We are currently in uncharted waters. The global pandemic is worsening, which has already resulted in an enormous blow to our economy. Bars and restaurants are closed. Theatres and sporting venues are closed. We’re all being asked to work from home and remain in isolation. This is one of the most challenging times we [...]
As the coronavirus pandemic worsens, the global economy will be forced further into recession. At this point, it’s pretty much inevitable. The Bank of Canada was forced to make an emergency, unscheduled, and massive 0.50% rate cut on Friday, March 13th, which came as shock to everyone. This was in addition to the 0.50% rate [...]
Last week, we saw the first rate cut by the Bank of Canada in almost 5 years. While a 0.25% rate cut was expected, the BOC came through with a whopping 0.50% cut. The banks quickly matched the full cut bringing their prime rate down to 3.45%. Other mortgage lenders then followed. The cut was [...]
It's been a long time in the making, but the Bank of Canada has finally cut their overnight rate! This is something that was expected to happen as soon as spring of last year, but we were met with disappointment with each and every scheduled rate announcement since. This is the first rate cut by [...]
One thing that we all have in common is that we love getting a deal. If we see an opportunity to save money, then we’ll be all over it! Purchasing a home is no different of course. One opportunity to save money when purchasing a home is to negotiate a lower price based on something [...]
With the real estate market heating up, it’s about to get hotter with new changes to the mortgage stress test becoming reality. But is this really true? There was some talk of potential changes to the mortgage stress test back in December of 2019, however the proposed changes were not clear. Canadian Finance Minister [...]
Everyone wants to find the lowest mortgage rate. There is a level of personal satisfaction and gratification that comes with finding the best deal. You may even land such a great deal that you can’t help but brag to all of your friends, co-workers and family about it! In fact, I encourage you to [...]
You’re shopping for a mortgage, and are presented with two different mortgage options, both with different rates and different features. The first thing you do is attempt to calculate the difference in cost between the two options. What many will do is look at the difference in payment and then multiply that over the term [...]
It was no surprise that last week’s rate announcement from the Bank of Canada resulted in maintaining the status quo….. for the tenth straight time. Much like shopping for a mortgage, there is a lot more to these announcements than just rate. They also include the Monetary Policy Report, which provides the BOC’s economic outlook, [...]
As expected, the Bank of Canada maintained its overnight rate this morning in the first scheduled rate announcement of 2020. The overnight rate is what the banks base their prime rate on. The non-bank lenders then follow the major banks. Since the overnight rate remains unchanged, so does prime rate, which is currently 3.95%. While these [...]
