This is an interesting article posted by RBC, with specific analysis in all of the major areas in Canada. The report is available here.

To discuss the Toronto area in particular, contact Alan-Read Chua a condo real estate agent in Toronto.

At an international crime conference this week, law-enforcement experts and investigators gathered and announced Canada is becoming a global trendsetter in mortgage fraud.

They stateed that even though credit card and mass marketing fraud are still “a huge concern” for Canadians, consumers need to pay particular attention to the rapidly rising potential for real estate-oriented fraud cases, said crime and risk management expert Chris Mathers. “(Mortgage fraud) is an absolute epidemic, a huge problem in the developed countries, especially here in Canada,” said Mathers, who is taking part in the International Fraud Investigators Conference in Toronto. “And I don’t see it changing anytime soon.”

The conference, which hosts police officers, detectives, consumer specialists and consultants from around the world, will spend the next four days addressing the world’s most pressing fraud issues and exploring ways to tackle them.

Identity fraud is the main issue when it comes to mortgage fraud and all Canadians need to be aware when they are purchasing their home and when dealing with mail. Make sure you destroy all those credit card mails and other mass mails as these can get you into trouble.

Speak with Sue Pimento a Mortgage Broker in Ontario for your Toronto Real Estate Mortgage.

With the fluctuation in interest rates of late, and the rising property market, homeowners have become more aggressive in seeking out the best possible terms from a lender. The advantage of a mortgage consultant lies in the opportunity to search a large segment of the mortgage industry for the best terms, rather than negotiate personally with only one or a few lenders. As a result, the popularity of mortgage brokers is growing. Last year, almost 50% of all mortgages placed in Canada were through a mortgage broker.

A mortgage broker can also be a source of information and an unbiased help in wading through the myriad of options available in the mortgage industry today. Wondering about the advantages of refinancing? Want more information on the Home Buyers Plan? How about advice on adjustable term mortgages? Having problems getting a mortgage because you’re self-employed? Or maybe you need special help arranging financing for an investment property. These are the kinds of issues a mortgage broker can help with, and usually at no cost to the buyer.

ProfessionalReferrals is an on-line provider of high-quality referrals to professionals within the Financial Services industry. We operate an on-line library of articles and information designed to provide a consumers’ guide to the financial services marketplace. Our on-line advisor network is available to members of the public to find and contact professional advisors in their neighborhood. we specialise in Mortgage advice in Canada 

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 4 1/4 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 4 1/2 per cent.The Bank’s outlook for Canadian economic growth and inflation in 2007-2008 is essentially unchanged from that set out in the October Monetary Policy Report (MPR). Global growth has been strong, commodity prices have remained high, and employment growth in Canada and the United States has been sustained. Some recent indicators suggest that output growth in Canada and the United States in the fourth quarter of 2006 may be a little weaker than previously expected. Inflation in Canada has evolved broadly in line with the Bank’s expectations.

All things considered, both total CPI and core inflation in Canada are still projected to converge at 2 per cent in the second half of 2007. In line with the Bank’s outlook, the current level of the target for the overnight rate is judged at this time to be consistent with achieving the inflation target over the medium term.

The principal risks remain those identified in the October MPR. The main upside risk relates to the momentum in household spending and housing prices. The main downside risk is that the U.S. economy could slow more sharply than expected, leading to lower Canadian exports. The Bank judges that, overall, risks around the inflation projection are roughly balanced. The Bank will continue to pay close attention to the evolution of risks, together with economic and financial developments in the Canadian and global economies. A full analysis of economic developments, trends, and risks will be outlined in the Monetary Policy Report Update, to be published on 18 January 2007.

Press Release Published by the Bank of Canada

Primarily this should mean that mortgage interest rates within Canada will remain unchanged over the Xmas holidays.

In the current economic climate, with credit card and personal loan interest rates still relatively high and mortgages still at a very reasonable rate, it can often make sense to roll your outstanding debt and mortgage into one lower monthly payment.  This strategy lets you take advantage of the lower rates and put more money back into your pocket each month. Many mortgage brokers and banks are now offering this option, and many will subsidize any penalty clauses that you may have with your existing lender.  Your existing lender may even waive these fees if you lock back in with them for a longer term.

There are a couple of options if you are interested in lowering you mortgage payment when refinancing. The first choice is to find a low mortgage rate, either adjustable or fixed. Adjustable rate mortgages will give you the lowest payment, at least at the beginning of your home loan, but fixed rates will give you the security that they won’t rise in the future.

The other option is to extend your loan term, especially in the case of your second mortgage, which usually is for five to ten years. When you consolidate your loans to a thirty year loan, you stretch out your payment schedule for principal, so you have smaller payments over a longer period of time. Combining both mortgages will qualify you for lower rates than if you were to refinance separately, and you will see additional savings on application fees and closing costs.

Once you determine the type of loan that you want, you need to shop around for a good lender to save yourself even more money. Lenders vary in terms of closing costs and interest rates, so it’s best to do your homework and compare to find the best lender for you.

When dealing with a lender, ask for a personalized loan quote based on your general information, and then with more accurate numbers, you can make an informed choice as to who has the best financing for you.  Making the choice to refinance your mortgages, loans and credit card bills will result in one low monthly payment that will save you thousands in interest charges.

Sue Pimento is an expert mortgage broker in Ontario, helping people get the best possible Invis mortgage, at the best rate and get rid of it in record time!