Bond Yields Put Pressure on 5-year fixed mortgage rates
(expect rate increases)
The Government has rolled out the new June 2015 Bond
maturity as the benchmark for 5 year GOC bond......so yields have jumped
significantly.
Bond yields have continued upwards which is NOT good as that reduces the spread for lenders further to 1.11
and they are looking for a spread between 1.35 and 1.55 to maintain current 5
year fixed rates.
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Real Estate in Vancouver
According to the Real Estate Board of Greater Vancouver (REBGV) residential
property sales totaled 2,473 in February, 2010, which was an increase of 67.1%
compared to February, 2009, when 1,480 sales were recorded. Comparing
January, 2010, to February, 2010, residential property sales were 28.6% higher
in February.
Over the last year, the MLSLink® Housing Price Index (HPI) benchmark price
for all residential properties in Greater Vancouver increased 19.7% to $581,911
from $486,054 for February last year. Amazingly, this price is 2.4% above the
previous high point in the market in May 2008 when the residential benchmark
price sat at $568,411.
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