Welcome to the October issue of the News & Rate Advisor.
Source: Bank of Canada
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Sunday, 15 October 2017
October News and Rate Advisor
Friday, 15 September 2017
September News and Rate Advisor
Welcome to the September issue of the News & Rate Advisor.
Source: Bank of Canada
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Tuesday, 5 September 2017
Is A home equity line of credit right for you?
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
Wednesday, 30 August 2017
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% |
| 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 |
| 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 |
| 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 |
Thursday, 15 June 2017
June News and Rate Advisor
Welcome to the June issue of the News & Rate Advisor.
| Current Discount Mortgage Rates for Jun 2017 | Rate | ||
| Variable Rate | 2.30% | ||
| 1 Year | 2.29% | ||
| 3 Year | 2.44% | ||
| 5 Year | 2.69% | ||
| Prime Rate | 2.70% | ||
| Note: * Rates subject to change and OAC. | |||
| Canadian Qualifying Rate | Jun 2017 |
| Rate | 4.64% |
Source: Bank of Canada
| Current Bank of Canada Rate & Prime Rates | Jun 2017 | Jun 2016 | Jun 2015 |
| Bank Rate | 0.75% | 0.75% | 1.00% |
| Prime Rate | 2.70% | 2.70% | 2.85% |
| Nationwide Building Permits | Apr 2017 | Apr 2016 | Apr 2015 |
| Residential | $4,474,425,000 | $4,386,492,000 | $4,539,491,000 |
| Commercial | $2,582,341,000 | $2,533,722,000 | $3,296,020,000 |
| Total | $7,056,766,000 | $6,920,214,000 | $7,835,511,000 |
| Average House Prices by Province | Apr 2017 | Apr 2016 | Apr 2015 |
| National | $559,317 | $508,097 | $488,862 |
| Yukon | $369,162 | $357,965 | $361,753 |
| Northwest Territories | $391,750 | $391,229 | $457,465 |
| British Columbia | $728,955 | $743,640 | $634,744 |
| Alberta | $406,318 | $393,285 | $397,811 |
| Saskatchewan | $300,719 | $299,694 | $304,433 |
| Manitoba | $294,548 | $278,862 | $284,320 |
| Ontario | $668,589 | $540,608 | $481,090 |
| Quebec | $291,809 | $276,219 | $272,802 |
| New Brunswick | $173,410 | $166,267 | $165,622 |
| Prince Edward Island | $184,838 | $176,886 | $170,396 |
| Nova Scotia | $241,474 | $223,958 | $213,633 |
| Newfoundland | $254,131 | $255,237 | $276,760 |
| Average House Prices by City | Apr 2017 | Apr 2016 | Apr 2015 |
| Yellowknife | $391,750 | $391,229 | $457,465 |
| Vancouver | $1,056,136 | $1,091,767 | $899,178 |
| Victoria | $629,040 | $606,554 | $520,975 |
| Edmonton | $377,774 | $377,283 | $377,270 |
| Calgary | $475,516 | $460,114 | $455,155 |
| Saskatoon | $346,486 | $336,708 | $336,062 |
| Regina | $316,978 | $317,098 | $335,534 |
| Toronto | $920,791 | $739,082 | $635,932 |
| Hamilton-Burlington | $611,090 | $514,746 | $448,007 |
| Ottawa-Carleton | $409,838 | $381,699 | $382,960 |
| Quebec City | $265,833 | $267,727 | $272,159 |
| Montreal | $364,373 | $337,015 | $333,943 |
| Fredericton | $190,314 | $183,605 | $199,859 |
| Saint John | $172,547 | $168,826 | $161,326 |
| Halifax-Dartmouth | $306,240 | $283,845 | $280,529 |
| Winnipeg | $302,983 | $289,384 | $292,456 |
Monday, 15 May 2017
May News & Rate Advisor
Welcome to the May issue of the News & Rate Advisor.
| Current Discount Mortgage Rates for May 2017 | Rate | ||
| Variable Rate | 2.30% | ||
| 1 Year | 2.29% | ||
| 3 Year | 2.44% | ||
| 5 Year | 2.69% | ||
| Prime Rate | 2.70% | ||
| Note: * Rates subject to change and OAC. | |||
| Canadian Qualifying Rate | May 2017 |
| Rate | 4.64% |
Source: Bank of Canada
| Current Bank of Canada Rate & Prime Rates | May 2017 | May 2016 | May 2015 |
| Bank Rate | 0.75% | 0.75% | 1.00% |
| Prime Rate | 2.70% | 2.70% | 2.85% |
| Nationwide Building Permits | Mar 2017 | Mar 2016 | Mar 2015 |
| Residential | $4,583,975,000 | $4,425,639,000 | $4,418,463,000 |
| Commercial | $2,417,659,000 | $2,486,166,000 | $2,448,640,000 |
| Total | $7,001,634,000 | $6,911,805,000 | $6,867,103,000 |
| Average House Prices by Province | Mar 2017 | Mar 2016 | Mar 2015 |
| National | $548,517 | $508,567 | $439,144 |
| Yukon | $352,774 | $322,267 | $307,800 |
| Northwest Territories | $394,677 | $406,620 | $377,244 |
| British Columbia | $690,597 | $771,620 | $641,799 |
| Alberta | $404,804 | $392,145 | $398,856 |
| Saskatchewan | $294,787 | $297,823 | $292,847 |
| Manitoba | $289,503 | $277,202 | $272,344 |
| Ontario | $672,584 | $521,178 | $466,404 |
| Quebec | $288,691 | $274,616 | $270,245 |
| New Brunswick | $162,099 | $154,371 | $150,807 |
| Prince Edward Island | $187,977 | $194,094 | $165,693 |
| Nova Scotia | $222,411 | $223,520 | $226,613 |
| Newfoundland | $251,555 | $258,563 | $273,645 |
| Average House Prices by City | Mar 2017 | Mar 2016 | Mar 2015 |
| Yellowknife | $394,677 | $406,620 | $377,244 |
| Vancouver | $991,690 | $1,093,267 | $891,652 |
| Victoria | $640,802 | $575,858 | $508,807 |
| Edmonton | $371,680 | $379,524 | $373,005 |
| Calgary | $472,491 | $455,220 | $457,422 |
| Saskatoon | $343,112 | $336,425 | $337,982 |
| Regina | $316,341 | $307,609 | $300,148 |
| Toronto | $916,567 | $688,181 | $613,933 |
| Hamilton-Burlington | $607,846 | $486,008 | $443,706 |
| Ottawa-Carleton | $388,400 | $368,798 | $362,918 |
| Quebec City | $256,929 | $259,851 | $262,214 |
| Montreal | $359,708 | $336,138 | $331,216 |
| Fredericton | $182,850 | $177,441 | $175,632 |
| Saint John | $166,430 | $154,700 | $301,769 |
| Halifax-Dartmouth | $294,246 | $281,822 | $277,377 |
| Winnipeg | $298,329 | $287,692 | $281,269 |
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