The following predictions are not RealtyTeller’s. Our aim is to educate home buyers and sellers with our research and allow them to make better decisions in terms of their real estate investments.

Mortgage predictions for those who are seeking new mortgages:

CTV analysts predict that the high jobless figures in Canada means that the bank of Canada will cut interest rates on Jan 20.

Also TD economist Charmaine Buskas expects a potential 0.5% cuts in mortgages by Jan 20.

Mortgage tip for those who will soon be renewing their mortgage term:

Many people avoid shopping around when it is time for them to renew their mortgages. They usually are easily convinced that their current lender is providing them with the best rates, but that’s usually because people don’t feel like putting in the effort to shop around. If you’re one of those people with a busy life and find it difficult to find the best rates, here are two things that can help you out.

1. Check out TrueNorthMortgage. This is what they have to say about themselves:

“We are able to offer you lower rates than the banks because we search all lenders for the most suitable mortgage product with the best rate.  We also receive a volume discount which we pass directly on to you.”

“You’ll always get our lowest rate — now and at the time of renewal whether that be through 
ING Direct, TD Canada Trust, Scotia Bank or any other bank. No hassles, no haggling.  Our
rates are updated daily and are always accurate. True North operates out of Calgary but our
services are available to Canadians nationwide. Simply apply online and one of our mortgage
specialists will contact you within 2 business hours.”

2. What many people don’t know about mortgage renewals, is that you can ask your lender to renew you, into an open mortgage temporarily. The rate can be higher than your permanent rate (7%-8%), but you will only need that for a few weeks until you shop around for a better rate. Your rates will be higher for a very short time so you will not lose any money but instead finding a better rate will save you a lot in the long run.

Predictions for real estate in 2009

Garth Turner is probably one of the few people who actually predicted the slow-down of the real estate industry in Canada. He published his book “Greater Fool” on March 2008, less than a month after the Vancouver housing peaked. This is what he has to say about Canada’s Real Estate in 2009:

“Canada is following an identical trajectory to the U.S., just with a two-year lag. It will collapse, though more gently than the States.”

That’s not to scare you but instead to increase your awareness. Garth has recently published his new book where he addresses ways through which you can avoid getting hurt during such financial times. If you are a homeowner, investor or are looking for ways to avoid the harms of the current economy, you might want to check out Garth Turner’s recent book “After the Crash“.

Thank you for reading,

RealtyTeller

This entry was posted on Tuesday, January 13th, 2009 at 10:05 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.