Tag5 year fixed rate

Posted November 18, 2024 Bank News

Ask the Expert: Steve Garganis on how the US impacts Canadian mortgage rates

We all know that whatever happens in US it will affect Canada. Here is my next interview with RatesDotCa for their Ask The Expert edition – Steve Garganis on how the US impacts Canadian mortgage rates.

With President Trump making his return to the White House, financial markets are scrambling to make sense of what’s to come. And whatever our neighbours to the south do, Canada tends to follow. Here’s how this might shape your fixed mortgage rate in the near future. Read more – Interview with Steve

I hope you will enjoy this article and if you have any questions or would like to discuss I am always available.

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis: 416-224-0114; steve@canadamortgagenews.

Posted October 3, 20242 Comments Bank News

The Great Mortgage Reset

A FOUR PART SPECIAL EDITION… PART 4 of 4

THE GREAT MORTGAGE RESET… MY RECOMMENDATIONS.

This policy of making it harder to borrow money has only hurt the little guy, the first time buyer and second time buyer. Those with a higher net worth and accumulated savings can more easily buy a home. This goes against what CMHC stood for. Their mandate was to promote housing in Canada. Somewhere along the way, this goal has been lost. We need to bring it back.

Here are the changes that I would propose to make life more affordable immediately:

Posted October 1, 2024 Bank News

The Great Mortgage Reset

A FOUR PART SPECIAL EDITION… PART 3 of 4

Canada’s mortgage lending rules and policies are broken. They just don’t work. And the more our Federal government tries to help, the worse it gets. This is a 4 part series of what our government can do to make home ownership affordable.

KNOWING THE PAST WILL HELP OUR FUTURE.

I’m going to list some of the changes that have handicapped Canadians from buying and renting. There are over 30 changes over the last 18 years but I’m just going to list the ones that have had the greatest impact. Notice the pattern of ever tightening government lending rules that increase a homeowner’s

Posted September 20, 2024 Bank News

10 up and 3 down, unintended consequences!

LOTS OF MOVEMENT IN MORTGAGE RATES

Sounds like a football play. But I’m not talking about football even though the NFL season just started and my Buffalo Bills won their first two games. I’m referring to how many times the Bank of Canada’s (BoC) Governor, Tiff Macklem, has changed the Overnight rate since March 2022.

Did you know we saw 10 rate hikes totaling 4.75% in just 16 months from March 2022 to July 2023? That’s never happened before. And most of those rate hikes

Posted July 25, 20241 Comment Bank News

Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy

The Bank of Canada just cut the overnight rate by another 0.25%. For the second consecutive month, they’ve lowered the rate. In total, a 0.50% drop in two months. (not enough, but it’s a start) Great news for anyone in a Variable rate mortgage. It means you will be paying 0.50% less on your mortgage. We can expect further cuts this year and next. Read on for more details.