Weekly Mortgage Update – February 18, 2014 - Lynn McLellan, Verico Dreyer Group
*2 year fixed @ 2.69%
*3 year fixed @2.89%
*4 year fixed @3.14%
*5 year fixed @3.09%
*Variable Rate Mortgage @ prime -.55%
*OAC, Rates Subject to Change without Notice
Housing starts continue to moderate, as reported last week by CMHC. Builders continue to adjust their activity to meet demand and inventories of completed units dropped toward the end of 2013.
The Canadian Real Estate Association reported January resale data last week and the winter weather which has gripped much of the country seems to have contributed to a fifth consecutive monthly decline in resale activity. But prices continue to rise with the MLS Home Price Index up by almost 5% from a year ago. The Teranet Index also showed an annual rise 4.5% in Canadian home prices.
Equifax Canada reported on Q4 2013 Canadian consumer debt last week. Total debt has risen again to record levels but Canadians are making their payments as the delinquency rate has reached a record low
Lynn McLellan BA
Dreyer Group Mortgages Inc- A Member of the Verico Broker Network