Wednesday, 15 November 2017

November News and Rate Advisor

Welcome to the November issue of the News & Rate Advisor.
Current Discount Mortgage Rates for Nov 2017
Conventional1 High Ratio2
Variable Rate 2.65% 2.40%
1 Year 2.94% 2.94%
3 Year 3.19% 3.04%
5 Year 3.09% 3.04%
Prime Rate 3.20% 3.20%
Canadian Qualifying Rate Nov 2017
Rate 4.99%
Source: Bank of Canada
Current Bank of Canada Rate & Prime Rates Nov 2017 Nov 2016 Nov 2015
Bank Rate 1.25% 0.75% 0.75%
Prime Rate 3.20% 2.70% 2.70%
Source: Bank of Canada

Nationwide Building Permits Sep 2017 Sep 2016 Sep 2015
Residential $4,804,802,000 $4,787,229,000 $4,191,832,000
Commercial $3,056,680,000 $2,244,709,000 $2,869,735,000
Total $7,861,482,000 $7,031,938,000 $7,061,567,000
Source: Stats Canada - preliminary figures
Average House Prices by Province Sep 2017 Sep 2016 Sep 2015
National $487,095 $474,590 $433,649
Yukon $331,440 $335,446 $344,790
Northwest Territories $386,125 $402,761 $402,089
British Columbia $693,568 $585,844 $605,258
Alberta $390,485 $396,646 $381,758
Saskatchewan $284,625 $294,801 $281,982
Manitoba $280,026 $276,646 $264,534
Ontario $547,389 $550,305 $458,483
Quebec $298,115 $292,839 $281,896
New Brunswick $159,462 $157,794 $159,756
Prince Edward Island $188,458 $167,342 $146,079
Nova Scotia $215,209 $233,828 $245,777
Newfoundland $252,265 $245,751 $274,840
Source: CREA - Most Recent Month Reported
Average House Prices by City Sep 2017 Sep 2016 Sep 2015
Yellowknife $386,125 $402,761 $402,089
Vancouver $1,037,300 $864,566 $857,015
Victoria $620,700 $598,740 $507,560
Edmonton $370,252 $373,926 $368,874
Calgary $435,400 $469,818 $443,768
Saskatoon $326,700 $343,306 $324,410
Regina $320,000 $308,824 $303,025
Toronto $750,800 $755,755 $627,395
Hamilton-Burlington $543,927 $519,171 $449,233
Ottawa-Carleton $367,500 $360,786 $366,145
Quebec City $264,406 $264,652 $267,940
Montreal $327,600 $364,699 $343,452
Fredericton $169,036 $159,370 $175,982
Saint John $174,665 $179,350 $149,591
Halifax-Dartmouth $272,491 $307,239 $286,698
Winnipeg $288,334 $284,799 $274,541
Source: CREA - Most Recent Month Reported





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Sunday, 15 October 2017

October News and Rate Advisor

Welcome to the October issue of the News & Rate Advisor.
Current Discount Mortgage Rates for Oct 2017
Rate
Variable Rate 2.45%
1 Year 2.64%
3 Year 2.84%
5 Year 3.09%
Prime Rate 3.20%
Canadian Qualifying Rate Oct 2017
Rate 4.89%
Source: Bank of Canada
Current Bank of Canada Rate & Prime Rates Oct 2017 Oct 2016 Oct 2015
Bank Rate 1.25% 0.75% 0.75%
Prime Rate 3.20% 2.70% 2.70%
Source: Bank of Canada

Nationwide Building Permits Aug 2017 Aug 2016 Aug 2015
Residential $4,872,302,000 $4,516,206,000 $4,733,125,000
Commercial $2,670,651,000 $2,856,502,000 $2,827,782,000
Total $7,542,953,000 $7,372,708,000 $7,560,907,000
Source: Stats Canada - preliminary figures
Average House Prices by Province Aug 2017 Aug 2016 Aug 2015
National $472,247 $456,722 $433,367
Yukon $311,149 $341,597 $357,252
Northwest Territories $447,334 $388,119 $416,577
British Columbia $678,152 $569,281 $619,881
Alberta $392,359 $390,615 $388,551
Saskatchewan $293,995 $298,001 $292,583
Manitoba $287,794 $273,387 $269,321
Ontario $518,613 $518,586 $455,611
Quebec $298,158 $289,656 $280,253
New Brunswick $161,160 $168,737 $154,973
Prince Edward Island $195,270 $195,925 $157,949
Nova Scotia $223,738 $209,989 $220,161
Newfoundland $258,198 $265,521 $292,960
Source: CREA - Most Recent Month Reported
Average House Prices by City Aug 2017 Aug 2016 Aug 2015
Yellowknife $447,334 $388,119 $416,577
Vancouver $1,029,700 $833,065 $900,592
Victoria $620,700 $570,196 $544,862
Edmonton $373,438 $369,956 $372,256
Calgary $436,500 $456,663 $450,260
Saskatoon $316,700 $349,716 $339,426
Regina $313,000 $309,634 $311,318
Toronto $755,400 $710,410 $602,607
Hamilton-Burlington $554,507 $496,894 $464,101
Ottawa-Carleton $365,200 $369,055 $354,035
Quebec City $266,072 $279,780 $273,495
Montreal $326,400 $358,935 $342,010
Fredericton $166,135 $187,411 $167,100
Saint John $172,803 $165,661 $311,166
Halifax-Dartmouth $284,037 $281,977 $274,022
Winnipeg $297,897 $278,718 $276,397
Source: CREA - Most Recent Month Reported




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