The Canada Mortgage and Housing Corporation's (CMHC) third quarter housing report projects that Canada's new and existing home markets will moderate through to the end of this year and into the next.

        "Canada's housing markets are expected to moderate over the rest of 2012 and into 2013 after showing sustained activity levels, specifically in the multiples segment over the first half of 2012. Balanced market conditions in most local housing markets will result in a slowing in house price growth as well." said Mathieu Laberge, Deputy Cheif Economist for CMHC.

        While predictions are being applied in the direction of housing sales and prices, it's anyone's guess as to when mortgage rates will finally rise. What we do know is that today's rates are still sitting at historically low levels.

        As 2012 winds down, you may be wondering if now is the time for you to consider refinancing your mortgage to a lower interest rate. Each situation is different, and there may be costs involved that aren't obvious to consumers when perusing advertised rates. That's why making time now for a personal, no-obligation discussion with your mortgage broker is an essential first step in your decision-making process. And of course, if your mortgage renewal is coming up, it's especially timely that we review the best rates and terms for you as soon as possible.

        Even if you're not interested in moving or refinancing at the moment, or aren't ready to renew your mortgage, please remember that you're always welcome to call for a no-obligation update on today's mortgage matters.