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Posted 3 Comments on US Fed rate hike doesn’t mean Bank of Cda rate hike! Mortgage Rates

US Fed rate hike doesn’t mean Bank of Cda rate hike!

Janet YellenLast month, the US Fed Reserve Bank Chairperson, Janet Yellen, raised rates for the first time since 2006.    Historically, Canada follows the US with rate movement..  However, times are changing…Don’t expect Canada to follow the US move anytime soon.

stephen polozDivergence.  That’s the new buzz-word.  Bank of Cda Govr, Stephen Poloz said, “Usually you think of the Canadian economy following the U.S. economy fairly closely. This will be one of those places where it really doesn’t.”   “But as a macro statement, there will a divergence there. We’re already seeing it, and so you should expect a divergence in policy too,” he said. Continue reading “US Fed rate hike doesn’t mean Bank of Cda rate hike!”

Posted 1 Comment on BIG SIX BANKs report obscene RECORD $34billion in profits for 2015…and still complaining! Bank News

BIG SIX BANKs report obscene RECORD $34billion in profits for 2015…and still complaining!

greedy banker It’s that time of the year again..  The Banks have to report their annual profits.. And no surprise, the BIG SIX BANKS are at it again..

RBC reported a $10billion annual profit for 2015.  This is the first time a Canadian company reported an annual $10billion profit.  Yet, at the same time, they are crying the blues and warning of troubled times ahead. (uh, that’s the same speech they’ve made for the past 10 years.. here’s a 2013 headline).  GIVE ME A BREAK!!!  Canadians aren’t buying it anymore..

Check out the obscene profits pulled in by the rest of the BIG SIX BANKS..

Continue reading “BIG SIX BANKs report obscene RECORD $34billion in profits for 2015…and still complaining!”

Posted Mortgage News

Higher minimum down payment coming.. relax, it’s just political posturing.

Bill MorneauAs expected, and as I had predicted back on October 21st, the Federal govt made their first major announcement last week.  All new govts want to make a major announcement early… It shows they are doing something….So, here it is.

The new Federal Minister of Finance, Bill Morneau, broke the news on Friday.   A change to the minimum down payment rules.   That’s right, the minimum down payment to buy a house is going up…. well, sort of… Okay, that’s the headline … but now, keep reading for the real facts.   Here’s a link to The Star’s article by Susan Pigg quoting yours truly…. Continue reading “Higher minimum down payment coming.. relax, it’s just political posturing.”