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Posted by: Aneta Zimnicki
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.
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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 […]
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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% […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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