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TORONTO (Dow Jones)–Canadian housing starts rose 7.3% to an annual rate of 205,900 in September, mainly due to an increase in multiple starts, Canada Mortgage and Housing Corp. said Tuesday.
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If you are a new immigrant getting a mortgage in Canada has never being easier.  You can qualify for a standard mortgage of up to 95% of borrowing.  That is right 95%.  This program is open for all new immigrants with permanent residency, temporary residency or working visa.
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Lenders are slowing reducing the discounts on variable rate mortgages.  Up until last month the average discount on a variable rate mortgage was 2.25% or prime -.75%.  By the end of this month the average rate will be around 2.60% or prime -.40%.  The product has become less profitable for the banks and therefore they are trying push clients back into fixed rate mortgages.
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Canada is becoming a safe haven to buy real estate.  With our strong banking system and natural rsourses which keep us out of the chaos surrounding the rest of the worlds our real estate prices have remained stable.
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In recent years we have seen an increase in bankruptcy and consumer proposal in Canada.  Although we have not reached the heights of some other nations is this area it is still a reality of the recession we find ourselves in.  As household debt levels rise Canadian home owner find themselves in a position where they need to pay down debt or take out equity to support cash flow in the future.  Banks are other major A lender (A lender is a mortgage lender who deals primary with income and good credit score applicants) are not interested in clients with bad credit scores, bankruptcy or consumer proposal.
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The Bank of Canada kept Canada’s key lending rate at the same place it’s been for a year: 1.00%.
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A number of lenders still give borrowers 100% of purchase price funds to purchase a primary residential home.  It is called The Free Down Mortgage Program.  Up until three years ago 100% mortgage financing was widely available in the mortgage financing markets.  The Canadian Government then put the brakes on that product.   Since then Mortgage lenders have being able to find ways to give borrowers 100% of purchase price  (insured by CMHC) without breaking the 5% minimum down payment rule.  It works like this.
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Are you planning to get a new residence for your family? If you’ve been staying in a rented house, it is very natural that you must be dreaming of getting yourself a new house. Almost everyone nurtures a dream of having a home of their own.  There are many financial institutions that help a borrower materialize their dream. Most people will need to take out a mortgage loan in order to finance a residential property but always remember that a mortgage loan is the biggest responsibility on your shoulders and you must repay the loan on time to avoid any forceful repossession of your dream house.
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Interesting article I pulled from CMT today.

Money market traders are now placing odds at 60% that the Bank O f Canada will cut its Key Lending Rate by May 2012. Yes, you read that right.
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Mortgage interest rates have being dropping aggressively this week.  5 year fixed as low at 3.59% for 120 day rate hold and variable down to 2.15%.  Never a better time to get a mortgage.  If you are in a mortgage it may be a time to consider refinancing or switching your mortgage for better interest rate.    Breaking a mortgage can incur penalties however the discount in the new rate can more than compensate for the penalty.