Please note that as of Oct.13/08 100% mortgages (no down payment) and 40 year ammortized mortgages will not be offered in Canada. Instead, the maximum loan to value (LTV) will be 95% (5% down payment) and a maximum 35 year ammortization will be available. This change is not major but will affect those without a down payment. If you are looking to get into this type of mortgage I would recommend doing so ASAP.
In other news.. mortgage interest rates have been staying low and home unit sales in Vancouver have dropped significantly. There are some deals to be had for home buyers with increased real estate inventory in the lower mainland. Rates are expected to rise marginally over the next year or two to help ease inflation.
Mortgage lines of credit have become more popular in recent years. If you have equity in your home and looking to refinance, a line of credit mortgage will offer the most flexibility. Get a credit line of up to 80% of your home's value (w/ no insurance fees) and use the equity to pay off other debts or to buy other property. Please contact me to for more details on how these mortgages can be set up.
Have a great August and enjoy the rest of the Summer!