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 […]
Bank of Canada Holds Steady Despite Economic Slowdown In a more dovish statement, the Bank of Canada maintained its target for the overnight rate at 1.75% for the tenth consecutive time. Today’s decision was widely expected as members of the Governing Council have signalled that the Bank still believes that the Canadian economy is resilient, […]
HOW TO VERIFY YOUR DOWN PAYMENT WHEN BUYING A HOME Saving for a down payment is one of the biggest challenges facing people wanting to buy their first home. To fulfill the conditions of your mortgage approval, it’s all about what you can prove (hard to believe – but some people have lied in the […]
“I cannot say enough about the professionalism, sound advice on our path forward for the purchase of our beautiful home and the ease of how Charlene Elliott made it happen for us. Thank you Charlene for a very pleasant experience for us and we would highly recommend your services to anyone.”
