TagBig Six Banks

Posted July 11, 2024 Consumer Debt

Why your groceries, homes and rents cost more. A Critical Analysis

The Bank of Canada put out a report entitled What drives up the price of groceries?

They could have easily simplified the title to say “What Drives Up the Price of Everything”. Their answer is the cost of ENERGY and the cost of labour. I’m going to remind you that this report is from the Bank of Canada.. “a Crown corporation that is separate from the political process” as their website says.

Posted June 5, 2024 Mortgage News

Finally!! The Bank of Canada cuts the rate.

Today, the Bank of Canada cut the Prime rate by 0.25%. Hooray! This will directly affect Variable rate mortgages and indirectly affect Fixed rate mortgages.

It has been 27 months since the Bank of Canada governor, Tiff Macklem, started hiking rates to combat inflation. The last hike was in July 2023. Since then, it’s been a guessing game to see when Macklem would act.. Finally, he cut the rates which is much needed and welcome news to all.

Posted August 10, 20231 Comment Real Estate news

What Happened to Pride in Home Ownership?

I’ve always believed that owning a home is something to be proud of. Something to strive for. Most people used to agree with me – but more and more I hear home ownership getting a ton of hate. What happened?

Purchasing a home was always an ideal in this country that motivated people towards financial prosperity. Renting was always a short term solution until you could buy a home. Now it seems that many people actually prefer to rent and take pride in it. How did we get here?

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 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.