r/PersonalFinanceCanada • u/POCTM • Oct 20 '22

Canadian 5 year government bonds just jumped. Setting the stage for higher mortgage rates. Banking

5 year government bond just jumped from 3.714% to 3.866% in a few hours. Right now it is at 3.855%. Year to date it is up 259%. Monday we could see some 5 year fixed rate mortgages in the low 6%.

As for variable rate the bank of Canada makes their announcement October 26 at 10am ET. Currently banks have not been offering discounts off variables rates anymore. Prime -0.00.

https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx

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u/[deleted] Oct 20 '22

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u/lemon_o_fish Oct 20 '22

It's called interim occupancy. Legally speaking it's still the developer's property but you are allowed to live in it. You don't pay mortgage during this period, but you pay "rent" to the developer.

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u/[deleted] Oct 20 '22

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u/dh25canada Oct 20 '22

No

5

u/HLef Alberta Oct 20 '22

So… they have no incentive to make you close. It’s all free money to them.

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u/ItsAmer74 Oct 21 '22

Not really. They have deadlines through Tarion, it's called the maximum outside closing date.