In an evenly divided call by market analysts, the Bank of Canada maintained its target for the overnight rate at 1/2 percent. The Bank said that inflation prospects are largely as expected and that “the dynamics of the global economy are broadly as anticipated in the Bank’s October Monetary Policy Report (MPR).” Really?  Oil prices […]

Expectations of a Bank of Canada rate cut next week are mounting and for good reason. The Canadian economy is showing signs of considerable weakness and business investment plans have been cut. Oil prices continue to decline sharply and Iranian oil supply will be coming on stream shortly. Energy companies continue to slash payrolls and […]

Effective Februaruy 15, 2016 CMHC will be changing the guidelines for the minimum down payment required when purchasing a new home. Please open link to find out more… CMHC_Frequently_Asked_Questions_on_New_Down_Payment_Rules_from_website_Jan_13_16.pdf

Hi there, I’ve had several questions over the past few days about mortgage rates and the expectation of increasing rates… specifically with bond rates dropping.. why is this happening? Why can clients expect more increases to interest rates?  This is a GREAT report that summarizes what is happening in the rate environment! http://www.financialpost.com/m/wp/news/blog.html?b=business.financialpost.com/news/economy/why-homeowners-and-buyers-can-expect-more-mortgage-rate-hikes-from-the-big-banks&pubdate=2016-01-07

Market UpdateThe past few weeks have seen some unusual patterns starting to unfold in the Canadian mortgage industry. Royal Bank increased their rates this week,  which is contrary to the falling bond rate situation. Bonds have dropped 50-60  basis points since Nov. 2015 due to weak global markets. The recently announced mortgage changes included a […]

Once again, the Canadian economy showed signs of struggle as the December jobs report showed gains only in Ontario, while jobs were flat or down in every other province. In marked contrast, payrolls in the U.S. rose more than projected as the unemployment rate remained at a low 5%. U.S. strength vindicated the Fed’s recent […]

The Liberal government could be about to impose tougher restrictions on homebuyers by raising the minimum downpayment for a government-insured mortgage. Mortgage expert Robert McLister says that there could be a sliding scale of downpayment requirements depending on the price of the home. The Huffington Post reports that it could mean a 10 per cent […]

The Bank of Canada kept the key overnight interest rate unchanged at 0.5 percent as expected, as the Federal Reserve is poised to hike rates for the first time in nearly 10 years. The Bank’s decision did not, however, reflect complacency with the state of the Canadian economy, but rather a hand-off to the much […]

Bank of Canada announced no changes to its overnight rate and in turn we should not see any increases to prime rate (Variable Rate Mortgages and Lines of Credits) for the balance of 2015. Please keep in mind, fixed rate mortgages are not linked to prime rate and can fluctuate daily. http://www.bankofcanada.ca/2015/12/fad-press-release-2015-12-02/

While you may have a mortgage approval, your mortgage doesn’t actually fund until the day you close on your new home. During that period of time, keep the following tips in mind to ensure a smooth closing. Click HERE To Read More