Canadian Mortgage Rate Increase Likely
Posted by Jim Sparrow on Friday, October 9th, 2009 at 8:06pm.On the back of Canadian job-loss and employment data released today, major Canadian banks are telegraphing mortgage rates are about to rise. The stronger than expected domestic job numbers saw Canadian bonds ending dramatically lower on Friday. Canada's unemployment rate fell in September for the first time since the economic downturn began, to 8.4% from 8.7% in August. At the same time the country created 30,600 jobs, significantly more than the expected 5,000.
Look for Canada's 5 major banks to raise fixed rate mortgages over the weekend or early Tuesday next week (Monday is the Canadian Thanksgiving holiday).
Tuesday October 13th Update
As forecast all major Canadian banks raised their fixed residential mortgage rates over the weekend or this morning. Increases on fixed term closed mortgages ranged from 29 to 35 basis points (0.29% - 0.35%), and took the 5 year closed to 5.84%. See Calgary Mortgage Rates for all current rates.
Jim Sparrow sells Calgary Real Estate with Royal LePage Calgary & specializes in South Calgary estate and luxury homes. Visit our website Calgary Luxury Real Estate our blog Living in Calgary or page me directly at Royal LePage Solutions 403.252.5900
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Share3 Responses to "Canadian Mortgage Rate Increase Likely "
Sam - don't get the wrong idea. Canada is still suffering thru this worldwide recession along with everyone else. The good news is that job losses have actually begun to moderate *don't forget unemployment is a lagging indicator, hence people will still be getting laid off as economies start to recover*. Canada never had a sub-prime issue driving real estate prices up, so they didn't collapse the same way they did in many markets in the US. Our manufacturing industries and many commodities (lumber for instance) have suffered as much pain as those in the US have.
Posted on Tuesday, October 13th, 2009 at 2:07 PM.
[...]Canadian Mortgage Rate Increase Likely www.jimsparrow.com/blog/canadian-mortgage-rate-increase-likely.html – view page – cached Canadian banks poised to increase fixed rate mortgages after employment data sparked a sell-off of Canadian bonds — From the page[...]
Posted on Tuesday, October 13th, 2009 at 2:53 PM.
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What kinds of new jobs are being created? I would love to see our neighbors to the north help pull the States out of this mess. Washington certainly isn't doing it.
Posted on Tuesday, October 13th, 2009 at 1:56 PM.