Should You Five It, or Dime It?
It’s almost become a cliche that interest rates are at “historical lows,” that’s how long they’ve been offered at extreme discounts. But along with those historical lows, banks have also started offering cheap, cheap fixed rate mortgages with 5 and 10 year terms. This has nudged aside the “fixed or variable?” question for now, and…
Read moreIs it Time to Say Goodbye to Variable?
Ever since the Bank of Canada’s interest rate hit historical lows, people have been wondering whether a variable rate is still the way to go on their Vancouver, Toronto, and Ottawa mortgages. The latest argument for fixed over variable comes from Doug Porter, deputy chief economist at BMO, who says in his report, Time to…
Read moreWill Toronto’s Housing Market Cool off on its Own?
It’s no secret that today, Toronto mortgages seem like something reserved for only the most wealthy. Just last month the average price of a home in Toronto was $502,508, compared with $453,329 just a year earlier in February 2011. But it’s not just this sharp increase that has many concerned. Finance Minister Jim Flaherty keeps…
Read moreIs our Debt so Bad that Mortgage Rules Should be Changed?
Just this morning we posted on this blog about how we as Canadians have lowered our debt levels. But, the fact that we’re still spending $0.50 more on every dollar that we have is enough to keep Queen’s University finance professor, Louis Gagnon, concerned. And he thinks that further tightening of the mortgage rules is…
Read moreMajority of Canadians Looking to Lock in a Mortgage
The smart money when it comes to the type of interest rate you want on your mortgage has typically always been a variable rate, right? This is the line of thinking that many Canadians have grown up with, because it’s the type of rate that’s likely going to save them the most money. But enter…
Read moreDon’t Want to Negotiate? Be Prepared to Walk Away
All the talk surrounding Canada’s housing market is about how prices are set to drop. No, they’re not going to plummet but yes, a drop is coming – and that’s generally great news for buyers who are looking to pay as little as possible. But if buyers aren’t careful, a drop in prices could mean…
Read moreWhat is a No-Frills Mortgage, and when are they Right for You?
There’s been a lot of talk lately about the latest offer from BMO. It’s the second time in three months that the bank has offered a 2.99% 5-year fixed term mortgage – inarguably one of the best rates you can find right now. But yet so many experts argue against taking out this kind of Toronto…
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