604homesblog

This morning my broker emailed me an article from a Scotia Bank newsletter. The title of the article is "Canada's Mortgage Market is NOT like the U.S." and I found it very interesting to see the fundamental differences in our Canadian mortgage market vs. the U.S. They authors break down the differences into four categories which ...

I was pretty busy last week and didn't get the posts out about the big news that the 40 year mortgages and 0% down option will be eliminated on October 15th, 2008. I don't have too much to add to the discou rse on this. I have not worked with many buyers using either of these options. I am sure it will keep some  buyers out of the ...

Many had been expecting another rate from the Bank of Canada today, but low and behold they have decided to stick with the status quo. Here is the announcment from the BoC.Bank of Canada – Prime Rate Unchanged - 4.75% Since the April Monetary Policy Report (MPR), economic developments have been broadly in line with expectations. However, the ...

Well, that's nothing new. Vancouver real estate is in the news almost everyday. The Vancouver Sun online has a story today titled 15 Real Estate Myths & Realities: The List. The article also includes the transcript of an interview by Christy Clark with Landcor Data Corp. founder Rudy Nielsen. The actual print article will ...

The Bank of Canada cut it's overnight rate by 50 basis points,or 1/2 a percent, to 3% this morning. The major bank will most likey respond with a cut in their mortgage rates. The rationale for the cut was that:Growth in the global economy has weakened, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations ...

RBC reported today that they: We look for the Bank of Canada to slash the overnight rate by 50 bps to 3% and expect the statement will reinforce policymakers’ concerns about Canada’s economic prospects given the sustained volatility in financial markets, rising cost of capital and growing downside risks to the US economy.   ...

RBC Royal Bank released their quarterly (is it really the 2nd quarter already?)  housing affordability report today and the news is not good on the affordability front. The report starts out by saying:Nationwide housing affordability deteriorated in every consecutive quarter throughout 2007 to end up at its most unaffordable level since the ...

The Bank of Canada has cut the target for it's overnight lending rate by half a percentage point today and the major banks have already started to respond by lowing their prime lending rate by an equal amount. This will help to spurr on the Spring real estate market in Metro Vancouver as every small decrease in interest rates brings about ...