Each day I wake up and I check my email…and it seems like every day I am getting new notices about lower and lower rates.  Last April I thought that rates were extremely low, and after fixed rates quickly went back up 1% I thought that we had seen the bottom…but it appears we are hitting a new all time low in fixed rate mortgages!

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CIBC world markets has trimmed their forecast for a Bank of Canada rate hike in coming months. The reasons for changing their forecast is due to slow growth in world markets, particularly in the US, which is Canada’s largest trading partner.

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The Canadian dollar continued to go up in value, reaching 98 cents US yesterday for the first time since May.  This is usually what happens when the Bank of Canada raises interest rates, as they have twice recently and are expected to possibly do again in their next rate update.

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Today I got this article come across my desk from the Financial Post talking about the “new reality” that everyone in the housing market will be facing in the near future.  It is talking about the historical returns in the appreciation of real estate and how they are unsustainable, and gives some examples of people who have recently been burned by speculation in the real estate market.

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The mortgage news of the day today is that the Canadian housing market has cooled down considerably the past couple months compared to this time last year.  The Canadian Real Estate Association has reported that housing sales are down 45% in Vancouver this year compared to July of 2009.  Prices have also dropped since April, now being down 2.8 percent.

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A question that I often receive when meeting with mortgage clients is “why is it that you do not have an online mortgage application?”  I think today is a good day to write about exactly why I do not employ this tool in my mortgage operation, and I think it is food for thought for everyone searching for a mortgage on the internet. Click here to read the full story