So Why Are Mortgage Rates For New Loans Rising? From Dominion Lending Centres Chief Economist, Dr. Sherry Cooper, see link below to full article My Summary: The banks have reduced prime rates by 1.5%, but have hiked mortgage rates for new fixed- and variable-rate loans. These are extraordinary times. The good news is that people […]

Great economic insight on today’s Bank of Canada rate drop from Dominion Lending Centers Chief Economic, Dr. Sherry Cooper. My summary: Strains in the commercial paper and government securities markets triggered today’s action to engage in quantitative easing. These large-scale purchases will create the liquidity in the financial system. Risk has risen, which creates the […]

Mortgage deferrals are on the table.  But don’t assume guaranteed automatic approval.  Details depend on lender. See DLC COVID-19 page  https://dominionlending.ca/covid-19/ for contact info.  Have patience, lender phone lines are jammed.  Some lenders offering email request forms to streamline. Some lenders loosening up requests to extend to deferral on rental property as well. For the most part, some explanation […]

Bank of Canada lowers overnight rate by 0.5% again.   This totals 1.5% drop in the last several weeks.  Most lenders are matching this latest drop, prime rate for the most part is now 2.45% (updated).  Your variable rate mortgage and secured lines of credit  will benefit.  Exact word from BoC: “The intent of our decision […]

Many of the major lenders are providing beneficial options during this time to help alleviate some of the financial stress you may be facing.  Depending on your lender, you will be able to defer your mortgage payments for up to six months as well as being able to potentially re-amortize the loan or make special […]

So much going on in mortgage news. A very brief snapshot over the last couple of days: Modification to the stress test for insured mortgages, that was to be implemented Apr 6, is on hold. Bank of Canada cut overnight rate by another 0.5%.  Prime rate is 2.95%.  Your existing variable rate mortgage and secured […]

I do not need to state the obvious, we are in unprecedented times.  My heart goes out to those affected, here in our immediate communities, Canada and the rest of the world. Understandably, you may be concerned about your finances and mortgage.  You may have tons of questions and may feel overwhelmed with confusing information.   […]

Emergency times. Coronavirus. Bank of Canada lowers overnight rate another 0.5%. ” Governing Council stands ready to adjust monetary policy further if required to support economic growth and keep inflation on target.” News is evolving. Impact on mortgage rates to be determined.

Today, Bank of Canada (BoC) lowered their overnight rate by 0.5%. This quickly follows US Federal Reserve drop from yesterday’s emergency meeting. We will have to wait and see if banks match the drop in the prime rate, which affects your variable rate mortgage. The last two times there was a rate drop (going way […]