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 […]

  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% […]

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 […]