December News and Rate Advisor

Welcome to the December issue of the News & Rate Advisor.

Current Discount Mortgage Rates for Dec 2017		Rate
Variable Rate		2.45%
1 Year		2.64%
3 Year		2.84%
5 Year		3.04%
Prime Rate		3.20%
Note: * Rates subject to change and OAC.

Canadian Qualifying Rate	Dec 2017
Rate	4.99%

Source: Bank of Canada

Current Bank of Canada Rate & Prime Rates	Dec 2017	Dec 2016	Dec 2015
Bank Rate	1.25%	0.75%	0.75%
Prime Rate	3.20%	2.70%	2.70%

Source: Bank of Canada

Nationwide Building Permits	Oct 2017	Oct 2016	Oct 2015
Residential	$4,940,171,000	$5,220,944,000	$4,876,246,000
Commercial	$3,284,486,000	$2,549,673,000	$2,881,587,000
Total	$8,224,657,000	$7,770,617,000	$7,757,833,000

Source: Stats Canada - preliminary figures

Average House Prices by Province	Oct 2017	Oct 2016	Oct 2015
National	$481,922	$481,994	$454,976
Yukon	$362,733	$313,723	$356,290
Northwest Territories	$428,913	$308,310	$330,708
British Columbia	$719,946	$606,787	$667,480
Alberta	$395,429	$391,692	$384,381
Saskatchewan	$280,330	$284,545	$292,949
Manitoba	$284,952	$273,573	$264,739
Ontario	$562,654	$561,896	$471,654
Quebec	$307,745	$288,979	$275,701
New Brunswick	$162,740	$160,651	$161,338
Prince Edward Island	$217,182	$189,979	$163,236
Nova Scotia	$227,245	$213,046	$207,657
Newfoundland	$248,956	$254,207	$258,459

Source: CREA - Most Recent Month Reported

Average House Prices by City	Oct 2017	Oct 2016	Oct 2015
Yellowknife	$428,913	$308,310	$330,708
Vancouver	$1,042,300	$891,705	$947,334
Victoria	$620,400	$615,066	$543,459
Edmonton	$370,484	$364,004	$371,756
Calgary	$433,000	$450,279	$444,535
Saskatoon	$299,900	$332,144	$342,553
Regina	$289,000	$291,741	$316,025
Toronto	$747,800	$762,975	$630,876
Hamilton-Burlington	$527,991	$507,131	$436,562
Ottawa-Carleton	$369,200	$366,639	$358,950
Quebec City	$278,672	$269,925	$254,831
Montreal	$329,300	$354,600	$339,436
Fredericton	$169,754	$159,325	$176,788
Saint John	$168,575	$178,673	$175,557
Halifax-Dartmouth	$286,026	$279,611	$264,487
Winnipeg	$294,843	$279,421	$271,759

