The Real Estate Encyclopedia is a complete source of real estate information in Ontario Canada. This site was designed to help home buyers, sellers, home owners, Realtors and the millions of people that work in the real estate and related industries. Also we provide the infrastructure for buyers, sellers and others involved in real
estate industry to meet in one place to buy and sell homes, recreational property, commercial real estate etc. In addition, it is a place where individuals can find rental information, answers to real estate questions, financial information and even contractor information.
Selling your home can be a lengthy and emotional process. If you're buying a new home at the same time, you can easily feel overwhelmed. Trying to do two things at once is never easy. Here are some tips to help you keep things in balance.
There was NO CHANGE to rates at today's Bank of Canada meeting, just as most economist expected. (Bank prime rate is 2.25%)
FACTS: Banks last raised mortgage rates on June 9. Today, Canada’s 5-year bond yield closed near a 3-week low, settling at 2.43%. That’s down from its June 10 high of 2.81%.
MARKET REACTION: Lately, we’ve seen a few non-bank lenders drop 5-year rates by 0.10%, but the Big 5 banks have not lowered advertised rates at all.
WHY? Banks "want to be convinced that it is not a flash in the pan and that any retreat in yields is sustained."
THAT MEANS: “we are probably not too far away from that point. It might take a little more of a deeper rally (in bond prices) to make it completely convincing."
The Bank’s next interest rate announcement is September 10.
6 Tips to become mortgage free
Are you feeling weighed down by the years remaining on your mortgage? Worried about when you should lock in your variable rate, or unsure of refinancing with rates on the rise? Getting a good interest rate is crucial, but there's a lot more you can do to ensure that you are mortgage free sooner.
