"Another important development over the last week is that two of the big banks stopped to issue pre-approvals. The reason is simple—underwriters are busy working on real purchases and refinancing and are already behind with lots of files on their desks."
"Last week I attended an interesting meeting with representatives of CMHC. There are two points that the speakers wanted to drive home:
- while home prices in Ontario have declined over the last year, in Ottawa they are up 1.0%
- interest rates are not expected to go lower—CMHC's expectation for the posted mortgage rates for a 5-year closed term for the rest of the year is 5.64%
Vasko DeLev, AMP
Accredited Mortgage Professional
License # M08000574
Verico Capital Mortgages Inc.
106-18 Deakin St, Ottawa ON K2E 8B7
Direct Line: 613-882-7603