Stability for Spring Mortgage Rates

by Jamie Henry | 12 May 2014

Stable bond yields and a competitive spring market lead to status quo for fixed mortgage rates in the short term. Variable mortgage rates, however, aren't to change until 2016 as exports and inflation remain below the Bank of Canada's forecast.

Fixed Mortgage Rates: Unchanged: The busy spring buying season is in full swing, prompting lenders to stay competitive with their rates, as Canadian buyers snap up homes in droves. This is supported by stability among government bond yields, which have not fluctuated enough to warrant any pressure placed on fixed rates in the short term.

Variable Mortgage Rates: Unchanged: Central interest rates won't rise until 2016, according to the Bank of Canada's top man himself, Stephen Poloz. Lower-than-expected export activity and steep retail competition continue to depress inflation growth, the required driver behind a potential rate rise. Lowering rates isn't likely, as the Bank feels credit is cheap enough - household debt levels continue to grow amid such accessible borrowing costs.

 

4 Tips for a Stress-Free Summer Move

The majority of Canadians prefer to make their big move during the summer season.  There are a variety of reasons for choosing this time of year:  it is easier to transport boxes in good weather, no need to worry about your belongings freezing during transport, and children's lives are not disrupted by the transition since they are on summer holidays.  Minimize potential moving chaos by asking yourself the following questions:

Do you need to keep everything? Moving offers a good opportunity to reorganize your life by giving away, donating or recycling items that you no longer need.  You'll thank  yourself later when there is less to pack and to transport.

How well do you know your moving company?  The Office of Consumer Affairs drafted a Consumer Checklist for choosing a moving company and it reminds Canadians to request their moving estimate in advance and be mindful of seasonal rates (a summer move can be pricier).  Will your items be held in the transport vehicle overnight or a secure facility?  Consider purchasing Replacement Value Protection, which will ensure the company is liable if your possessions are damaged.

Do you have enough boxes and packing materials?  Start collecting boxes and newspapers in advance; ideally you should begin packing non-essential items a month in advance.  Pack and clearly label a couple boxes with important first day arrival items, such as toothbrushes, remote controls, medication, and pet food, which could otherwise become lost in the shuffle.

Once you step in the door, what are your top priorities?  After the bed is set up, most people are eager to get connected by hooking up their TV, internet and home phone.  Rogers introduced a free concierge service which makes this process easier by setting you up with a personal concierge agent.  The agent proactively connects with customers throughout the transition, reviews order details, answers billing questions, and can assist with any changes to your order if your moving date needs to shift.  Entering the next chapter of your life can be a thrilling time, but like any significant life change, the process can be quite overwhelming.  Control potential moving chaos by jotting down questions and tracking their completion on your personal checklist.

Source:  News Canada