Rate drop update!!! 5 year fixed now 3.75%!!!!!
Variable prime plus 0.10%!
www.peterlmckinnon.com to apply

Vancouver Home Prices 10th Highest in North America

If you are wondering when the bubble is going to burst in Vancouver real estate, don't hold your breath!

Vancouver remains the most expensive city for houses in Canada and the tenth most expensive city in North America, according to the 2009 Coldwell Banker Home Price Comparison Index, which looks at the prices of 2,200 square foot homes in different markets.

Vancouver's average price was $1,262,625 (CDN) while Fort McMurray, Alta, beat out Calgary and Edmonton with an average price of $638,000 CDN. Toronto's average price was $824,347 CDN.

"Despite record-breaking prices in many of Canada's major markets, these homes are selling, as buyers take advantage of today's historically low interest rates," said John Geha, president of Coldwell Banker Canada Operations, who described the type of house surveyed in the study as the "aspirational home." "These move-up buyers have been a critical component in our resurgent real estate market, and will continue to play a major role in Canada's recovering economy.

Check out this story to see why the world considers our real estate a bargain!

http://www.cbc.ca/consumer/story/2009/09/23/realestate-global.html

Rate Drop Update!!! 5 yr fixed 3.89% variable prime plus 0.10% or 2.35%! www.peterlmckinnon.com to apply

BoC holds steady reiterates outlook....rate update
http://ping.fm/bcN5v
http://ping.fm/ROlkN

Looking for something to do this Sunday? head down to the COHO Festival at Ambleside in West Van. I am playing at the beer garden 1:30 -5pm

BoC Holds Rates and Outlook

Bank of Canada is holding fast at 0.25%, no suprises but it still nice to hear them reiterate their stance and outlook. Some bank economists are even predicting rates may hold til the end of 2010.

Read more:
http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/09/boc-keeps-rates-steady.html

Can't predict the future, but for now, we have lenders easing their rates in all products, variable and fixed terms.

Here are my current best rates...........OAC

Fixed Rate Products

Term Rate
1 Year 2.55%
2 Year 2.90%
3Year 3.45%
4 Year 3.89%
5 Year 4.09% Standard
5 Year* 3.95% 30 Day Closing Special
7 Year 5.20%
10 Year 5.40%

5 Year Variable prime plus 0.20%
Open variable prime plus 0.80%

http://www.peterlmckinnon.com

peter_mckinnon@centum.ca

Blog update on latest rates and trends.
http://mckinnonmortgages.blogspot.com/

Big 5 drops variable rate to 0.20% leading the way for more drops to come??

Interest Rate Update

Today we've had one of the Big 5 lenders drop their variable 5 year rate to 0.20%!

This is below the best that many non bank lenders are offering, which usually leads to more competitive responses from all lenders! And who wins? the mortgage customer!

Bond yields are holding steady in the mid 2.50% range so this may give some room for the longer term rates to move.

Current rates:

1 year 2.55%
3 year 3.59%
5 year 4.19% Standard
5 year 3.95% Quick Close

Closed variable bank prime plus 0.20% or 2.45% currently.

Check out the rates regularly on my webiste at
http://www.peterlmckinnon.com/

or contact me directly for the latest rates and products

peter_mckinnon@centum.ca