‘For brokerages across Canada, 2020 was a year like no other in living memory. In many respects, it was a perfect storm: Just as activity in the mortgage market was heating up rapidly, the pandemic was forcing countless brokerages to radically rethink their working model as in-person interaction with both colleagues and clients effectively came
Something of interest for you today: Interest rates. With a combination of rising COVID cases & the fourth wave, normalization and steadying in the real estate sector & a 0.4% reduction in the economy in July Nationally and the GDP shrinking 1.1% in the second quarter on an annualized basis. In its statement, the Bank
As many of you may be aware the Bank of Canada met on Wednesday October 24th, 2018 and decided to raise the overnight lending rate by 0.25%, resulting in a rate of 1.75% – with banks expected to follow suit in raising the prime rate to 3.95% for all major institutions and non bank lenders,
The Bank of Canada met this week to determine whether to increase the Bank of Canada Overnight Lending Rate (which dictates the Prime Rate) or maintain it’s current overnight rate at 1.25% currently. This week The Bank of Canada maintained its target for the overnight rate at 1.25%, which the prime rate is currently set
Bank of Canada Rates Rising Interest Rates: Fixed vs. Variable The banks are jumping on the bandwagon raising the Benchmarks Rate to 5.14% combined with Strengthening Bond Yields & Record Low Unemployment Rates. An inside look at your options and whether fixed or variable is right for you. Tax Season is Coming Up! A Must
The Office of the Superintendent of Financial Institutions released its finalized B-20 Update to the mortgage industry, last week the news regarding the upcoming mortgage rule changes for conventional buyers, to put the brakes on borrowing and ensure we will be able to handle a rising rate environment. Don’t panic, there is always a solution
Most people’s first question when looking at buying a house is, “how much will we qualify for?”. Qualification, and affordability, are two very different things. Household debt rose to 2.08 Trillion in the 2nd Quarter of 2017 in Canada, with Mortgage debt contributing to 1.36 Trillion and Consumer Credit equating to 609.6 Billion (Statistics Canada).
The Art of Saving = Spend Less than you Earn. The Benefits of Delayed Gratification.
We have all spent moments thinking… Why did I buy that? Should I make dinner or go out? Should I get the new iPhone? The new car? The new jacket? Our biggest internal conflict is “I don’t need it, but I WANT it.” Our wants often outweigh our needs resulting in increased consumer spending &
The Bank of Canada’s Target Rate up .25% July 12th marks the Bank of Canada’s first announcement of a hike in the policy interest rate which is the target for the overnight lending rate. This is the first increase to the policy interest rate in 7 years. The overnight rate influences consumer loans and mortgages
If you have watched the news in the last few days/weeks you may have seen that fixed mortgage rates have been on the rise. Also, there is news that the Bank of Canada might increase the benchmark rate. The sky isn’t falling! Rates have been historically low for many years now and most economists anticipated