,325 $459,958
Saskatoon $325,718 $346,879 $350,246
Regina $319,595 $314,714 $309,696
Toronto $746,218 $709,825 $609,236
Hamilton-Burlington $536,595 $491,360 $434,730
Ottawa-Carleton $391,119 $374,431 $369,718
Quebec City $268,884 $266,578 $276,561
Montreal $378,401 $349,218 $341,594
Fredericton $187,119 $181,833 $178,479
Saint John $179,048 $168,266 $178,089
Halifax-Dartmouth $299,847 $292,511 $287,288
Winnipeg $294,216 $282,684 $281,684
Source: CREA - Most Recent Month Reported





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Tuesday, 5 September 2017

Is A home equity line of credit right for you?

Is a home equity line of credit right for you?

(NC) Buying a new home is an exciting but often stressful experience. The variety of financing options now offered by lenders is overwhelming.
One of the most popular options is a home equity line of credit. With interest rates typically lower than other forms of credit, this line of credit can help you reach your financial goals. However, there are several factors to consider when deciding if this product is right for you.
Banks market home equity lines of credit under different names, which might make it challenging to recognize when you are being offered one. They are commonly combined with a regular term mortgage in the form of a “readvanceable mortgage.”
When combined this way, the credit limit on your home equity line of credit will often increase automatically as you pay down the principal on your mortgage. A readvanceable mortgage may also tie together other credit and banking products —such as personal loans, credit cards and car loans — under a single credit limit.
Benefits of bundling these products together include convenience and lower interest rates. But the downsides include fees and restrictions if you want to switch to another lender, and variable interest rates that could increase on short notice. Your financial institution also has the right to demand that you pay the full amount owing at any time.
When deciding if this lending product is right for you, remember that your home is likely your biggest investment. You should beware of overborrowing against its equity, especially if you're counting on it to fund your retirement.
“Most lenders allow you to make interest-only payments on your home equity line of credit, making it easier to delay repaying the principal balance,” explains Lucie Tedesco, commissioner of the Financial Consumer Agency of Canada. “Continually borrowing against your home's equity without repaying the principal can jeopardize your long-term financial security. For instance, in the event of a housing market correction you might owe more than what your home is worth.”
Ask yourself if a low interest rate and easy access to credit may encourage you to spend more than you can afford to pay back. You could find yourself in a debt spiral, using additional home equity just to stay current on your mortgage. This could make you more vulnerable to unforeseeable events, like job loss, illness or an interest rate hike.
Consider creating your own plan to pay down the principal amount borrowed over a fixed period. Aim to pay more than the minimum payment or interest every month. With a home equity line of credit, there is usually no penalty to pay back as much as you can at any time.
Find more information online at canada.ca/money.
www.newscanada.com
www.philrom.com

Wednesday, 30 August 2017

August News and Rate Advisor

Welcome to the August issue of the News & Rate Advisor.
Current Discount Mortgage Rates for Aug 2017
Rate
Variable Rate 2.20%
1 Year 2.44%
3 Year 2.69%
5 Year 2.94%
Prime Rate 2.95%
Canadian Qualifying Rate Aug 2017
Rate 4.84%
Source: Bank of Canada
Current Bank of Canada Rate & Prime Rates Aug 2017 Aug 2016 Aug 2015
Bank Rate 1.00% 0.50% 0.75%
Prime Rate 2.95% 2.70% 2.70%
Source: Bank of Canada

