Danny Duong - Mortgage Broker Services

07/23/2024

Confidence is high that the Bank of Canada will deliver a 2nd consecutive interest rate cut tomorrow. Financial markets put the odds at 90% that we will see a 0.25% rate cut, bringing the Bank of Canada's key overnight lending rate down to 4.5%. We'll know for sure tomorrow. Stay tuned. Picture is of my two home office managers.

04/20/2022

Inflation for March 2022 was 6.7% per Stats Can. Expect The Bank of Canada to do what it can to lower this by curbing consumer demand. It's looking more and more likely we'll see Canada's Central Bank increase its key overnight lending rate by an anticipated 0.50% again at its June 1st meeting.

04/13/2022

BREAKING NEWS - The Bank of Canada increases its key over night lending rate by 0.50%. This will impact holders of Variable rate mortgages and all loans tied to Prime rate. Prime rate is currently 2.70% with a majority of banks so look for that to go up to 3.2% soon. For every 100k outstanding in a variable rate mortgage, this will increase the payment by approx. $26/month. If you have a Variable rate mortgage with a static payment though, then no change to your payment but the proportion of your payment going towards principal and interest does change. Now more goes towards interest than before (effectively extending the amortization of your mortgage).

The Bank indicated a “substantial upward revision” to its inflation outlook, citing Russia’s invasion of Ukraine, price increases in oil and other commodities, and supply disruptions as the main reasons behind that prognosis."

The move raises the central bank’s key rate to 1 per cent as it looks to combat runaway inflation in Canada; the BoC also says it will begin shrinking its enormous holdings of government bonds

04/08/2022

"All in all, while we believe these measures will help to provide some relief in the housing market, they will be challenged to meet the need for increased supply that plagued the Canadian real estate sector even prior to the pandemic,” economists from Desjardins wrote in a research note.

There were positive aspects, however, particularly related to the government’s commitment on the supply side of the equation, along with plans to end the practice of blind bidding."

Heading into Thursday's federal budget, it was no secret that measures aimed at addressing housing affordability would figure prominently.

04/05/2022

City of Vancouver is exploring ways to possibly allow construction of up to 6-plexes on standard residential lots.

Vancouver council looking to explore possibilities to build sixplexes on residential lots to make housing more accessible

03/26/2021

Wishing all Underwriters a fabulous day today!

02/25/2021

Quick mental math in case you don't have a mortgage calculator or app handy. Monthly payments per 100k mortgage money. Right now where rates are around 2% and using 25 yrs amortization, that's $423/month per 100k borrowed. Chart below is for payments when rates range between 1-4%.

02/03/2021

In my 20s and 30s, I didn't think about retirement too much because well it seemed like a lifetime away. After I hit 40, planning for retirement became a priority. But at the same time, I also needed to have a plan to support my children until adulthood AND take care of my elderly parents. If you can relate to this, what financial strategies will help you achieve your goals? Will it be insurance, investing in equities, TSFAs, annuities, real estate, etc? Would it be pay off your mortgage or leveraging your home equity? Will it be a Manulife One, Scotia STEP, All-in-One with National Bank, CHIP Reverse Mortgage, etc? I am a Mortgage Agent and in partnership with your Financial Planner, I can help you figure out how your mortgage or home equity could be set up for the best chance of financial success now and in retirement. If you don't already have a Financial Planner then I would also be happy to introduce you to my network of financial professionals as well. Do you have a plan for the next 5, 10, 20 years?

01/27/2021

Vancouver homeowners, don't forget to complete your Empty Homes Tax declaration before Feb 2. This is so the City knows whether your home is occupied or vacant. Homes that are occupied or exempt won't be charged the tax. Here's how to make your declaration.

Each year, every homeowner in Vancouver must submit a property status declaration, even if they live in their home. For the tax period of January 1, 2020 to ...

01/13/2021

The Bank of Canada could be cutting its key overnight rate by 0.10% on Jan 20th. This could then trickle down and be beneficial for anyone with Variable rate mortgages and HELOCs (Home Equity Line of Credit).

Just the fact that it was mentioned earlier means policy makers are thinking about it

12/15/2020

Parking permits may be mandatory city-wide in Vancouver for all residential streets in 2021 with additional measures to be considered in 2023 and 2025.

Vancouver City Council has decided to set forth on a strategy to implement mandatory parking permits on all residential streets across the city.