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Posted by: Adam Sale
Interest Rates: Bank Of Canada Unchanged As I’m sure you’ve heard, the Bank of Canada recently held its latest interest rate meeting, and I’m pleased to inform you that they have decided to keep interest rates steady at 5%. The Bank is keeping a watchful eye on the following key pieces of data: Unemployment Report: […]
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Pre-approved Mortgage Before Interest Rates Increase Are you aware of the current trend in rising interest rates among lenders? It’s a direct response to the anticipated rate hike by the Bank of Canada scheduled for September 6th. As the real estate market transitions into the fall season, there’s an expectation of a slowdown. This slowdown […]
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It appears the Vancouver real-estate market is setting up for a slow-down this fall as interest rates continue climbing, causing people to qualify for less and scaring many buyers away from the market. A couple key reports to keep an eye on to confirm if we are heading for a slowdown are: Unemployment Report: August […]
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Great news!! The Consumer Price Index report (inflation report) was released today and shows inflation slowing to 2.8%. Over the last 6-months (January to June) the CPI index has only ticked upwards by 3.3 points as opposed to 2022 January to June’s CPI index increase of 7.6%. This is an excellent sign, but we’re not […]
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When do you need to purchase Mortgage Default Insurance? Mortgage Default Insurance is added to a mortgage when a borrower is purchasing a property with a down-payment less than 20% or when a property is higher risk to the lender, such as a micro-suite, rural location or mobile home. Mortgage default insurance is designed to […]
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Did you know that you may be able to add a Home Equity Line of Credit (HELOC) to your insured or insurable mortgage without having to refinance your entire mortgage? This is a unique and little-known product that could help you save thousands of dollars in interest payments over the life of your mortgage. Most […]
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Yesterday (March 27, 2023), the Government of Canada significantly changed the foreign buyer ban. It is now easier those working in Canada on work permits to purchase a home, and vacant land is now available for purchase by non-Canadian residents. Work Permit holders can now purchase property in Canada if they have not purchased more […]
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Rental Mortgage Tips The most common problem I help my clients with during a rental mortgage application is finding a lender with a competitive rental program which allows us to use the greatest amount of rental income possible. The key features of a Rental Mortgage Product is it allows us to include the current and/or […]
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Stricter Mortgage Qualifying Rules OSFI, Canada’s banking regulator, is once again looking at “clamping down” on higher-risk borrowers from entering the market. In 2016, the Department of Finance introduced the “stress-test” on insured borrowers. Then in 2018 OSFI expanded the stress-test to include uninured borrowers. OSFI is back at it again, and they are proposing […]
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Inflation Report, How-To Video & Rate Specials CPI Inflation Report We received an early Christmas gift from Statistics Canada yesterday morning regarding the consumer price index (CPI) report. For the 6th month in a row the CPI remained relatively flat. the CPI has increased only 1.1 points with the last 6 months. This indicates the rate of inflation […]
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