Tatiana Mikhailova - Mortgage Broker

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The Bank of Canada reduced its policy rate by 25 basis points to 2.75% on March 12, 2025 (second cut of the year). Curre...
03/14/2025

The Bank of Canada reduced its policy rate by 25 basis points to 2.75% on March 12, 2025 (second cut of the year). Current prime rate is 4.95%. ⠀
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Reason for the Cut: Economic uncertainty due to U.S.-imposed tariffs on Canadian exports, impacting consumer and business confidence.⠀
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Effect on Homeowners with variable-rate mortgages:
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• Homeowners with variable mortgage and static payments may see a larger portion of their payment go toward the principal.⠀
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• Mortgage holder with variable payments could experience a reduction in their total mortgage payment.⠀
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Effect on Homeowners with fixed-rate mortgages:⠀
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• Bank of Canada rate cut doesn’t have any impact on fixed-rate mortgage holders.⠀
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What to expect:⠀
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Economists predicts further cuts, with the BoC rate potentially reaching 2.25% by mid-2025.

⁣Happy International Women’s Day 💐✨⠀⠀You are strong, you are beautiful, and you are uniquely YOU. Your sparkle is unlike...
03/08/2025

⁣Happy International Women’s Day 💐✨⠀
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You are strong, you are beautiful, and you are uniquely YOU. Your sparkle is unlike any other, and the world is better because of it. May you always feel loved, appreciated, and celebrated—not just today, but every day! ✨⠀
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⁣📅 Save These Dates! 📅⠀⠀The Bank of Canada has announced its 2025 Policy Interest Rate Dates 🏦 These decisions directly ...
01/23/2025

⁣📅 Save These Dates! 📅⠀
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The Bank of Canada has announced its 2025 Policy Interest Rate Dates 🏦
These decisions directly impact mortgage rates, loans, and overall economic trends in Canada.⠀

📌 Mark your calendars for:⠀
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•January 29⠀
•March 12⠀
•April 16⠀
•June 4⠀
•July 30⠀
•September 17⠀
•October 29⠀
•December 10⠀
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✨ Save this post for easy reference and stay tuned for updates on what these announcements mean for you. 💡⠀
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✨🎄Merry Christmas! 🎁✨May your holiday season be filled with joy, love, and warmth 🌟
12/25/2024

✨🎄Merry Christmas! 🎁✨

May your holiday season be filled with joy, love, and warmth 🌟

Rate Cut Details:• Bank of Canada (BoC) reduced its overnight rate by 50 basis points, from 3.75% to 3.25%.⠀• This is th...
12/20/2024

Rate Cut Details:

• Bank of Canada (BoC) reduced its overnight rate by 50 basis points, from 3.75% to 3.25%.⠀
• This is the second consecutive cut of 0.5%, totalling a 175-basis-point drop in 2024.⠀
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Further rate reductions are expected, although at a slower pace, depending on economic and trade developments.⠀
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Impact on Variable-Rate Mortgage Borrowers:⠀
• Borrowers with adjustable mortgage payments (e.g. Scotiabank customers) will see immediate payment reductions.⠀
• For borrowers with static mortgage payments (e.g. TD customers), more of their payment will go toward the principal.⠀
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Lower rates have already increased home sales by 30% in October. The continuing rate drops are attracting buyers back to the real estate market, likely driving home prices up in 2025.⠀
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#2024

⁣💡 What Is Home Equity?⠀⠀⠀Home equity is the value of your home that belongs to you. 🏠⠀⠀⠀It’s calculated as:⠀⠀Home Value...
11/16/2024

⁣💡 What Is Home Equity?⠀
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Home equity is the value of your home that belongs to you. 🏠⠀
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It’s calculated as:⠀
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Home Value – Mortgage Balance = Your Equity⠀
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For example, if your home is worth $700,000 and you owe $300,000, your equity is $400,000. As you pay down your mortgage or your home’s value increases, your equity grows.⠀
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Equity can be a powerful tool for borrowing or building long-term wealth! 💰⠀
📞 Call or 📧 Email me today to learn how to use your home equity!⠀
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🤩 Starting only one month from now, December 15 2024, there will be some mortgage changes which will help to improve aff...
11/15/2024

🤩 Starting only one month from now, December 15 2024, there will be some mortgage changes which will help to improve affordability and encourage new home construction.

🔶 Insured Mortgage Price Cap Increase: The cap rises from $1M to $1.5M, allowing buyers in high-cost markets access to lower down payments and insured mortgage benefits. The minimum down payment will be 5% on the first $500,000 and 10% on the remaining balance between $500,000 to $1,500,000.

🔷 30-Year Amortization Expansion: All first-time homebuyers and buyers of new builds can access 30-year amortizations, reducing monthly payments by ~8.9% and increasing purchasing power by ~9.7%.

Have questions? Let’s chat and see how we can make your dream about home purchase a reality.

