There is much talk about an increase in interest rates in Canada. If you are considering a purchase, your current mortgage is coming up for renewal, or you have an open variable mortgage you may want to investigate your options for locking in for the longer term. I suspect a substantial increase over the next 2-4 years. It is possible, and some say even likely, that we will see a 5 year fixed mortgage rate greater than 7% and as high as 10% in that time frame. My personal opinion is that it is ... Full Article...

The following is a copy of an update I received from one of my mortgage brokers. Steve CMHC NEW RULES Effective April 19, all high-ratioinsured mortgages that have a variable rate or a fixed term under five years will be qualified using the greater of:the chartered bank 5-year posted rate (5.39% today), or the contract rate. There’s been a lot of speculation surrounding this change. The new qualifying rate has been a big question mark ever since the Finance Department announced its ... Full Article...