July 2014 Industry Stats

July 2014 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on June 3rd, 2014. The major statistics are summarized as follows: Bank of Canada interest rate remains at 1% Prime lending rate remains at 3% The 5Y variable qualifying rate remains at 4.79%, a drop from earlier in the year The Government of Canada Bonds overall maintain their position The number of housing starts decreased slightly from 70,300 (May 2013) to 66,100 (May 2014) The average MLS resale price in ... Read more

2.79% 5Y Fixed Rate Promotion!

2.79% 5Y Fixed Rate Promotion! One of our key lenders has decreased their 5 year fixed rate, as of this morning. The rate was decreased from 2.99% to 2.85%, however The Mortgage King exclusive rate is 2.79%!!! The update brings along some controversy as many lenders were initially tightening up their rates and lending criteria. Awake of bad publicity by the media, lenders have decided to backlash by further decreasing their rates. What does this mean for homebuyers? You now have access ... Read more

June 2014 Industry Stats

June 2014 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on June 5th, 2014. The major statistics are summarized as follows: Bank of Canada interest rate remains at 1% Prime lending rate remains at 3% The 5Y variable qualifying rate has dropped from 4.99% to 4.79%, leading to increased borrowing The Government of Canada Bonds have slightly declined The number of housing starts increased significantly from 47,400 (April 2013) to 65,400 (April 2014) The average MLS resale price in Toronto ... Read more

CMHC Implements Its Changes

CMHC Implements Its Changes CMHC implemented its changes yesterday, May 30th, 2014. CMHC is now discontinuing self-employed insurance applications without 3rd party income verification and second home insurance. However, it appears that the two private insurers, Canada Guaranty and Genworth Financial, have not implicated any major changes. The only change observed with Genworth was that they will only be insuring secondary homes with one unit, rather than two or more. Often lenders will restrict with whom you can apply for mortgage default ... Read more

May 2014 Industry Stats

May 2014 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on May 2nd, 2014. The major statistics are summarized as follows: Bank of Canada interest rate remains at 1% Prime lending rate remains at 3% The 5Y variable qualifying rate remains at 4.99% The Government of Canada Bonds have slightly declined The number of housing starts declined from 37,400 (March 2013) to 35,600 (March 2014) The average MLS resale price in Toronto increased from $519,879 (March 2013) to $557,684 (March ... Read more

CMHC Changes Its Product Requirements

CMHC Changes Its Product Requirements On April 25th, 2014, CMHC announced that it will be changing the requirements for its insurance program. It will be discontinuing self-employed insurance applications without 3rd party income verification and second home insurance, as of May 30th, 2014. What does this mean for self-employed applicants? If you are purchasing a home with less than 20% down, you must have valid income verification, not just a self-stated signed document. Now, if you do not have the required documentation ... Read more

April 2014 Industry Stats

April 2014 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on April 8th, 2014. The major statistics are summarized as follows: Bank of Canada interest rate remains at 1% Prime lending rate remains at 3% The 5Y variable qualifying rate remains at 4.99% The Government of Canada Bonds have slightly inclined The number of housing starts declined from 64,500 (February 2013) to 60,200 (February 2014) The average MLS resale price in Toronto increased from $510,580 (February 2013) to $553,193 (February ... Read more
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