Chris Eigbe

12/06/2023

Bank of Canada holds its overnight interest rate at 5% 🏦

In its eighth and final interest rate announcement of 2023,
Bank of Canada holds its policy rate steady, updates its outlook.

The decision to keep its overnight policy rate unchanged was widely expected as the bank continues to normalize its balance sheet.

Some of the bank's observations are summarized below:

- A slowdown in the Canadian economy reducing inflationary pressures.

- The global economy continues to slow and growth in the euro area has weakened combined with lower energy prices.

- Financial conditions have also eased with long term interest rates unwinding some of the sharp increases seen earlier this fall.

- Although growth has been stronger than expected in the United States, the US dollar has weakened against most currencies.

These data and indicators for the fourth quarter suggest the Canadian economy is no longer in excess demand.

The Bank of Canada also noted that it remains concerned about risks to inflation and remains prepared to raise rates further if needed.

The next interest rate announcement is on January 24 2024.








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07/28/2023

Introducing our First-Time Home Buyer's Guide.

This comprehensive guide walks first-time home buyers all the way through the home buying journey from the initial stages of considering a home purchase through to moving day tips.

This guide is broken up into sections based on each stage of the journey and there is a lot of practical, helpful information packed in:

- Information and tips
- QR codes
-Worksheet and checklists

You can access your copy by visiting the link in the post.

03/29/2023

The Government of Canada has introduced a series of amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act.

Effective March 27th the following 4 exceptions to the foreign buyer ban will take effect:

1. The ban no longer applies to work permit holders (with some conditions).
2. The ban no longer applies to vacant land.
3. Exemption for purchasing for the purpose of development.
4. The foreign control threshold is now 10% (up from 3%).

This enhances the flexibility of newcomers and businesses looking to add to Canada's housing supply.



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09/07/2022

Bank of Canada increases its benchmark interest rate to 3.25%

Today, the Bank of Canada increases its overnight benchmark interest rate by 75 basis points to 3.25%.

This is the 5th rate hike in 2022 which totals a 3% increase so far this year.

Given the outlook for inflation, the Bank's Governing council continues to note that its policy interest rate will need to rise further and will continue to take action as required to achieve a 2% inflation target.

The next BOC policy announcement is on October 26th.

06/13/2022

First Class Service!
Nothing but the best for my clients, simply because you deserve it.


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01/26/2022

Bank of Canada holds benchmark interest rate steady, updates 2022 economic outlook.

In the first scheduled policy decision of 2022, the Bank of Canada left its target overnight benchmark rate unchanged. The bank rate stays as 0.5% which means that borrowing costs for Canadians will remain low for the time being.

The bank did update its observations on the state of the economy, leaving a strong impression that rates will rise this year.

https://www.bankofcanada.ca/2022/01/fad-press-release-2022-01-26/


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01/05/2022

I strive to provide top notch service with each and every mortgage transaction as my clients deserve nothing but the best 💯

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12/08/2021

Bank of Canada holds benchmark interest rates steady in final interest rate decision on 2021.

In Its eight and final scheduled interest rate decision of 2021, the Bank of Canada left the overnight benchmark unchanged at 0.25%.

These low interest rates have been a feature of monetary policy since the initial pandemic lockdown in March 2020.

Bank of Canada continues to expect inflation to remain elevated in the first half of 2022 and ease back in the second half of the year.

With the benchmark rate currently unchanged but with signs of a potential shift in monetary policy, it is a great time to proactively consider your mortgage financing plans for 2022.

The next Bank of Canada's scheduled touch on monetary policy is January 26 2022.


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12/08/2021

09/07/2021

With interest rates as low at 1.09%(P-.1.36%), a higher chunk of your mortgage payments would be allocated towards the principal amount thereby reducing the over interest paid and would facilitate paying off the mortgage faster.

Contact me today to discuss how you can take advantage of the current all time low interest rates or convert your higher mortgage rate into a lower interest rate.


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07/23/2021

My goal is to ensure that my clients get the most competitive interest rate and top notch service which results in a seamless transaction.






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06/20/2021

Wishing all you wonderful dads, stepdads, grandfathers, father figures, mentors and role models a Happy Father's Day.

We appreciate and celebrate you!