Source: CREA - Most Recent Month Reported

November News and Rate Advisor

Welcome to the November issue of the News & Rate Advisor. Current Discount Mortgage Rates for Nov 2017 Conventional1 High Ratio2 Variable Rate 2.65% 2.40% 1 Year 2.94% 2.94% 3 Year 3.19% 3.04% 5 Year 3.09% 3.04% Prime Rate 3.20% 3.20% Note: * Rates subject to change and OAC. (1) Conventional - Uninsured, (2) High Ratio - Insured Canadian Qualifying Rate Nov 2017 Rate 4.99% Source: Bank of Canada Current Bank of Canada Rate & Prime Rates Nov 2017 Nov 2016 Nov 2015 Bank Rate 1.25% 0.75% 0.75% Prime Rate 3.20% 2.70% 2.70% Source: Bank of Canada Nationwide Building Permits Sep 2017 Sep 2016 Sep 2015 Residential $4,804,802,000 $4,787,229,000 $4,191,832,000 Commercial $3,056,680,000 $2,244,709,000 $2,869,735,000 Total $7,861,482,000 $7,031,938,000 $7,061,567,000 Source: Stats Canada - preliminary figures Average House Prices by Province Sep 2017 Sep 2016 Sep 2015 National $487,095 $474,590 $433,649 Yukon $331,440 $335,446 $344,790 Northwest Territories $386,125 $402,761 $402,089 British Columbia $693,568 $585,844 $605,258 Alberta $390,485 $396,646 $381,758 Saskatchewan $284,625 $294,801 $281,982 Manitoba $280,026 $276,646 $264,534 Ontario $547,389 $550,305 $458,483 Quebec $298,115 $292,839 $281,896 New Brunswick $159,462 $157,794 $159,756 Prince Edward Island $188,458 $167,342 $146,079 Nova Scotia $215,209 $233,828 $245,777 Newfoundland $252,265 $245,751 $274,840 Source: CREA - Most Recent Month Reported Average House Prices by City Sep 2017 Sep 2016 Sep 2015 Yellowknife $386,125 $402,761 $402,089 Vancouver $1,037,300 $864,566 $857,015 Victoria $620,700 $598,740 $507,560 Edmonton $370,252 $373,926 $368,874 Calgary $435,400 $469,818 $443,768 Saskatoon $326,700 $343,306 $324,410 Regina $320,000 $308,824 $303,025 Toronto $750,800 $755,755 $627,395 Hamilton-Burlington $543,927 $519,171 $449,233 Ottawa-Carleton $367,500 $360,786 $366,145 Quebec City $264,406 $264,652 $267,940 Montreal $327,600 $364,699 $343,452 Fredericton $169,036 $159,370 $175,982 Saint John $174,665 $179,350 $149,591 Halifax-Dartmouth $272,491 $307,239 $286,698 Winnipeg $288,334 $284,799 $274,541 Source: CREA - Most Recent Month Reported

Powered By GoMax Solutions

October News and Rate Advisor

Welcome to the October issue of the News & Rate Advisor. Current Discount Mortgage Rates for Oct 2017 Rate Variable Rate 2.45% 1 Year 2.64% 3 Year 2.84% 5 Year 3.09% Prime Rate 3.20% Note: * Rates subject to change and OAC. Canadian Qualifying Rate Oct 2017 Rate 4.89% Source: Bank of Canada Current Bank of Canada Rate & Prime Rates Oct 2017 Oct 2016 Oct 2015 Bank Rate 1.25% 0.75% 0.75% Prime Rate 3.20% 2.70% 2.70% Source: Bank of Canada Nationwide Building Permits Aug 2017 Aug 2016 Aug 2015 Residential $4,872,302,000 $4,516,206,000 $4,733,125,000 Commercial $2,670,651,000 $2,856,502,000 $2,827,782,000 Total $7,542,953,000 $7,372,708,000 $7,560,907,000 Source: Stats Canada - preliminary figures Average House Prices by Province Aug 2017 Aug 2016 Aug 2015 National $472,247 $456,722 $433,367 Yukon $311,149 $341,597 $357,252 Northwest Territories $447,334 $388,119 $416,577 British Columbia $678,152 $569,281 $619,881 Alberta $392,359 $390,615 $388,551 Saskatchewan $293,995 $298,001 $292,583 Manitoba $287,794 $273,387 $269,321 Ontario $518,613 $518,586 $455,611 Quebec $298,158 $289,656 $280,253 New Brunswick $161,160 $168,737 $154,973 Prince Edward Island $195,270 $195,925 $157,949 Nova Scotia $223,738 $209,989 $220,161 Newfoundland $258,198 $265,521 $292,960 Source: CREA - Most Recent Month Reported Average House Prices by City Aug 2017 Aug 2016 Aug 2015 Yellowknife $447,334 $388,119 $416,577 Vancouver $1,029,700 $833,065 $900,592 Victoria $620,700 $570,196 $544,862 Edmonton $373,438 $369,956 $372,256 Calgary $436,500 $456,663 $450,260 Saskatoon $316,700 $349,716 $339,426 Regina $313,000 $309,634 $311,318 Toronto $755,400 $710,410 $602,607 Hamilton-Burlington $554,507 $496,894 $464,101 Ottawa-Carleton $365,200 $369,055 $354,035 Quebec City $266,072 $279,780 $273,495 Montreal $326,400 $358,935 $342,010 Fredericton $166,135 $187,411 $167,100 Saint John $172,803 $165,661 $311,166 Halifax-Dartmouth $284,037 $281,977 $274,022 Winnipeg $297,897 $278,718 $276,397 Source: CREA - Most Recent Month Reported

