Each Office Independently Owned & Operated
Posted by: Aneta Zimnicki
Finally the government has heeded to some common sense recommendations from the mortgage industry. Effective April 6, 2020, there will be a slight modification to the ‘benchmark rate’ used to qualify for insured mortgages. This should reduce the qualifying rate by about 0.30% if contract rates remain at roughly today’s levels, and translates to about 3% […]
Read MorePosted by: Aneta Zimnicki
I remember a while back, I told someone I met that I own multiple real estate property. They were shocked and said ‘You own more than your own house? You have more that one mortgage?’ They couldn’t understand how one can acquire so many assets and loans, without being super rich to begin with. The […]
Read MorePosted by: Aneta Zimnicki
Bank of Canada holds the rate steady. Your variable rate mortgage remains unchanged. More grim language used. “..there remains a high degree of uncertainty and geopolitical tensions have re-emerged, with tragic consequences” “Governing Council will be watching closely to see if the recent slowdown in growth is more persistent than forecast.” Next announcement is Mar […]
Read MorePosted by: Aneta Zimnicki
There are many aspects to a mortgage application, each with its own nuances, details, and require planning. Don’t find yourself saying ‘I wish I’d known that’, when you have a home purchase on the line. Let’s expand on what lenders are looking for with respect to down payment. In general, lenders like to see 90 days bank […]
Read MorePosted by: Aneta Zimnicki
Bank of Canada holds the rate steady. Your variable rate mortgage remains unchanged. Hinting at ‘stable’ rate. “The Bank continues to expect inflation to track close to the 2% target over the next 2 years.” A 2 year projection, in my opinion, is too forward reaching, anything can change in the meantime. Next announcement is […]
Read MorePosted by: Aneta Zimnicki
Bank of Canada holds the rate steady. Your variable rate mortgage remains unchanged. Bleak outlook. “The Bank continues to monitor the evolution of financial vulnerabilities in light of lower mortgage rates and past changes to housing market policies. Governing Council is mindful that the resilience of Canada’s economy will be increasingly tested as trade conflicts […]
Read MorePosted by: Aneta Zimnicki
The election is over. What does this mean for mortgages? Some good insights (summarized from source Mortgage Professional Canada): Mortgage rules and related policy will not be a top priority for Trudeau government. Most likely Liberals will implement their national tax on vacant residential properties owned by non-Canadians who don’t live in Canada, likely in […]
Read MorePosted by: Aneta Zimnicki
The government finally released more details on the first-time home buyer incentive program (FTHBI). To get a good overview of the program, you can check out the consumer website https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive Here are some of my remarks after perusing the information and manuals. There are some details which may catch consumers off guard. And as often […]
Read MorePosted by: Aneta Zimnicki
Staying put before the election. Bank of Canada holds the rate steady. Your variable rate mortgage remains unchanged. Economic outlook is weak. Comment made about justifying current mortgage rules. Next announcement is Oct 30, days after the federal election. “Given this composition of growth, the Bank expects economic activity to slow in the second half […]
Read MorePosted by: Aneta Zimnicki
These are interesting times. Our economy may not be doing so well. In general, fixed mortgage rates move in tandem with the bond market while variable rates move with the lender’s prime rate, which is based on the Bank of Canada’s overnight rate, as per announcement noted above. The bond yields have been falling since […]
Read More