Refinancing a mortgage will make sense for some homeowners, and this guide will help you decide whether or not this is a smart financial move for your situation. The first thing to understand is why some homeowners choose to refinance their mortgage, and if any of the following reasons apply to your situation, refinancing may […]
The decision to buy a home is one of life’s biggest financial decisions. One of the most critical pieces of the puzzle is deciding which type of mortgage is right for you. Two of the most popular types of mortgages are fixed rate mortgages and variable rate mortgages. Here is a breakdown of the differences […]
Good News on the Inflation Front in December The Consumer Price Index (CPI) rose 6.3% year over year in December, down from the 6.8% pace in November. Much of the decline was owing to the drop in gasoline prices. Additional deceleration came from homeowners’ replacement costs, fuel oil and other owned accommodation expenses, and various durable […]
Over the last 10 years, the Canadian prime interest rate has fluctuated significantly. From June 2009 to August 2010, the Bank of Canada’s key lending rate remained at 0.50%, before increasing to 1.0% in September 2010 and staying there until June 2015. Since then, the rate has been steadily moving up and down as the […]
When it comes to securing a mortgage for a new home or refinancing an existing one, working with a mortgage broker can be invaluable. Mortgage brokers are experienced financial professionals who act as intermediaries between borrowers and lenders. By using the services of a qualified mortgage broker, potential homeowners or those looking to refinance their […]
CANADIAN HOME SALES AND NEW LISTINGS RECOVER ONE-THIRD OF PANDEMIC LOSS IN MAY Record Gains in Canadian Home Sales and Listings in May There was good news today on the housing front. Home sales surged by a record 56.9% in May from April’s unprecedented collapse. Data released this morning from the Canadian Real Estate Association […]
CMHC MAKES IT HARDER TO QUALIFY FOR AN INSURED MORTGAGE Once again, the Canadian Mortgage and Housing Corporation (CMHC) is tightening the criteria to get a mortgage with less than a 20% down payment. Any potential home buyer with less than a 20% down payment must purchase default insurance on their loan and have a […]
BANK OF CANADA PUTS THE ECONOMY ON LIFE SUPPORT Bank of Canada Stands Ready To Do Whatever It Takes On the heels of a devastating decline in the Canadian economy, the Bank of Canada is taking unprecedented actions. With record job losses, plunging confidence and a shutdown of most businesses, this month’s newly released Monetary […]
INTEREST RATES NOSEDIVE AS BANK OF CANADA CUTS RATES 50 BPS The Bank of Canada Brings Out The Big Guns Following yesterday’s surprise emergency 50 basis point (bp) rate cut by the Fed, the Bank of Canada followed suit today and signalled it is poised to do more if necessary. The BoC lowered its target […]
TD LOWERS QUALIFYING MORTGAGE RATE 35 BPS TO 4.99% CANADIAN QUALIFYING MORTGAGE RATE LOWERED TO 4.99% Market interest rates have fallen sharply since the coronavirus-led investor flight to the safety of government bonds. The 5-year government bond yield–a harbinger of conventional mortgage rates–now stands at 1.34%, down sharply from the 1.60+% range it was trading […]
