Lyon, Garth Mortgage Broker

03/08/2023

THINK OUTSIDE THE BOX: For the first time in a year, the Bank of Canada has left its overnight target rate unchanged, keeping it at 4.50%. Officials from the Bank of Canada have indicated that its future rate decisions will be driven by economic data. The next announcement will take place April 12.

01/31/2023

THINK OUTSIDE THE BOX: While rates have been steadily climbing for variable mortgages, fixed mortgage rates have been moving in the opposite direction.

While rates have been steadily climbing for variable mortgages, fixed mortgage rates have been moving in the opposite direction.

01/25/2023

THINK OUTSIDE THE BOX: The Bank of Canada has raised its overnight target rate by 25 basis points, bringing it to 4.50%.

This is the Bank’s eighth consecutive rate hike and was expected by markets.

Looking ahead, the Bank said it "expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases,” but that it is also “prepared to increase the policy rate further if needed.”

01/20/2023

THINK OUTSIDE THE BOX: Housing activity picked up across the country in December after plummeting for much of 2022 due to climbing interest rates—a sign some take that the market is approaching a bottom.

Housing activity picked up across the country in December after plummeting for much of 2022 due to climbing interest rates.

12/29/2022

THINK OUTSIDE THE BOX: On January 1, 2023 Non-Canadians and foreign buyers will be prohibited from purchasing property in Canada. This law enacts a 2-year ban in response to Canada’s housing market supply and demand imbalance. Read more about what this means, and who is exempt from this ban.

The Canadian federal government will impose a two-year ban preventing foreigners from purchasing Canadian properties.

12/07/2022

THINK OUTSIDE THE BOX: The Bank of Canada has raised its overnight target rate by 50 basis points, bringing it to 4.25%.

This is the Bank’s seventh consecutive rate hike and was expected by markets.

Looking ahead, the Bank said it “will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target."

Banks and other financial institutions are expected to raise their prime rate in the coming days, which will increase rates for variable-rate mortgage holders.

The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%.

11/29/2022

THINK OUTSIDE THE BOX: With bond yields nearly 60 basis points off their highs reached earlier this month, fixed mortgage rates are slowly following and trending downward.

With bond yields nearly 60 basis points off their highs reached earlier this month, fixed mortgage rates are slowly following and trending downward.

11/23/2022

THINK OUTSIDE THE BOX: In most cases, borrowers are required to take immediate action to increase their monthly payments to ensure the interest cost is being covered and that the outstanding balance continues to be paid down.

Roughly half of all mortgage holders with static-payment variable-rate mortgages have already reached their trigger rate, according to a new report from the Bank of Canada.

10/27/2022

THINK OUTSIDE THE BOX: Experts say it’s now time to take a step back and really take stock of your household situation, but don’t be afraid to shop around to ensure you get the lowest mortgage rate at renewal. See below to find out about options homeowners have for re-paying their mortgage due to interest rate hikes.

Experts say it’s now time to take a step back and really take stock of your finances, but don't be afraid to shop around to ensure you get the lowest mortgage rate at renewal.

10/26/2022

BREAKING NEWS
Bank of Canada Raises Key Interest Rate by 50 bps


The Bank of Canada has raised its overnight target rate by 50 basis points, bringing it to 3.75%.

This is the Bank’s sixth consecutive rate hike and was expected by markets.

The Bank said interest rates will need to rise further to “restore price stability” for Canadians, but that future moves will be data dependent.

“Future rate increases will be influenced by our assessments of how tighter monetary policy is working to slow demand, how supply challenges are resolving, and how inflation and inflation expectations are responding,” the Bank said in its statement accompanying the decision.

Banks and other financial institutions are expected to raise their prime rate in the coming days, which will increase rates for variable-rate mortgage holders.

The Bank of Canada today increased its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%.

10/21/2022

THINK OUTSIDE THE BOX: Simply dividing the total value of home sales by the number of homes sold lacks the nuance needed properly measure the state of the market.

First National is one of Canada's largest non-bank mortgage lenders, offering both commercial mortgages and residential mortgage solutions.

09/27/2022

THINK OUTSIDE THE BOX: There’s a lot to consider, from figuring out whether you can afford to buy a second property (and whether it’s worth it) to navigating the down payment requirements and mortgage rules.

Whether it’s for yourself or it’s an investment, here’s what you should know about the rules and requirements of buying a second property.