Daily Market Update

Mortgage broker offers Black Friday deal at 2.05 per cent
Among the many Black Friday bargains on offer today, a mortgage broker announced a 24 hour promotion on home loans with a rate of just 2.59 per cent for a 5-year-fixed rate mortgage and 2.05 per cent for a variable rate. With the housing market slowing down towards Christmas this was the first Black Friday home loan promotion of its kind; but given the level of publicity it has attracted it’s unlikely to be the last. Any Cyber Monday deals around? Read the full story.
Toronto loses its reputation but Vancouver and Montreal join the elite
Toronto has dropped out of the top 10 most reputable cities in the world after almost hitting the top spot a year ago. The Reputation Institute, based in New York, compile their annual list based on factors such as; the appeal of the environment including recreational and shopping facilities; the effectiveness of local government including whether leaders are well-respected and the adequacy of the infrastructure; and the strength of the economy. Toronto was number 2 last year but has slipped out of the top 10 this year, although is still ranked as having a ‘strong’ reputation and comes just one place behind New York and above Dublin and San Francisco. Meanwhile Vancouver has made it to number 7, beating London and Montreal has edged in at number 10. The city with the best reputation globally is Vienna, Austria. Read the full story.
CMHC reveals quarterly financial report
The Canada Mortgage and Housing Corporation has released its third-quarter financial results. The figures reveal that total insurance-in-force declined to $546 billion over the nine-month period, down $11 billion from December 31, 2013. CMHC expects insurance-in-force to decline gradually as normal mortgage repayments continue to offset new insurance written. The strength of CMHC’s mortgage insurance portfolio is further demonstrated by an overall arrears rate of 0.34 per cent at September 30, 2014, and 6.5% fewer claims paid over the nine-month period. The International Monetary Fund recommends that the CMHC should reduce its exposure to the housing market and the federal government says they plan to make that happen.
Condo owners advised to check their liability on flooding
Owners of condos should check their liability in the event of flooding. The warning comes from the President of the BC Insurance Brokers Association Kevin McIntyre, who told CBC that condo owners are often underinsured; more than half of those in BC do not have homeowners’ insurance cover. Flooding and other water damage is among the most claimed for damage by homeowners and cost $3.4 billion to the insurance industry annually. That of course has increased premiums, which in turn puts off some owners from buying cover, but the cost to an uninsured owner could run into many thousands of dollars.  Read the full story.

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