Only one change occurred in the table: the one-year lowest closed fixed mortgage rate decreased. The prime rate and qualifying rate remained at their stable levels — 3.00 per cent and 5.29 per cent, respectively.
According to a report released by the Canada Mortgage and Housing Corporation (CMHC), only 33 per cent of homeowners in Calgary are mortgage-free. The number is much higher on national level (42 per cent). Calgary is also beyond the national average in its percentage of homeowners — 73 per cent compared with 68 per cent nationwide.
“The population in Calgary is generally a bit younger compared to many other areas in Canada,” explained spokesperson Richard Cho. Another reason is Calgary’s strong economy.
The next scheduled date for Bank of Canada to announce the overnight rate target is January 17th, 2012. Specialists generally don’t expect an increase.