CategoryBank News

Posted June 13, 20231 Comment Bank News

You Don’t Need a Big Bank to Get a Mortgage

It’s tough to get a mortgage these days. New and existing clients have been calling non-stop letting me know that they’ve been turned down by their bank. It’s upsetting – but I must say, it’s not surprising.

Mortgage lenders are under an enormous amount of pressure to cut back on approved mortgage loans. Why? The government is desperate to slow down rising home prices, so they use their influence over the Big 6 Banks to turn down the heat.

But here’s the thing: you have options. You don’t need a Big 6 Bank to get the mortgage you need.

Posted June 8, 2023 Mortgage Rates

The Bank of Canada Does It Again

Some not-so-great news from the Bank of Canada yesterday: the target rate was raised yet again by 0.25%. This one wasn’t a complete surprise. Rates have been climbing for the last year to battle red hot inflation. Inflation is now at 4.4%, which is huge progress from 8.1% this time last year. But last month’s Consumer Index Report logged an unexpected 0.1% jump in inflation from the previous month.

Posted May 14, 20231 Comment Bank News

Exclusive Insights From a Former Bank of Canada Governor

It’s not everyday you get to sit on a video call with someone who used to run our country’s central bank. So when I was invited to be a part of a remote session with former BoC Governor Stephen Poloz, I made sure to take down as much as I could to share with you. Here’s what he thinks about inflation, interest rates, and what’s happening in Canada.

Posted May 1, 20231 Comment Bank News

Home Prices Heat Up Despite High Interest Rates

Some weird stuff is happening in the world of real estate. As you likely know, the Bank of Canada has steadily raised interest rates over the past year in hopes of cooling inflation. This was also supposed to cool the housing market. Conventional wisdom dictates that higher rates would result in more mortgage defaults, more housing supply, and lower home prices. Oddly enough, none of that is happening.

Posted April 3, 20233 Comments Bank News

Free Money Will Cost Canadians

There’s one reason and one reason only that rates have skyrocketed by 4.25% in less than 10 months: inflation. The Bank of Canada has made it their mandate to bring inflation down to 2% – a far cry from the peak at 5.9%. Their plan is to jack up rates so that people will have less disposable income. The idea is that less disposable income will lead to less personal spending. Less personal spending will lead to lower demand for goods. Lower demand for goods will eventually lead to lower prices on those goods.

Essentially, for this plan to work, Canadians need to spend less money. It’s as simple as that. So why in the world does the Prime Minister keep giving Canadians more money to spend?