The coming year will see a rise in mortgage rate comparison websites, variable-rate mortgage discounts and non-prime lending, according to The Globe and Mail.
Highlighting likely real estate industry trends for 2013, the newspaper’s Robert McLister predicts that, among other things, the proliferation of digital media will result in more popularity for mortgage rate comparison websites.
Meanwhile, McLister also forecasts that variable-rate mortgages will increase in popularity due to steeper discounts.
Finally, McLister predicts that tighter mortgage restrictions will lead to more borrowers taking out loans from higher-cost non-prime lenders.
“Those borrowers include the self-employed, property investors and anyone who needs secondary financing or refinancing above 80 per cent loan-to-value,” he writes.
While tighter mortgage restrictions have led to a cooldown in Canada’s overall housing market, Alberta mortgages, fueled by activity in Calgary, are leading the nation in growth.
The Canadian Real Estate Association reports that Alberta will lead the country in resales during both 2012 and 2013.
The province is expected to end this year with a 13.1 increase in resales compared to the same time last year, and is projected to grow by another 1.3 percent during 2013.