[Andrew Moor] said a "strange anomaly" is occurring now where larger-than-normal spreads between fixed-rate mortgages and bond rates -- which compete against each other for investment dollars -- suggest that mortgage rates are likely to drop over the next several weeks. It certainly seems to us that there's very little risk of the variable rate mortgages going up in cost over the next little while," said Moor. Invis says that even with seven rate increases over the past year, people who had variable mortgages still fared about as well as those who had locked into a five-year fixed term. Still, picking between a fixed and floating rate mortgage should be about more than just simple number crunching, said Nancy Mitchell, senior manager of RBC's home equity financing group in Toronto.
This is not helpful," said Ontario Treasurer Greg Sorbara. "Higher costs of borrowing and a higher Canadian dollar have a negative impact on Ontario manufacturers, particularly those who are exporting to the U.S. and abroad. United Steelworkers' national director Ken Neumann, accused the Bank of Canada of "letting an unbalanced fear of possible inflation outweigh the country's broader interests in a vibrant economy," echoing comments also issued by the Canadian Auto Workers union. "For homeowners with a $200,000 variable rate mortgage with a 25-year amortization and floating payments, this rate change means an extra $28.76 per month and monthly payments of $1,203.38," said Neil Glasberg, president and chief executive of Invis, Canada's largest mortgage brokerage firm. "However, if the ...
Mortgage means Perry has to delay retirement . Perry has a ... of a mortgage broker to find him the lowest rate and most flexible terms to suit his needs. "Ideall...-White says, adding he could get a floating-rate mortgage at about 2.5 per cent, rather than h...
... the amounts due and the interest paid at the rate provided for in ss. 36(2) and 37(2) of the Federal... by or arising out of a debenture, mortgage, hypothec, lien, pledge, charge, deemed or actual ...), a chattel mortgage, conditional sale, floating charge, pledge, trust indenture, trust receipt, as...
...With her current mortgage plan, Dawn will have her home paid off by about th..., she has a debt that, in a rising-interest-rate environment, could derail her plans for early reti... reduce costs by refinancing with a floating rate closer to three per cent interest, he says. T...
... up of structured notes (see below) and floating rate notes. DBRS noted that, as at 31 December 2... Credit cards (29.9%). Commercial mortgages (20.7%). Residential mortgages (13.6%). Auto loa...
... made in the context of a rising inflation rate--whose consequences were poorly understood at the ... structure of the mortgages (fixed versus floating rate), and the average credit scores of borrowers....
... year is the amount calculated at the annual rate of 1.25% applied to the end-of-month balances of t...(i) the single family residential mortgage or hypothec rate in effect at that lender for the ... fixed rate loan to a conventional floating rate loan of the same amount, or a conventional fl...
A lot of families are going to pay a real price and experience some real distress over the debt they took on because interest rates were at generational lows, and the savings they didn't do because interest rates were at generational lows. [Paul Edmond] says such a strategy won't backfire as long as real estate markets continue to rise, but a five or 10 per cent setback in prices could easily put highly-leveraged people "behind the 8-ball." Of course, unforeseen events around the world can have different effects on the Bank of Canada's interest rate strategy, so you can't take [Craig Alexander]'s statement to the, um, bank.
... if you have either a variable-rate mortgage or loan. Even if you hadn't taken on any new debts... $100 a month or more extra on your floating rate mortgage, through no fault of your own. For e...
The Canadian economy is in a tough spot right now," Dale Orr, chief economist at Global Insight, said in response to the central bank's announcement, adding that its explanation was "not very forthcoming. "Growth in Canada has been miserable lately, and it is not going to get much better quickly, yet the bank's fear of impending inflation is so great that they won't cut interest rates," Orr said. "Can't quarrel with the decision, but the issue here may be on the communications front," said BMO Capital Markets economist Douglas Porter, who added the move suggests that Canadians have had all the interest relief they are going to get.
... prime rates steady, and that loans and floating-rate mortgages that are tied to prime won't be com...
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