TagInterest rates

Posted March 6, 2025 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.

Posted January 10, 2025 Bank News

Ask the Expert: Steve Garganis – Solutions for a flatlining condo market and New Year predictions

With 2024 behind us and the new year upon us, the housing market is in a delicate balance. Interest rates are declining, which is great news for borrowers. However, these cuts are giving way to a small rebound in the housing market, and, to many real estate watchers, threatening to bring on another affordability crisis.

At the same time, no jumbo cut nor government incentive to bring first-time homebuyers into the field seems to be helping a stagnated condo market.

In my interview with RATESDOTCA, I shared my thoughts on what buyers and sellers can expect in 2025 and some moonshot ideas on how to revive condo development in Canada. 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 15, 20241 Comment Bank News

Why Everyone Should Choose The Longest Amortization Possible

One of the most common requests I get when discussing mortgage options with my clients is that they want the shortest amortization they can afford. They want to pay their mortgage off as soon as possible. I get it! And then I hit them with an unexpected recommendation. I tell them to take the longest amortization possible. Sounds contradictory? I’ll explain.

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