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Kitchener Waterloo Mortgage Rates Will Remain Relatively Flat

The Canadian Mortgage and Housing Corporation (CMHC) has reported in their latest
Kitchener Waterloo Housing Association Market Outlook that posted mortgage rates eased by
about 50 basis points in the first four months of this year, although rates in late April were 30
to 35 basis points (0.30%-0.35%) higher than they were 12 months prior. Mortgage rates are
expected to trend marginally lower throughout 2008, but will be within 25-50 basis points
(0.25%-0.50%) of their current levels.

For 2009, posted mortgage rates will begin to drift up slightly as the year progresses. For
2008 and 2009, the one-year posted mortgage rate is forecast to be in the 6.50-7.50% range,
while 9 and 5 year posted mortgage rates are forecast to be in the 6.75-7.50% range.
Kitchener Waterloo Housing Market Forecast
The CMHC believes that existing home sales will remain at strong levels throughout the
Kitchener Waterloo area in 2008, but will decline from the record levels recorded in 2007.
Sales through the Kitchener-Waterloo Real Estate Board will decline to 6,500 in 2008, down
almost eight% from the record level of 7,031 sales in 2007.

Despite the forecast decline, MLS® sales will be at the second highest level on record. Expect
sales throughout the Kitchener-Waterloo area to decline further in 2009.

Rising mortgage carrying costs due to price growth will dampen existing home sales in the
Kitchener Waterloo area this year in two ways.

Firstly, mortgage carrying costs have increased faster than rents, widening the cost gap
between owning and renting. Secondly, house prices have been rising faster than incomes
thereby reducing affordability.

Resale home prices through the Kitchener-Waterloo Real Estate Board are expected to increase
by 4.6% to $264,000 in 2008, after a 6.1% increase in 2007.

CMHC Kitchener Waterloo area housing market & Kitchener Waterloo

area mortgage rate forecast

Total MLS Mortgage Mortgage

Census Metropolitan MLS
Housing average rates rates
Area sales
Starts price (1 year) (5 year)
 2007 2,740 7,031 $252,429 7.35% 7.54%

Kitchener
2008 (F) 2,650 6,500 $264,000 6.95% 7.01%
Waterloo

2009(F) 2,750 6,100 $274,000 6.83% 6.97%

Source = CMHC
MLS = Multiple Listings Service
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RateSupermarket.ca compares mortgage rates from the following:

AGF Trust Effort Trust Ontario Civil Service Credit
Alterna Bank Equitable Trust Union
Alterna Savings First National Financial PACE Savings and Credit Union
Bank of Montreal FirstLine Mortgages Parama Credit Union
Bank of Nova Scotia FirstOntario Credit Union Peace Hills Trust
Bridgewater Bank Home Trust Company PC Financial
Caisses Desjardins HSBC Bank Canada Promutuel Capital
Canadian Tire Financial ICICI Bank Canada ResMor Trust
Services ING Direct Royal Bank of Canada
Canadian Western Trust Investors Group Trust So-Use Credit Union
Cataract Savings & Credit Lambton Financial Credit Union Steinbach Credit Union
Union Laurentian Bank Canada TD Canada Trust
CIBC Mortgages Libro Financial Group True North Mortgage
Citibank Kitchener Waterloo Life Virtual One Credit Union
Citizens Bank of Canada Manulife Bank Windsor Family Credit Union
Comtech Credit Union MCAP Your Credit Union
Concentra Financial Meridian Credit Union Your Neighbourhood Credit
DUCA Financial Services National Bank Union

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