September News and Rate Advisor

Welcome to the September issue of the News & Rate Advisor. Current Discount Mortgage Rates for Sep 2017 Rate Variable Rate 2.20% 1 Year 2.44% 3 Year 2.69% 5 Year 2.94% Prime Rate 2.95% Note: * Rates subject to change and OAC. Canadian Qualifying Rate Sep 2017 Rate 4.84% Source: Bank of Canada Current Bank of Canada Rate & Prime Rates Sep 2017 Sep 2016 Sep 2015 Bank Rate 1.25% 0.75% 0.75% Prime Rate 2.95% 2.70% 2.70% Source: Bank of Canada Nationwide Building Permits Jul 2017 Jul 2016 Jul 2015 Residential $5,010,106,000 $4,087,851,000 $5,005,523,000 Commercial $2,911,455,000 $2,554,845,000 $2,836,355,000 Total $7,921,561,000 $6,642,696,000 $7,841,878,000 Source: Stats Canada - preliminary figures Average House Prices by Province Jul 2017 Jul 2016 Jul 2015 National $478,696 $480,743 $437,699 Yukon $376,909 $344,863 $351,916 Northwest Territories $366,991 $388,352 $398,889 British Columbia $698,718 $663,411 $608,294 Alberta $396,946 $403,666 $394,977 Saskatchewan $291,399 $303,414 $305,431 Manitoba $283,978 $275,914 $273,164 Ontario $517,379 $517,831 $454,098 Quebec $303,083 $284,662 $278,760 New Brunswick $173,797 $164,961 $168,412 Prince Edward Island $192,605 $180,427 $171,140 Nova Scotia $228,399 $221,689 $217,236 Newfoundland $244,653 $252,846 $275,072 Source: CREA - Most Recent Month Reported Average House Prices by City Jul 2017 Jul 2016 Jul 2015 Yellowknife $366,991 $388,352 $398,889 Vancouver $1,029,786 $1,007,687 $866,772 Victoria $644,510 $580,555 $519,379 Edmonton $383,624 $384,504 $372,910 Calgary $458,480 $469,325 $459,958 Saskatoon $325,718 $346,879 $350,246 Regina $319,595 $314,714 $309,696 Toronto $746,218 $709,825 $609,236 Hamilton-Burlington $536,595 $491,360 $434,730 Ottawa-Carleton $391,119 $374,431 $369,718 Quebec City $268,884 $266,578 $276,561 Montreal $378,401 $349,218 $341,594 Fredericton $187,119 $181,833 $178,479 Saint John $179,048 $168,266 $178,089 Halifax-Dartmouth $299,847 $292,511 $287,288 Winnipeg $294,216 $282,684 $281,684 Source: CREA - Most Recent Month Reported

Powered By GoMax Solutions

Is a home equity line of credit right for you?

(NC) Buying a new home is an exciting but often stressful experience. The variety of financing options now offered by lenders is overwhelming.

One of the most popular options is a home equity line of credit. With interest rates typically lower than other forms of credit, this line of credit can help you reach your financial goals. However, there are several factors to consider when deciding if this product is right for you.

Banks market home equity lines of credit under different names, which might make it challenging to recognize when you are being offered one. They are commonly combined with a regular term mortgage in the form of a “readvanceable mortgage.”

When combined this way, the credit limit on your home equity line of credit will often increase automatically as you pay down the principal on your mortgage. A readvanceable mortgage may also tie together other credit and banking products —such as personal loans, credit cards and car loans — under a single credit limit.

