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Posted 1 Comment on A Financial Crisis Or Is It? Bank News

A Financial Crisis Or Is It?

2025 will go down in history as one of those years filled with volatility and turmoil. There’s a quote from a book I read that seems appropriate today. “People want certainty versus accuracy.”  I hope to give you certainty by sharing my 36 year experience in financial services and having lived through 5 financial crises and living through a 6th crisis today.  

I’m going to take a risk and speak very bluntly.  This may anger or upset some of you. I apologize, I have to say some things. I have to point out the obvious.   

FIRST THE BAD NEWS…

I’m a math guy. Work with numbers every day. The stats don’t lie. Our economy, GDP, cost of living, housing costs, have all gone into the toilet.  You don’t need to look very far to believe this. Many of you have contacted me about job losses, or potential job losses.  Those secure in their jobs call me because they have increased their debt levels and this can be for many reasons.  The point is, many are having a hard time paying their debts.  

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Posted Bank News

Tariffs Up but Mortgage Rates Down

 A quick note… we’ve all heard about the Trump Tariffs. It will make everything more expensive. Canada and also in the USA. It will put people’s jobs at risk, we are likely to see layoffs, and economists are forecasting for a recession. This is if the tariffs do go through and continue for over a month.

Now that I’ve cheered you up, here’s the good news. And there is some.  Mortgage rates are headed lower. Fixed rates and variable rates. The old rule of bad economic news brings lower interest rates is true. A few things to point out about How interest rates are calculated.

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Posted Bank News

New $1.5 million price cap, 30 year extended amortization.. Is it enough?

The Federal Government announced they would be extending the current amortization on insured mortgages (those buying with less than 20% down) to 30 years.  ONLY if you are a First-time buyer or you are buying a newly built home. I applaud this move but I would have liked for these 2 limitations to have been excluded. 

I would go further and say we should extend it to 35 or 40 years, maybe even 50 years!

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Posted 1 Comment on Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy 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.

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Posted 2 Comments on As expected, rates are beginning to fall Bank News

As expected, rates are beginning to fall

Some good news on mortgage rates…

Mortgage Brokers are receiving good news this week from many financial institutions.  Wholesale fixed mortgage rates are falling.  Great news for anyone buying, refinancing or renewing their mortgage in the near future.  

The news comes as a reaction to lower than expected inflation rates. We saw  2.7% vs the expected 2.9% reported.  And the US economy is finally seeing signs

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