Mortgagesbyibrahim

10/25/2023

Second rate hold in a row. Please let me know if you have any questions or would like to know how this affects your personal situation!

09/06/2023

Bank of Canada hold key interest rate steady at 5%
Wondering how this will affect your upcoming renewal ? Don’t hesitate to reach out!

07/12/2023

The Bank of Canada increased the overnight rate today to 5%. If your mortgage is coming up for renewal or were thinking about a refinance, please let me know as we have access to over 50 lenders to choose from. Please reach out to me if you require any further information!

قام البنك المركزي الكندي اليوم برفع سعر الفائدة الي ٥٪؜ برجاء التواصل معي في حالة وجود أي استفسارات

06/07/2023

Another hike of 0.25% as the bank of Canada continues to monitor the economy. Please reach out if you’re wondering how this will affect you and would like to go over your options.

06/02/2023

If you are planning to buy over the next 120 days, reach out today for a rate hold.

05/02/2023

If you have any questions managing or improving your credit, please reach out.

05/02/2023

This chart shows you the reasons why Canadians are looking to buy homes in the next five years. Among those who feel their home is no longer suitable, most need more space because they spend more time at home (24%), while another 13% say they need a dedicated working space.

04/12/2023

Bank of Canada holds interest rate steady again!! Please reach out if you have any questions.

03/30/2023

Your credit score helps determine how much money you can borrow and the interest rate you will pay. It is essential to keep a good credit score. To help with this, don’t exceed your credit limit; try to use less than 35% of your available credit. Having a higher credit limit and using less of it each month is better.

For example, if your available credit is $15,000, try not to borrow more than $5,250 at a time, which is 35% of $15,000. Lenders see you as a greater risk if you use a lot of your available credit. This is true even if you pay your balance in full by the due date.

If you have any questions, reach out to your Mortgage Broker.

03/09/2023

Some facts ….

According to www.betterdwelling.ca, home prices have dropped 17.8% compared to the high we saw in March of 2022. BUT home prices remain 30.9% higher than in 2020.

Yes, we are seeing one of the most significant yearly declines. However, we must keep our perspective on the gains we have seen. A 30.9% increase over three years tells us that owning a home is still a cornerstone to financial success in Canada.

03/08/2023

Bank of Canada held its key policy rate at 4.50 per cent today

With the unemployment rate at 5% and inflation at 5.9%, the Bank of Canada held the overnight rate at 4.5% following 8 consecutive rate hikes. In January, the Bank stated that it "expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases".

A mild recession or perhaps a "soft landing" of the economy (where the economy slows but unemployment remains steady) is expected in the second half of 2023, not long in duration or severity. Rapidly rising interest rates by the central banks in the G7 countries are designed to reduce inflation by a) curbing wage growth and mildly increasing unemployment rates, and b) pushing up borrowing costs. The net effect is to reduce household budgets and business spending thereby curbing the demand for goods and services which has been the central cause of inflation. There is no indication the U.S. Federal Reserve or the Bank of Canada and the other central banks will not continue to raise interest rates until there are clear indications that the rate of inflation is moving toward the 2% target.

According to Deloitte's 2023 Economic Outlook report: "Despite an expected pause in interest rate increases, mortgage rates will remain elevated until the end of 2023, preventing many prospective homebuyers from entering the market and leading to further declines in home ownership transfer costs," the report said.

Looking ahead: The Bank of Canada would be poised to reduce overnight rates to spur the general economy likely in 2024. This will have a dramatic effect on real estate market activity with falling interest rates, pent-up buyer demand, massive immigration causing increased demand for housing, and a severe undersupply of housing stock.

The next interest rate announcement is April 12.