Mortgage rates set to stay lower for the next six months
Renewing a home loan shouldn’t be too painful for the next six months according to a new report from The Canadian Association of Accredited Mortgage Professionals. It’s predicting that the low rates should continue well into 2015 and that means those that have been used to paying at a higher rate can look forward to savings and that will be good news for the economy as a whole. CAAMP says that of the 1.35 million homeowners that have renewed or refinanced their loans during this year 1.05 million are now paying at a lower rate. Their figures also show that 16 per cent of those with a mortgage have increased the level of their monthly payments or paid a lump sum to pay down their loan faster. Another 7 per cent have increased the frequency of their loan repayments to fortnightly. Around 11 per cent have taken equity out of their home for other purposes including debt consolidation, home renovation or investments. Among first-time buyers the average down payment is 21 per cent with 11 per cent of respondents being gifted the money from a relative and 6 per cent receiving a loan from a family member. Read the full survey.
Calgary’s most successful condo launch since the recession
The majority of properties at the Parkside development on Calgary’s waterfront have sold within days; making it the most successful launch since the recession. The 288 units had attracted interest from 1,800 people looking to buy and 252 sold in just 72 hours.
Ontario tax hikes not ruled out
With a $12.5 billion deficit, Ontario may have to increase taxes in order to balance the books. The preferred option for finance minister Charles Sousa is attracting investment into the province through a competitive business environment; but speaking yesterday he wouldn’t rule out tax hikes.
Federal infrastructure building project “open for business”
The $14 billion New Building Canada Fund was launched in April but critics say it has not been clear how to get some of the money and that has delayed the start of building projects this year. Yesterday finance minister Joe Oliver insisted the program is “open for business and the money is rolling out.” He said that dozens of projects have already been announced but local officials need to submit their plans; Ontario for example hasn’t put forward their project proposals so far. Read the full story.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate