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Mortgage Rules for Rent Limit First Time Homebuyers


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Buying a home in the hot housing markets of major Canadian cities in the recent years have been a possible dream for first time homebuyers, particularly because many of those houses have had suites they could rent out.
With new mortgage rules coming into effect April 19th, it will pretty much wipe out the advantage in [...]


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Lowest Five Year Fixed Rate Mortgage


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BMO Bank of Montreal announced that effective April 7th, its five year low rate fixed closed mortgage will be increasing to 3.95% from 3.75%. This new rate remains at the lowest in the marketplace, and the gap between BMO’s rate compared to the competition has widened following the recent round of rate increases.
This is one [...]


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Early Interest Rates Increase a Possibility


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Bank of Canada Governor Mark Carney has put Canadians on notice that today’s low borrowing costs are likely to increase by midsummer, if not sooner.
Almost a year ago, Carney decided to combat the recession by taking the unusual step of promising to keep the bank’s overnight rate are the record low of 0.25% until the [...]


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Proposed Rule Changes from CREA


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Changes to the Canadian Real Estate Association’s (CREA) Pillar’s and Interpretations are being brought forward to the annual general meeting on March 22nd, 2010.
The current three pillars of the Multiple Listing Service (MLS) System are as follows:
1. Membership – only realtors can place a listing on the MLS system
2. Agency – a listing realtor must act as [...]


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Interest Rates May Rise as Inflation Rises


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Canada’s core inflation rate rose beyond the Bank of Canada’s expectations to 2.1% from 2%, however the central bank is unlikely to move up its target date for raising interest rates, noted a top economist.
As we have heard from the Bank of Canada, higher inflation could bring about the Bank to raise the trend setting [...]


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National Bank Financial Group Offers Special Rate


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National Bank Financial Group is now offering 5.5% cashback on some of their fixed rate mortgage loans taken out or renewed for a five year term.
With the cashback, homeowners can opt to use the money to cover expenses for their home such as renovations, decorating, moving costs or even when they are buying the actual [...]


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Canadian Home Prices Increases, Sales Decreases


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Canadian existing homes sales were down by 1.5% in February, despite prices continuing to increase, according to figures released by the Canadian Real Estate Association (CREA).
Sales of homes nationally were a seasonally adjusted 42,799 edging down from January, according to CREA.
Despite having sales up in Ontario by 3.3%, they were significantly down in British Columbia [...]


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