Prime Rate remains stable at 3% with term variable rate mortgages at 2.8% - A $300,000 mortgage at 2.8% for 25 years is $1389 per month. The governments change from 30 year to 25year amortization maximum resulted in and increased monthly cost of $150 on this mortgage.
Some banks offering rates as low as 2.69% for 2 years and rates of 3.89 for 10 year terms.
** Note - The government implemented new financing rules as of July 9th 2012. CMHC will not insure a mortgage of 30 years. Most chartered banks will no longer offer a 30 year mortgage although some lenders may offer a 30 year option if you have more than 20% down.
On refinancing your mortgage without moving the maximum is now 80% of the value of your property. This is down from the previous 85% of the value of the property
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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