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January News and Rate Advisor

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

Current Discount Mortgage Rates Jan 2017
Variable Rate 2.25%
1 Year 2.29%
2 Year 2.29%
3 Year 2.44%
4 Year 2.59%
5 Year 2.74%
7 Year 3.19%
10 Year 3.69%
Prime Rate 2.70%

Canadian Qualifying Rate Jan 2017
Rate 4.64%
Source: Bank of Canada

Current Posted Mortgage Rates Jan 2017 Jan 2016 Jan 2015
1 Year 3.14% 3.14% 3.14%
3 Year 3.39% 3.39% 3.44%
5 Year 4.64% 4.64% 4.79%
Source: Bank of Canada

Nationwide Building Permits Nov 2016 Nov 2015 Nov 2014
Residential $5,139,055,000 $4,002,881,000 $4,382,756,000
Commercial $2,625,521,000 $2,214,399,000 $2,218,621,000
Total $7,764,576,000 $6,217,280,000 $6,601,377,000
Source: Stats Canada - preliminary figures

Current Bank of Canada Rate & Prime Rates Jan 2017 Jan 2016 Jan 2015
Bank Rate 0.75% 0.75% 1.00%
Prime Rate 2.70% 2.70% 2.85%
Source: Bank of Canada



Average House Prices by City Nov 2016 Nov 2015 Nov 2014
Yellowknife $423,222 $423,788 $205,500
Vancouver $895,084 $930,652 $801,450
Victoria $639,687 $495,209 $466,453
Edmonton $373,174 $369,559 $381,371
Calgary $468,659 $444,959 $462,031
Saskatoon $335,660 $339,465 $346,015
Regina $297,980 $309,240 $298,290
Toronto $776,684 $632,685 $577,936
Hamilton-Burlington $510,475 $431,566 $398,590
Ottawa-Carleton $379,343 $363,117 $358,196
Quebec City $259,562 $262,765 $265,825
Montreal $366,956 $346,723 $345,032
Fredericton $172,925 $158,857 $146,242
Saint John $168,865 $175,829 $191,082
Halifax-Dartmouth $282,700 $296,205 $266,362
Winnipeg $279,557 $278,134 $266,945
Source: CREA - Most Recent Month Reported

Average House Prices by Province Nov 2016 Nov 2015 Nov 2014
National $489,591 $456,186 $413,649
Yukon $289,312 $343,942 $242,694
Northwest Territories $423,222 $423,788 $205,500
British Columbia $625,871 $668,317 $574,694
Alberta $395,648 $385,430 $407,071
Saskatchewan $292,303 $294,110 $295,487
Manitoba $282,511 $271,045 $261,180
Ontario $571,696 $471,224 $433,561
Quebec $291,232 $283,560 $279,014
New Brunswick $158,295 $155,127 $160,766
Prince Edward Island $165,406 $167,875 $180,487
Nova Scotia $218,332 $216,717 $206,251
Newfoundland $265,395 $271,918 $273,177
Source: CREA - Most Recent Month Reported

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Some of Our Featured Mortgage Rates

 

TERM

 

RATES

 

Variable Rate Mortgage As low as 2.10%
3 Year Closed Rate As low as 2.39%
5 Year Closed Rate Mortgage As low as 2.59%
Home Equity Line of Credit (HELOC Up To 80%) As low as Prime +.50%
10 Year Closed Term 

As low as 3.84%

Rates and terms subject to change without notice, conditions may apply.

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Want to keep up to date with rates click here!

Reverse Mortgage Specialist

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New to Canada Mortgage Program

The New to Canada Mortgage allows qualified home buyers  who have immigrated to Canada from another country, or have  been transferred here by an employer, to qualify for mortgage  insurance with as little as a 5% down payment.

Quick Details of the program - good credit or no credit history is allowed  as this program allows limited Credit history.

  • Must be in Canada for less than 5 years
  • Must have at least 3 months Canadian employment, no probation
  • Must have either a working visa or permanent status (9 SIN allowed, must prove legally allowed to be in Canada)If no credit and 5% DP - alternative sources of credit required (as per high ratio insurer guidelines)
    • Working visa minimum 10% down from own sources
    • Permanent Status 5% down from own sources

Call me to find out all the program details and if you qualify for this program!

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Rent or Buy Video

What Can you Afford Video

Home Buying Costs

Contact Info
Agent
Phil Romano

Certified Professional Mortgage Broker M10002221

Verico House of Mortgage Experts #11972

www.philrom.com
  

905-516-1150 888-812-8292 philromano@vhme.ca
Contact Me
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