News, Views and Trends!
A FOUR PART SPECIAL EDITION… PART 1 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. Message to the government… STOP TRYING TO HELP!.. CAUSE YOU AREN’T!
And if you think the interest rate cuts will solve all of this, guess again. There’s a lot more to it.
Continue reading “The Great Mortgage Reset”
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
Continue reading “10 up and 3 down, unintended consequences!”
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.
Continue reading “Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy”
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
Continue reading “As expected, rates are beginning to fall”
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.
Continue reading “Finally!! The Bank of Canada cuts the rate. “
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