The Canadian Housing Market is Expected to Stabilize- Predict Experts
Despite the recent raise in the mortgage rates, experts predict a stable mortgage market for 2011.
- (1888PressRelease) December 08, 2010 - Toronto, Ontario The past two weeks saw mortgage rates in the Canadian housing market rise raising speculations about the stability of the mortgage rates in Canada. Experts however attribute this to the decline in the stock market.
"The insecurity in the US, China and Ireland markets lead to fear and anxiety causing people to take their money away from the stock market and place it on the bond market thus raising interest rates for fixed rate mortgages. Stocks markets have now come back to their previous conditions, says, Mr. Ken Faminoff, of torontomortgagebrokers.org, a website that's dedicated to help Torontonians to find the best Toronto mortgage brokers ( http://torontomortgagebrokers.org ) with the best mortgage rate ( http://torontomortgagebrokers.org ). He is also an authority on Toronto mortgages.
Even though the mortgage rates have increased from 3.39% to 3.69 %, they are still at historic lows. Thus, it's still a buyer's market. In fact experts suggest that Canada's mortgage industry is vastly stable and competitive than its American and Australian markets. In the US, there were 54,000 mortgage firms, while only 8000 of them are left today. The pressure on them is likely to increase with further regulations. The Canadian mortgage market on the other hand is always kept under a watchful eye, without being too pushy on regulations. The Canadian Association of Accredited Mortgage Professionals (CAAMP) has helped regulate the mortgage market.
"Despite the imbalances that existed in the past two years, mortgage rates are expected to stabilize next year. It's still a buyer's market out there. Almost all provinces, especially British Columbia have shown improvements in terms of housing affordability. On a national level the housing affordability improved between 1.4 and 2.5 % points from the second quarter," adds Ken Faminoff (first name).
About Mr.Ken Faminoff: Mr.Ken Faminoff, through his website, helps people to locate mortgage brokers in Toronto to get the best possible rate. The website provides the latest news, and views related to the Canadian mortgage industry.
To know more visit, http://torontomortgagebrokers.org
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