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Posted 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 […]
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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 […]
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 […]
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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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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 […]
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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 MorePosted by: Aneta Zimnicki
Bank of Canada holds the rate steady. Your variable rate mortgage remains unchanged. Sombre language used. The general speculation is that there is possibility of rate dropping. We will have to see if the boat will be rocked before the federal election. Next announcement September 4.
Read MorePosted by: Aneta Zimnicki
Summary of mortgage related items in the budget: The federal budget announced a new first-time home buyer incentive. It is essentially a ‘shared mortgage’ or interest-free loan to be repaid when the property is sold. Loan of 5% (existing home) or 10% (new build) of purchase price on insured purchases with minimum 5% and maximum […]
Read MorePosted by: Aneta Zimnicki
A while back, mortgage rates were simpler. They could be summarized in one simple table. Then regulations changed. And they changed again, and again….Now you need to be a detective to figure out what applies to your specific situation. That is why advertised rates are baloney. Because they don’t tell you the whole story. The […]
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