Best mortgage rates for Vancouver on RateSupermarket.ca
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Vancouver Mortgage Rates Will Remain Relatively Flat
The Canadian Mortgage and Housing Corporation (CMHC) has reported in their latest Vancouver Housing Association Market Outlook that posted mortgage rates eased by about 50 basis points in the first four months of this year, although rates in late April were 30 to 35 basis points higher than they were 12 months prior. Mortgage rates are expected to trend marginally lower throughout 2008, but will be within 2550 basis points of their current levels. For 2009, posted mortgage rates will begin to drift up slightly as the year progresses. For 2008 and 2009, the oneyear posted mortgage rate is forecast to be in the 6.507.50 per cent range, while three and fiveyear posted mortgage rates are forecast to be in the 6.757.50 per cent range.
Vancouver 2008 Housing Outlook
The CMHC believes that MLS® sales in Metro Vancouver will come down off the nearrecord high reached in 2007, but stay well above the tenyear average of 31,000. Strong homebuyer demand, fuelled by job growth and a steady flow of people moving to the region will keep sales brisk. However, waning consumer confidence and high mortgage carrying costs will constrain home sales. MLS® sales will dip 8% to 36,000 units in 2008, and a further three per cent in 2009 as mortgage rates start to creep up. The main factors tempering homebuyer demand in Vancouver will be high home prices and softening consumer sentiment. With the average resale home price in Metro Vancouver at more than $600,000 and still rising, some potential buyers will opt to delay their purchase. Some low equity and first time home buyers could find it difficult to negotiate a mortgage with achievable monthly carrying costs, in spite of low mortgage rates. First time homebuyers are an important source of homeownership demand, particularly for apartment condominium units, making up more than onethird of people who bought a home in Metro Vancouver over the past year. As mortgage rates were above yearago levels, this led to a decline in home sales in the first quarter of 2008 and will keep sales flat in the near term.
CMHC Vancouver housing market & Vancouver mortgage rate forecast
Census Metropolitan Area Total Housing Starts MLS sales MLS average price Mortgage rates (1 year) Mortgage rates (5 year)
Vancouver
2007
20,736
38,978
$570,795
7.35%
7.54%
2008 (F) 18,500
36,000
$615,000
6.95%
7.01%
2009 (F) 18,000
35,000
$645,000
6.83%
6.97%
Source = CMHC MLS = Multiple Listings Service
Mortgage lender's and mortgage broker's rates that we compare in Vancouver, BC, Canada
RateSupermarket.ca compares the most mortgage rates in Vancouver, Canada from the top lenders including banks, credit unions, trusts, and are also the only site to compare Vancouver mortgage broker's rates. RateSupermarket.ca compares mortgage rates from the following:
AGF Trust Bank of Montreal Bank of Nova Scotia Bridgewater Bank Canadian Tire Financial Services Canadian Western Bank Canadian Western Trust CIBC Mortgages Citibank Citizens Bank of Canada Concentra Financial First National Financial FirstLine Mortgages Home Trust Company HSBC Bank Canada ICICI Bank Canada ING Direct Investors Group Trust Laurentian Bank Canada Libro Financial Group London Life Manulife Bank MCAP National Bank Peace Hills Trust PC Financial ResMor Trust Royal Bank of Canada TD Canada Trust True North Mortgage
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