Rates have been at an all-time low for the past six months but my crystal ball predicts a sharp hike coming our way in the near future. At the start of the Pandemic back in March 2020, if you recall, we had seen a spike in interest rates which seemed counterintuitive for many. At…
In the last decade, we have seen policymakers in the mortgage and banking world stack mortgage rule changes one above the other in an attempt to slow down the increase of home prices. As well, to curb the debt appetite of Canadians. In the last week, CMHC’s President & CEO, Evan Siddall, has done this…
Mortgage Payment Deferrals *Taken directly from the website of each financial institution ____________________________________________________________________________ First National Apply here: https://mymortgage.firstnational.ca/Account/PaymentDeferral?languagecode=en-ca Keeping you informed: COVID-19 Updated March 27, 2020 The health and safety of our employees and customers is of the utmost importance. As the situation around COVID-19 continues to evolve, we want to let you know…
* As indicated on the Government of Canada and Quebec websites as of 28/03/2020 Federal Government ______________________________________________________________ Support for individuals and families ______________________________________________________________ Increasing the Canada Child Benefit An extra $300 per child through the Canada Child Benefit (CCB) for 2019-20. This will mean approximately $550 more for the average family. This benefit will…
Bank of Canada lowers overnight rate target to ¼ percent The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. This unscheduled rate decision brings the policy rate to its effective lower…
With everything going on in the world today, it would be nice to believe that the banks and governments would allow Canadians to take a break from paying bills, however, this is simply not true. The government of Canada, in the midst of this Covid-19 outbreak, has made recommendations to Banks and Financial institutions. Part…
As we are going into some of the most trying times this country has faced in years, many of our clients are wondering about what direction the mortgage market in Canada will take. Over the last number of days, I have received many emails from our clients requesting information on rates as well as market…
Bank of Canada lowers overnight rate target to ¾ percent FOR IMMEDIATE RELEASE Media Relations 613-782-8782 Ottawa, Ontario March 13, 2020 The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¾ percent. The Bank Rate is correspondingly 1 percent and the deposit rate is ½ percent. This…
FOR IMMEDIATE RELEASE Media Relations 613-782-8782 Ottawa, Ontario March 4, 2020 Available as: PDF The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent. While Canada’s economy has been operating close to potential…
As the financial storm moves into the Canadian economy the Bank of Canada as expected has chosen to forgo on the rate increases as they once had promised would happen. The main reasons for the decision come from lower than expected GDP numbers and from the decision that Alberta government has taken to reduce oil production starting…