Benefits of bundling these products together include convenience and lower interest rates. But the downsides include fees and restrictions if you want to switch to another lender, and variable interest rates that could increase on short notice. Your financial institution also has the right to demand that you pay the full amount owing at any time.

When deciding if this lending product is right for you, remember that your home is likely your biggest investment. You should beware of overborrowing against its equity, especially if you're counting on it to fund your retirement.

“Most lenders allow you to make interest-only payments on your home equity line of credit, making it easier to delay repaying the principal balance,” explains Lucie Tedesco, commissioner of the Financial Consumer Agency of Canada. “Continually borrowing against your home's equity without repaying the principal can jeopardize your long-term financial security. For instance, in the event of a housing market correction you might owe more than what your home is worth.”

Ask yourself if a low interest rate and easy access to credit may encourage you to spend more than you can afford to pay back. You could find yourself in a debt spiral, using additional home equity just to stay current on your mortgage. This could make you more vulnerable to unforeseeable events, like job loss, illness or an interest rate hike.

Consider creating your own plan to pay down the principal amount borrowed over a fixed period. Aim to pay more than the minimum payment or interest every month. With a home equity line of credit, there is usually no penalty to pay back as much as you can at any time.

Find more information online at canada.ca/money.

www.newscanada.com

www.philrom.com

August News and Rate Advisor

Welcome to the August issue of the News & Rate Advisor.

Current Discount Mortgage Rates for Aug 2017		Rate
Variable Rate		2.20%
1 Year		2.44%
3 Year		2.69%
5 Year		2.94%
Prime Rate		2.95%
Note: * Rates subject to change and OAC.

Canadian Qualifying Rate	Aug 2017
Rate	4.84%

Source: Bank of Canada

Current Bank of Canada Rate & Prime Rates	Aug 2017	Aug 2016	Aug 2015
Bank Rate	1.00%	0.50%	0.75%
Prime Rate	2.95%	2.70%	2.70%

Source: Bank of Canada

Nationwide Building Permits	Jun 2017	Jun 2016	Jun 2015
Residential	$5,049,684,000	$4,108,128,000	$4,598,442,000
Commercial	$3,012,341,000	$2,313,366,000	$3,189,988,000
Total	$8,062,025,000	$6,421,494,000	$7,788,430,000

Source: Stats Canada - preliminary figures

Average House Prices by Province	Jun 2017	Jun 2016	Jun 2015
National	$504,458	$503,301	$453,560
Yukon	$380,580	$351,768	$372,835
Northwest Territories	$414,505	$380,284	$449,567
British Columbia	$725,704	$694,925	$631,962
Alberta	$412,358	$397,269	$403,087
Saskatchewan	$285,811	$297,837	$302,741
Manitoba	$292,791	$284,798	$273,369
Ontario	$547,402	$544,009	$477,829
Quebec	$299,827	$287,637	$278,567
New Brunswick	$177,807	$170,044	$164,122
Prince Edward Island	$219,235	$192,115	$162,885
Nova Scotia	$240,776	$226,272	$164,122
Newfoundland	$258,235	$270,664	$280,605

Source: CREA - Most Recent Month Reported

Average House Prices by City	Jun 2017	Jun 2016	Jun 2015
Yellowknife	$414,505	$380,284	$449,567
Vancouver	$1,053,655	$1,026,207	$922,326
Victoria	$674,952	$587,908	$536,553
Edmonton	$393,212	$378,045	$378,050
Calgary	$483,106	$466,717	$465,965
Saskatoon	$338,709	$334,529	$350,689
Regina	$294,991	$321,726	$315,904
Toronto	$793,915	$746,546	$639,184
Hamilton-Burlington	$560,113	$513,971	$449,945
Ottawa-Carleton	$410,032	$378,389	$383,676
Quebec City	$277,041	$273,869	$270,850
Montreal	$373,780	$353,535	$341,085
Fredericton	$194,571	$189,239	$179,389
Saint John	$188,119	$179,633	$159,487
Halifax-Dartmouth	$290,008	$290,421	$291,212
Winnipeg	$302,900	$294,619	$281,349

Source: CREA - Most Recent Month Reported