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Posted by: Aneta Zimnicki
The Bank of Canada holds the rate steady. Your variable rate mortgage remains unchanged. The mood of the announcement now paints a different picture than the last year’s hinting of increase. Now it says ‘CPI inflation to be slightly below the 2% target through most of 2019’, (typically above 2% mean they raise rate) and […]
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Here is a great overview of what’s in store for 2019 from Dominion Lending Centres’ Chief Economist Dr. Sherry Cooper. She breaks it down for us so it is easier to understand. Important read as we enter a new year, it may help you with your financing and real estate investing decisions. Check out point […]
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Bank of Canada holds the rate steady. Your variable rate mortgage remains unchanged. Next announcement Mar 6. Bank of Canada states things more dampened than anticipated from their last October Monetary Policy report (..sounds familiar). Currently states inflation will return to around the 2% by late 2019 (which usually signals bump in rate). Here are […]
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The Bank of Canada holds the rate steady. Your variable rate mortgage remains unchanged. They state “…policy interest rate will need to rise into a neutral range to achieve the inflation target. The appropriate pace of rate increases will depend on a number of factors.” Next rate announcement scheduled Jan 9.
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Statistics Canada shows approximately 15% of the labour force is self-employed. This will continue to rise with our changing economy. Lenders are definitely paying attention and many are moving towards filling this niche. Recently CMHC (Canadian Mortgage and Housing Corporation) announced more support for the self-employed, but we still need more time to see how […]
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The Bank of Canada raises rate by 0.25%. Affects your variable rate mortgage and HELOC. Approximately +$30/m on a typical $250K mortgage, +$2/m on $10K interest only HELOC. Check your mortgage documents for details. Next announcement Dec 5.
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CMHC announcement addresses self-employed borrowers who have been operating their business for less than 24 months. It states additional factors will be considered such as acquiring an established business, cash reserves, previous training, education, experience, predictable earnings. The approach to each borrower is unique, case by case and the insurer is deferring to lenders to interpret these general […]
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Today, for the second time this year, the Bank of Canada raised their rate by 0.25%. This affects your variable rate mortgages and your secured lines of credit. The next announcement, scheduled Sept 5. Historically, the banks matched their prime rate increase in step with the Bank of Canada increase. We could assume after today’s announcement that […]
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There is a common myth that once you completed all your mortgage paperwork and you’ve been approved by a lender it’s all done. Yes, a lot of the hard work within the mortgage approval process has been done, but remember, the process is still in play until the closing date, and there still are risks […]
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Most people break their 5 year fixed terms in 3 to 4 years on average. That means your penalty will most likely be based on ‘Interest Rate Differential’ or IRD. Not all lenders are equal in that department….this is where many retail banks get you, playing around with ‘discounted rates’ and ‘posted rates’. This could mean thousands and thousands of dollars […]
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