Joe Fenik - Northwood Mortgage Ltd

06/04/2024

https://www.ctvnews.ca/business/fixed-or-variable-advice-from-more-than-50-brokers-for-canadians-whose-mortgages-are-up-for-renewal-1.6911811

Over the next year-and-a-half, 44 per cent of all mortgages will be up for renewal in Canada. To help guide consumers through these uncertain financial times, CTV News reached out to more than 50 mortgage brokers across Canada with a list of questions. Their answers provide professional guidance for...

06/04/2024

https://www.ctvnews.ca/business/fixed-or-variable-advice-from-more-than-50-brokers-for-canadians-whose-mortgages-are-up-for-renewal-1.6911811?__vfz=medium%3Dsharebar

Over the next year-and-a-half, 44 per cent of all mortgages will be up for renewal in Canada. To help guide consumers through these uncertain financial times, CTV News reached out to more than 50 mortgage brokers across Canada with a list of questions. Their answers provide professional guidance for...

06/22/2022

There’s more uncertainty with variable rates but the lower rates can be used to your advantage

05/31/2022

The "Big 5" banks are unanimous in forecasting a 0.50% rate increase by the Bank of Canada tomorrow. On a lighter note, I'd like to share the pollinator garden I planted on the weekend (with a few tips from David Suzuki).

03/02/2022

Zero surprise: Bank of Canada increased by 0.25% today. Some people are misreading the headlines -- the new policy rate is now 0.50% it did not *increase* by 0.50%. The Russian invasion of Ukraine wasn't enough to delay the central bank any further, but it has injected a lot of uncertainty (economic / geopolitical uncertainty does weigh down on interest rates). Despite today's increase, there's still a very large gap between fixed and variable rates.

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 %.

02/09/2022

FOR SALE - 123 ROGERS ROAD, TORONTO

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Fantastic Location & Steps To Vibrant St.Clair Village & Corso Italia Shops, Schools, Parks, Transit.

For more Info Check out full details at

www.frankcaetanorealestate.com

Or call/text me

01/29/2022

Throwback to 10 years ago (the flames were a nice touch). Definitely was not "exactly like the U.S." and still is not - as least not in terms of fast and loose lending. What rings true from that article were statements such as "...low rates can have a perverse effect on the economy..." and "...the economy is very sensitive to shocks...every quarter percent increase in the interest rate could have a far greater impact than ...10 years ago" Hmm...

01/25/2022

Bank of Canada on the hot seat tomorrow with first of 8 policy announcement dates in 2022. The current rate is 0.25%. Big 6 bank economists forecasting increase of at least 1.50% by end 2023.
Says one owner of 17 (!) properties in article below:
“I don’t believe they are going to increase as many times as they project...Even if it goes higher it’s not going to last. There’s going to be another crisis, there’s going to be another something that’s going to bring all those rates down again. You’re better off still paying variable.”

The low interest rate loans that are helping propel one of the world’s frothiest property markets could also be what make it burst.

01/07/2022

Things to consider when you're planning on leaving the city life behind...

Before ditching the city, make sure you’re aware of the additional costs of rural life

12/16/2021

Announcement coming tomorrow on the mortgage qualifying "stress test". It jumped from 4.79% in June to 5.25% which is 2.5% to 4% above today's actual mortgage rates.

Would-be homebuyers are about to find out what the future holds for the country’s mortgage stress testing requirements.

02/09/2021

Grateful to be in an industry that was thriving in 2020 and to have had one of my busiest years ever. Sincere thanks to my awesome clients & partners!