Mortgage Place

01/25/2023

https://www.facebook.com/487610941343658/posts/5481911255246910/?mibextid=Nif5oz

In the first meeting of 2023, the Bank of Canada increased their overnight lending rate by 0.25%. This now brings the key interest rate to 4.5%.

We know this latest increase puts an even tighter stretch on your wallet—we feel the same pressure.

So, talk to the person who can give you an expert, unbiased opinion of your current situation…your local, friendly mortgage broker!

Let's do some quick math and make a plan for your future financial health.

10/26/2022

https://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.6629901

Canada's central bank continued its campaign to wrestle high inflation into submission on Wednesday, raising its benchmark interest rate by 50 basis points to 3.75 per cent.

06/01/2022

The Bank has raised rates by 0.5% today. This is the third time this year that rates have increased.

Again, this isn't a panic situation. The current lending rate, 1.50% is still lower than rates in 2018 — which were at 1.75%.

1️⃣ Your variable rate mortgage is about to go up. The same logic will apply if you have a home equity line of credit (HELOC). This rate increase would increase your monthly payment by $84 on a $350,000 variable rate mortgage.

2️⃣ Your unsecured loan or line of credit may increase. If any loans are tied to the prime rate, you now have the privilege of paying your bank more interest each month!

3️⃣ Don't let an increase in rate cause a panic! Mortgages are more than just rate. As always, talk to your mortgage broker to chat about payment strategies.
https://bit.ly/QRateChange

04/13/2022

The Bank of Canada has raised its key interest rate by half a percentage point to 1% from 0.5%, the first half-point hike in more than two decades amid soaring inflation.

04/12/2022

Budget 2022 for Home Buyers good read!

Everyone should have a safe and affordable place to call home. Budget 2022 takes significant steps that will build more homes and make housing more affordable across the country.

03/02/2022

Bank of Canada announces prime rate increase +.25% this morning. What does this mean? This means your variable rate mortgage increases by 25 points.

The Bank of Canada today increased its target for the overnight rate to ½ %, with the Bank Rate at ¾ % and the deposit rate at ½ %.

01/26/2022

No changes to Bank of Canada Prime this morning. This is good news!

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ %, with the Bank Rate at ½ % and the deposit rate at ¼ %.

09/08/2021

https://www.cbc.ca/news/business/bank-of-canada-sept-8-1.6167838

The central bank says it continues to expect the economy to strengthen in the second half of the year, although the fourth wave of COVID-19 infections and supply bottlenecks could weigh on the recovery.

05/20/2021

Hi Friends, Update on the stress test both uninsured and insured bench mark rates(Qualifying Rate)will increase June 1, 2021 from 4.79% to 5.25%.
Those currently pre-approved your qualifying amount will be a little lower.

The qualifying rate for residential mortgages with a down payment of 20 per cent or more will rise to the contracted rate plus 200 basis or 5.25 per cent, whichever is higher.

10/28/2020

https://www.cbc.ca/news/canada/bank-of-canada-rate-decision-1.5779813

The Bank of Canada says it has no plans to change its benchmark interest rate until inflation gets back to two per cent and stays there, something the central bank says isn't likely to happen until 2023.

08/13/2020

Good news friends, you will qualified for a bigger mortgage!

The bar at which the finances of mortgage borrowers gets tested has just been lowered, making it easier for would-be home buyers to reach.

06/08/2020

Positive news!

Canadian private mortgage insurer Genworth MI Canada Inc. said Monday the company has no plans to tighten qualification rules for its borrowers, bucking a decision made last week by Canada Mortgage and Housing Corporation (CMHC).