Nationwide Building Permits Jun 2017 Jun 2016 Jun 2015
Residential $5,049,684,000 $4,108,128,000 $4,598,442,000
Commercial $3,012,341,000 $2,313,366,000 $3,189,988,000
Total $8,062,025,000 $6,421,494,000 $7,788,430,000
Source: Stats Canada - preliminary figures
Average House Prices by Province Jun 2017 Jun 2016 Jun 2015
National $504,458 $503,301 $453,560
Yukon $380,580 $351,768 $372,835
Northwest Territories $414,505 $380,284 $449,567
British Columbia $725,704 $694,925 $631,962
Alberta $412,358 $397,269 $403,087
Saskatchewan $285,811 $297,837 $302,741
Manitoba $292,791 $284,798 $273,369
Ontario $547,402 $544,009 $477,829
Quebec $299,827 $287,637 $278,567
New Brunswick $177,807 $170,044 $164,122
Prince Edward Island $219,235 $192,115 $162,885
Nova Scotia $240,776 $226,272 $164,122
Newfoundland $258,235 $270,664 $280,605
Source: CREA - Most Recent Month Reported
Average House Prices by City Jun 2017 Jun 2016 Jun 2015
Yellowknife $414,505 $380,284 $449,567
Vancouver $1,053,655 $1,026,207 $922,326
Victoria $674,952 $587,908 $536,553
Edmonton $393,212 $378,045 $378,050
Calgary $483,106 $466,717 $465,965
Saskatoon $338,709 $334,529 $350,689
Regina $294,991 $321,726 $315,904
Toronto $793,915 $746,546 $639,184
Hamilton-Burlington $560,113 $513,971 $449,945
Ottawa-Carleton $410,032 $378,389 $383,676
Quebec City $277,041 $273,869 $270,850
Montreal $373,780 $353,535 $341,085
Fredericton $194,571 $189,239 $179,389
Saint John $188,119 $179,633 $159,487
Halifax-Dartmouth $290,008 $290,421 $291,212
Winnipeg $302,900 $294,619 $281,349
Source: CREA - Most Recent Month Reported



Thursday, 15 June 2017

June News and Rate Advisor

Welcome to the June issue of the News & Rate Advisor.

Current Discount Mortgage Rates for Jun 2017Rate
Variable Rate2.30%
1 Year2.29%
3 Year2.44%
5 Year2.69%
Prime Rate2.70%


Canadian Qualifying RateJun 2017
Rate4.64%
Source: Bank of Canada


Current Bank of Canada Rate & Prime RatesJun 2017Jun 2016Jun 2015
Bank Rate0.75%0.75%1.00%
Prime Rate2.70%2.70%2.85%
Source: Bank of Canada



Nationwide Building PermitsApr 2017Apr 2016Apr 2015
Residential$4,474,425,000$4,386,492,000$4,539,491,000
Commercial$2,582,341,000$2,533,722,000$3,296,020,000
Total$7,056,766,000$6,920,214,000$7,835,511,000
Source: Stats Canada - preliminary figures


Average House Prices by ProvinceApr 2017Apr 2016Apr 2015
National$559,317$508,097$488,862
Yukon$369,162$357,965$361,753
Northwest Territories$391,750$391,229$457,465
British Columbia$728,955$743,640$634,744
Alberta$406,318$393,285$397,811
Saskatchewan$300,719$299,694$304,433
Manitoba$294,548$278,862$284,320
Ontario$668,589$540,608$481,090
Quebec$291,809$276,219$272,802
New Brunswick$173,410$166,267$165,622
Prince Edward Island$184,838$176,886$170,396
Nova Scotia$241,474$223,958$213,633
Newfoundland$254,131$255,237$276,760
Source: CREA - Most Recent Month Reported

Average House Prices by CityApr 2017Apr 2016Apr 2015
Yellowknife$391,750$391,229$457,465
Vancouver$1,056,136$1,091,767$899,178
Victoria$629,040$606,554$520,975
Edmonton$377,774$377,283$377,270
Calgary$475,516$460,114$455,155
Saskatoon$346,486$336,708$336,062
Regina$316,978$317,098$335,534
Toronto$920,791$739,082$635,932
Hamilton-Burlington$611,090$514,746$448,007
Ottawa-Carleton$409,838$381,699$382,960
Quebec City$265,833$267,727$272,159
Montreal$364,373$337,015$333,943
Fredericton$190,314$183,605$199,859
Saint John$172,547$168,826$161,326
Halifax-Dartmouth$306,240$283,845$280,529
Winnipeg$302,983$289,384$292,456
Source: CREA - Most Recent Month Reported

Monday, 15 May 2017

May News & Rate Advisor

Welcome to the May issue of the News & Rate Advisor.

