News, Views and Trends!
With government announcements coming daily it can be hard to keep up. Here is a quick summary of what we know so far and what is still being clarified.
Continue reading “Government programs for support during COVID-19 – what we know so far”
We’ve all heard about the 6 month deferred mortgage payment option. It was thrown out there by the government in an attempt to help property owners. We now have some more info that I’d like to share.
I’m getting a little sick and tired of the media being so negative and pessimistic. The banks and other financial institutions are offering to defer mortgage payments for 6 months. This is GOOD news. While it might not seem that way if you read some of the media posts, let’s clear things up:
Continue reading “6 month mortgage deferral will help, not harm, despite what media say.”
The Business Development Bank of Canada (BDC) is devoted exclusively to entrepreneurs.
Here is a quick outline of some BDC Financing Options
Online Financing:
https://www.bdc.ca/en/financing/pages/default.aspx
If you require more than $100,000, there is another program being offered by BDC which the details have yet to come out. Rumor has it will be based on completion of (a) statement of personal affairs form by each shareholder (b) application for financing and (c) last 2 years of financials prepared by a CPA
Support for entrepreneurs impacted by the coronavirus COVID-19
Effective March 18, 2020, new relief measures for qualified businesses include:
View BDC.ca special support initiative to learn more.
As always, I welcome your comments, calls and questions.
Steve Garganis 416 224 0114 steve@mortgagenow.ca
Your best interest is my only interest.
There’s a document floating around the internet from Goldman Sachs. Have you seen it? It’s a private client summary regarding the coronavirus. 1,500 companies dialed in to this call.
For the record, Goldman Sachs has said the summary text was not authorized by them and it contains erroneous information which was not used during the call. Still, there seems to be a consistent message here. I wanted to share this with everyone because I do believe in much of what is being said. Have a read. It’s a summary but a bit lengthy. I strongly recommend reading the entire summary as the message in the end is positive and is in line with historically recovery patterns.
Continue reading “Update from Goldman Sachs”
Welcome to today’s update.
Canada and the banks announced a six month deferral of mortgage payments. I have been fielding many calls on how this works and the answer is different for each financial institution. I will be posting updates as they become available. Some of the financial institutions have not yet come out and said they will give a full six months of deferred payments, while others have. It’s still early but I will keep you informed as the details roll out.
Another update on the rates. Fixed rates are up again slightly. Variable rate pricing for new applications has increased as well. Most financial institutions are now offering variable rates at prime (Prime: 2.95%) or just minus .05%. No surprise as stock market jitters is spooking everyone.
This will pass and we will come out okay on the other side of this. That’s my message. We’re all in this together and we will come out of it together. Call or message me if you need anything. My team and I are here to help.
Steve Garganis 416 224 0114 steve@mortgagenow.ca
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