Mortgage interest rates have edged up slightly which always triggers a steady stream of questions to us about what to do in the face of rising rates. The latest issue of The Bank Of Canada review posed the question Why Do Mortgage Rates Rise Quickly But Fall Like Molasses? The answer may be of interest. Also, Schulich School of Business professor, Moshe Milevsky, offers his advise about what to do in the face of rising interest rates. Some very practical advice.
The change to CMHC mortgage rules announced back in January come into effect on March 18th. Ahead of those changes the Canadian Real Estate Association, CREA, released a report indicating that sales in Toronto have risen 5.2%. This seems to indicate that buyers are Racing To Beat Tighter Mortgage Rules. Of course, if people are rushing into the market to beat the rule changes, mistakes are made. In this article Dianne Nice shares the Worst Mistakes First-Time Home Buyers Make.
That wraps The Mortgage Radar, a biweekly post we do to sharie some interesting and note worthy articles that we come across. If you have any questions at all about your mortgage, or would like to explore financing options, feel free to ask us. We're here to help you. No pressure, just call, we'd be happy to hear from you. Connect with us at 416.461.0204 or firstname.lastname@example.org