Current Discount Mortgage Rates for May 2017Rate
Variable Rate2.30%
1 Year2.29%
3 Year2.44%
5 Year2.69%
Prime Rate2.70%


Canadian Qualifying RateMay 2017
Rate4.64%
Source: Bank of Canada


Current Bank of Canada Rate & Prime RatesMay 2017May 2016May 2015
Bank Rate0.75%0.75%1.00%
Prime Rate2.70%2.70%2.85%
Source: Bank of Canada



Nationwide Building PermitsMar 2017Mar 2016Mar 2015
Residential$4,583,975,000$4,425,639,000$4,418,463,000
Commercial$2,417,659,000$2,486,166,000$2,448,640,000
Total$7,001,634,000$6,911,805,000$6,867,103,000
Source: Stats Canada - preliminary figures


Average House Prices by ProvinceMar 2017Mar 2016Mar 2015
National$548,517$508,567$439,144
Yukon$352,774$322,267$307,800
Northwest Territories$394,677$406,620$377,244
British Columbia$690,597$771,620$641,799
Alberta$404,804$392,145$398,856
Saskatchewan$294,787$297,823$292,847
Manitoba$289,503$277,202$272,344
Ontario$672,584$521,178$466,404
Quebec$288,691$274,616$270,245
New Brunswick$162,099$154,371$150,807
Prince Edward Island$187,977$194,094$165,693
Nova Scotia$222,411$223,520$226,613
Newfoundland$251,555$258,563$273,645
Source: CREA - Most Recent Month Reported

Average House Prices by CityMar 2017Mar 2016Mar 2015
Yellowknife$394,677$406,620$377,244
Vancouver$991,690$1,093,267$891,652
Victoria$640,802$575,858$508,807
Edmonton$371,680$379,524$373,005
Calgary$472,491$455,220$457,422
Saskatoon$343,112$336,425$337,982
Regina$316,341$307,609$300,148
Toronto$916,567$688,181$613,933
Hamilton-Burlington$607,846$486,008$443,706
Ottawa-Carleton$388,400$368,798$362,918
Quebec City$256,929$259,851$262,214
Montreal$359,708$336,138$331,216
Fredericton$182,850$177,441$175,632
Saint John$166,430$154,700$301,769
Halifax-Dartmouth$294,246$281,822$277,377
Winnipeg$298,329$287,692$281,269
Source: CREA - Most Recent Month Reported

Saturday, 15 April 2017

April News and Rate Advisor

Welcome to the April issue of the News & Rate Advisor.

Current Discount Mortgage Rates for Apr 2017Rate
Variable Rate2.30%
1 Year2.29%
3 Year2.44%
5 Year2.69%
Prime Rate2.70%


Canadian Qualifying RateApr 2017
Rate4.64%
Source: Bank of Canada


Current Bank of Canada Rate & Prime RatesApr 2017Apr 2016Apr 2015
Bank Rate0.75%0.75%1.00%
Prime Rate2.70%2.70%2.85%
Source: Bank of Canada



Nationwide Building PermitsFeb 2017Feb 2016Feb 2015
Residential$5,014,795,000$5,014,795,000$4,212,864,000
Commercial$2,435,250,000$2,435,250,000$69,529,740,000
Total$7,450,045,000$7,450,045,000$73,742,604,000
Source: Stats Canada - preliminary figures


Average House Prices by ProvinceFeb 2017Feb 2016Feb 2015
National$519,521$503,057$431,812
Yukon$323,076$312,640$300,846
Northwest Territories$335,300$348,997$296,200
British Columbia$688,011$779,419$639,405
Alberta$389,943$388,037$385,804
Saskatchewan$280,384$285,649$298,574
Manitoba$288,263$272,609$262,441
Ontario$634,341$511,967$453,646
Quebec$280,333$272,937$267,054
New Brunswick$163,362$149,942$169,840
Prince Edward Island$212,033$156,895$164,774
Nova Scotia$209,889$214,378$217,881
Newfoundland$248,317$267,311$282,350
Source: CREA - Most Recent Month Reported


Average House Prices by CityFeb 2017Feb 2016Feb 2015
Yellowknife$335,300$348,997$296,200
Vancouver$995,583$1,104,133$879,069
Victoria$642,204$545,911$490,377
Edmonton$359,468$363,266$362,432
Calgary$464,834$453,175$443,744
Saskatoon$326,714$323,761$354,400
Regina$300,874$308,946$303,355
Toronto$875,983$685,278$596,163
Hamilton-Burlington$556,630$456,083$437,386
Ottawa-Carleton$382,268$356,180$359,759
Quebec City$252,303$260,012$255,698
Montreal$348,635$334,815$328,862
Fredericton$161,590$165,374$180,394
Saint John$178,351$154,408$171,269
Halifax-Dartmouth$279,362$266,869$280,035
Winnipeg$288,097$278,087$266,837
Source: CREA - Most Recent Month Reported