📩 [email protected]
📞 778.859.7992

⁣Did you know?⠀⠀If you’re on maternity or paternity leave, many lenders canconsider your full income for mortgage qualif...
11/15/2024

⁣Did you know?⠀
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If you’re on maternity or paternity leave, many lenders canconsider your full income for mortgage qualification! 🏡💰⠀
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💡 Plus, the Canada Child Benefit (CCB) might not be huge, but it can make a difference in boosting your mortgage approval amount. Every little bit helps when it comes to securing your dream home! 🏠✨⠀
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Have questions? Let’s chat and see how we can make your family’s new home a reality. 📩💬⠀

📞 778.859.7992
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🏦 In the final meeting of 2023, the Bank of Canada decided to keep the key policy rate unchanged at 5.0%, maintaining th...
12/06/2023

🏦 In the final meeting of 2023, the Bank of Canada decided to keep the key policy rate unchanged at 5.0%, maintaining the prime rate at 7.20%. The Chairman of the Bank of Canada, Tiff Macklem, emphasized a noticeable decrease in inflationary and economic indicators in the decision not to raise the key interest rate.⠀
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📍The Consumer Price Index (CPI) decreased from 3.80% to 3.10% from September to October. The labor market continues to contract, and the Canadian economy shows signs of a recession. Ultimately, the high-interest rate policy is beginning to yield results.⠀
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💡A reminder: The Bank of Canada directly influences the variable rate products.⠀
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🔹Fixed mortgage interest rates continue to decline following the decrease in government bond yields. Currently, fixed rates fluctuate between 7.69% and 5.49%, depending on the term, downpayment, amortization, etc. ⠀
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We are closely monitoring developments as the Bank of Canada continues to assess the economic situation and take measures in response to current challenges.

⁣⁣Fixed rates are influenced by Canadian Government Bond yield. I am not going to bore you with the details of how this ...
11/14/2023

⁣⁣Fixed rates are influenced by Canadian Government Bond yield. I am not going to bore you with the details of how this works, at least for now 😁. ⠀
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💡 Below let’s review Fixed Rates and Mortgage Timing:⠀

⠀🔹 The 5-year Bond Yield peaked on October 3rd at 4.415% then dropped to 3.788% on November 3rd, affecting some banks and lenders who have dropped their fixed rates. ⠀

🔹 Unfortunately, yields have come up a bit since then reducing the likelihood of further rate drops. ⠀

🔹 If you're planning to buy a property soon, timing is crucial. During mortgage pre-approval, you can lock in a fixed rate for up to 120 days, providing confidence in your purchase and protection against potential rate changes.⠀⠀
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⁣⁣🤔There seems to be a consensus amongst many economists that the chances of future rate hikes have decreased significan...
11/14/2023

⁣⁣🤔There seems to be a consensus amongst many economists that the chances of future rate hikes have decreased significantly. ⠀
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❗️That being said, there are still a few factors that may push the Bank of Canada to raise rates:⠀
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🔸US economy showed a lot of resilience and continues to grow. Therefore, there is a chance that the Federal Reserve will raise rates on December 13th. If the US rate goes up and the BoC decides to hold, then this will likely weaken the Canadian Dollar resulting in imports from the US becoming more expensive, which will prop up the inflation numbers here.⠀
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🔸We are still struggling with high inflation around shelter cost, food, services and gas.⠀
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⁣👀 All eyes on the next rate (and final for this year) announcement on December 6th.⠀
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🧐Does this mean that rates will come down soon? No.

Although we made tremendous progress bringing the inflation down from 8.1% we are still off the 2.0% CPI target. Latest CPI numbers came in at 3.8% and although it seems that we are on the final stretch, the remaining 1.8% will likely be a tough fight that will take some time.⠀
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⁣What about fixed rates? Check my next post 😉
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⁣If you have not been keeping up on all of the news around economy, interest rates and etc I don’t blame you. There has ...
11/09/2023

⁣If you have not been keeping up on all of the news around economy, interest rates and etc I don’t blame you. There has been a lot! 👀 Here is a very brief recap of the news (part 1) that are going to influence the interest rates in the near future:

🔹 October 25th: Bank of Canada (BoC) has left the key policy rate at 5.00%. In other words, the prime rate hasn't changed.

🔹 November 3rd: the job market stats demonstrated fewer than expected new jobs and increase in unemployment from 5.5% to 5.7%.

With a decrease in consumer spending partially facilitated by high interest rates and flat GDP numbers it shows that the Canadian economy is rolling over. There are early signs that Canada may have entered mild recession.

👉Overall we are noticing a change in Bank of Canada's sentiment from aggressive to a softer tone. There seem to be a consensus amongst many economists that the chances of future rate hikes have decreased significantly.

💡So, does this mean that the rates will come down soon? Or are there any factors that can push Bank of Canada to raise rates again? Check my next post to find answers to these questions 😉

Address

105-3989 Henning Drive
Burnaby, BC
V5C6P8

Telephone

+17788597992

Website

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