It was only a matter of time before Canada Mortgage Rates, which have plunged by almost 50% in the last year, turned higher. The days of ridiculously cheap mortgage rates appear to be over. Now they're just cheap. Here's the latest media roundup:

How high will mortgage rates go?

Recent increases in mortgage rates and bond yields have many home owners wondering how high rates will go, how soon, and what they should do to save the most money. They ask: Should I stick with a low variable interest rate? Or switch to a fixed rate?

Have you missed the great Canadian mortgage sale?

With interest rates hovering near dramatic lows, many Canadian home owners have been taking advantage of rock-bottom mortgage rates to break their existing contracts and refinance at a lower rate. But mortgage rates rose quickly and dramatically last week, leading some to wonder if they have missed the sweetest mortgage recession sale in recent history.

I want to wish all my clients a Happy Thanksgiving. I hope that you will all have a wonderful time with your family, friends and that your homes will be filled with love. This is also a great time for me to express my gratitude to all of you who helped me grow as an agent, but more so as a person. You brought something special into my life and I've learned so much about life from you. I am thankful for this job that gives me an opportunity to work with people from all around the world and experience different cultures without going abroad. Coming from Bosnia - a small, war thorn country, I could not imagine this new life in my wildest dreams, so I am very, very thankful.

I am writing this post, because I just received an email that touched my heart and I want to share its content with you. Pictures below will remind us to be thankful each and every day. What are you grateful for this Thanksgiving?

1. If you think you are unhappy, look at them:
   
   

It’s election time and Canadian politicians are gearing up for 40th Canadian Federal Election on October 14, 2008. Here are some Housing related promises made by Conservatives, Liberals and NDP to attract voters:

Conservatives offer first-time home buyers a break

Stephen Harper was occasionally drowned out by protesters attacking his party's economic record as he pulled another "modest" election goodie out of his campaign bag today, a tax credit of up to $5,000 on closing costs for first-time home buyers. It will apply to fees such as land transfer taxes, inspection fees, appraisal fees, and legal fees, which can add up to between 1.5 and 4 per cent of the final purchase price. The tax credit will reduce first-time homebuyers' tax payable — and, Harper suggested, ease their final sticker shock.

Liberals promise money to retrofit homes

Listings of homes provided by Canadian realtors will find a new home. Canadian Real Estate Association (CREA) is going to be replacing the existing Multiple Listing Service website MLS.ca with a new and improved version which will also be rebranded as REALTOR.ca. One of the reasons for the URL change is to drive home the point that the listings and services on this website are provided by real estate agents across Canada. In residential real estate, helping people buy and sell homes is one of the most important and basic services a real estate agent performs. The REALTOR®'s expertise facilitates the transaction, saving clients time and money and avoiding problems.

The new Multiple Listing Service website is now more REALTOR® centric, and offers consumers a number of options including:

Despite the U.S. housing recession, where home sales are to hit bottom in early 2008 and the current housing crisis is expected to run through early 2009, Canada's real estate market continued to post significant price gains in the fourth quarter of 2007 and showed little sign of the usual winter slowdown. Toronto Real Estate Board Market Watch reported 2007 was Best Year Ever, with 4,646 sales in December and year-end sales of 93,193. This is 12 per cent higher than year-end sales in 2006 and 11 per cent higher than 2005, the Toronto market's previous best-ever annual performance!

Here is a summary of recent Royal LePage Real Estate Reports and interviews our president Phil Soper did with the Canadian media to discuss the Canadian Real Estate market and the outlook for 2008.

2007 was a record-breaker for the Canadian Real Estate market. The big stories were price out west and volume in central and eastern Canada. We knew prices would continue to appreciate in the west but the pace of appreciation particularly in the first part of the year really defied all expectations; and in Ontario and Quebec we saw the number of homes trading hands really spike up in the second half of the year; very, very strong year for real estate. Toronto area displayed high levels of home buying activity in the fourth quarter, despite the city’s rising house prices, partly related to the introduction of a new Toronto Land Transfer Tax.

2008 Market Survey Forecast

Resale home transactions in Greater Toronto Area reached unprecedented heights in the first half of August, up 17% from the same period in 2006. Richmond Hill was among the GTA areas with record MLS home sales activity:

• This month, Detached and Condominium Apartment sales in South Richmond Hill (MLS district N03) fueled an overall increased of 41% as compared to the same timeframe a year ago.
• Last month, transactions in Central Richmond Hill (MLS district N04) increased 77% over July 2006, due to a 100% increase in Attached / Row-House sales and strong performances in most other house types.

“The market has shown tremendous strength in recent months” said Toronto Real Estate Board President Donald Bentley. “Given that August sales have been brisk thus far and that the past four consecutive months have all set records, we are looking forward to a robust fall market.”

What Does Market Volatility Mean for Canadian Real Estate?

In addition to holidays at the national level Ontario designates the first Monday in August as a Civic Holiday. Many interesting anniversaries also occur in this decade. If you know which ones, check out List of important anniversaries on Canadian Heritage Web site.

Did you know that the first Thanksgiving Day in Canada after Confederation was observed on April 15, 1872, to celebrate the recovery of The Prince of Wales (later King Edward VII) from a serious illness?