Cody Sjogren - Mortgage Broker

04/17/2024

Here are ten ways in which costs or taxes will increase according to Budget 2024:

1. Capital Gains Tax Increase: The inclusion rate for capital gains will rise from one-half to two-thirds for capital gains realized annually above $250,000 by individuals, and for all capital gains by corporations and trusts.

2. Digital Services Tax: A new tax ensuring digital businesses that monetize Canadian users' data are taxed, applicable from 2024 for revenues earned from January 1, 2022.

3. Luxury Tax: Introduction of a new tax on luxury goods including private jets, yachts, and luxury vehicles.

4. To***co and Va**ng Products Excise Duty Increase: Increase in federal excise duties on to***co by $5.49 per carton of 200 ci******es and a 12% increase on va**ng products.

5. Public Debt Charges: Increase in public debt charges due to higher borrowing requirements and interest rates.

6. GST on Carbon Emissions: Implementation of GST on carbon emissions credits starting in 2024.

7. Increase in Public Sector Wage Costs: Due to salary increases for federal employees following new collective bargaining agreements.

8. Environmental Compliance Costs: New fees and fines for non-compliance with environmental regulations.

9. Air Travelers Security Charge: Increase in the air travelers security charge to fund enhanced airport security measures.

10. Alcohol Excise Tax: Increase in the excise tax on alcohol products to adjust for inflation and increase revenue.

03/27/2020

Another surprise rate drop of .5%. We’ll see if the banks pass on the full amount to borrowers. So far they have passed on the entire 1% based on the last 2 rate drops.

This affects borrowers with a variable rate mortgage and has no effect on fixed Rates.

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. This unscheduled rate decision brings the policy rate to its effective lower bound and is intended to provide support t...

03/04/2020

Bank of Canada cuts it’s key benchmark rate by .5%. This means everyone in a variable rate mortgage will have their payments go down substantially and this will likely put more downward pressure on fixed rates.

If you have any questions about how this affects your mortgage or if you want to potentially take advantage of these low rates please reach out to me any time!

The Bank of Canada cut its key benchmark interest rate Wednesday morning over concerns about what the coronavirus could do to the economy.

02/18/2020

if you are purchasing with less than 20% down, your buying power just went up by about 3% due to a new qualifying rate for the stress test.

Rates have been heading down as well in general to help push what people can afford.

This follows a recent review by federal financial agencies, which concluded that the minimum qualifying rate should be more dynamic to reflect the evolution of market conditions better. Overall, the review concluded that the mortgage stress test is working to ensure that home buyers are able to affo...

01/29/2020

Quick tip of the day:

If you are wondering where fixed rates are going next you can look at these Canada bond yields (see link). Rates typically follow the trend of the bond yields exactly.

The yields have been dropping lately due to many factors including (they say) the Coronavirus outbreak.

I expect fixed rates to drop steadily until this trend changes.

and PDF versions of the five-day data are also available.

01/23/2020

I hope everyone is enjoying the New Year!

I have been a mortgage broker for 12 years now and even though a majority of my friends, family and clients know a lot about what I can offer, I realize how important it is for me to educate and remind my network on exactly what I do, and when someone might want to use my services.

Here is some information that may help you understand a little more of how I help my clients:

• I work with Canada’s leading Financial Institutions including major Banks, Trust Companies, and Credit Unions. They include Scotiabank, TD, Home Trust, MCAP, Coast Capital, and many others. You can find a complete list of all my lending partners on my website at www.codymortgages.ca

• My company, The (Dominion Lending Centres/Mortgage Centre Canada, Mortgage Architects) Group, sends more than 40 billion dollars in mortgage volume annually. Because we are the biggest in the country, our lenders provide us with a variety of mortgage products, exceptional rates, fast turnaround times and flexibility with approvals.

• When you use me to find you the very best mortgage for your needs, and negotiate on your behalf, typically there is no cost to you. The lender pays me a fee for finding and bringing them the business, I only earn a fee if I arrange the mortgage for you.

• The Fee is the same regardless of what lender you choose and it is not built into your mortgage rate.

• Some of our lenders specialize in providing mortgages for clients who are self employed, contract employees, have seasonal income, have trouble proving income, or lack some of the standard documentation. I have seen all situations and am experienced in getting unconventional mortgages approved.

• Many consumers think their bank will automatically give them the best rates because they have been a loyal customer for many years, have multiple accounts, or have high account balances. Don’t fall into that trap. That kind of thinking has cost many clients thousands of dollars in unnecessary interest.

• I am a fully licensed mortgage professional and am governed by the regulator in the province(s) that I do mortgages in. The safety and security of your personal information is of utmost importance and all discussions, documentation and file management are completely confidential at all times.

• Often clients make the time-consuming mistake of going to multiple lenders themselves, attempting to negotiate the best rates. Each time a Financial Institution pulls your credit report, your credit score actually drops. Sometimes the very exercise of trying to find the most competitive mortgage disqualifies you from qualifying. At Dominion Lending Centres, we forward your credit report electronically to our lenders so that it isn’t pulled over and over.

• The interest rates today are at an all time low. If you, like so many other Canadians, have high interest credit card debt, department store debt, line of credit debt or other outstanding payments, now might be the ideal time to refinance your existing mortgage and consolidate it all into one simple payment. Consolidation can sometimes reduce your monthly payments by more than a thousand dollars per month. I would be happy to calculate the saving for your specific situation.

In summary, I am your mortgage advisor and I work for you, not the banks. It’s my job to provide you with timely, expert advice and make certain my clients have the very best mortgage products for their specific situation. Your business is very important to me!

Cody

Cody Sjogren - Full-service mortgage team specializing in residential & commercial properties with the best mortgage rates. Contact us: 604 889-7343.

01/22/2020

Bank of Canada update regarding prime rate and the economy.

The Bank of Canada is keeping its key interest rate target on hold at 1.75 per cent and forecasting a slower-than-expected start for the Canadian economy in 2020.

10/30/2019

Canada holds prime rate steady, hints at potential future pressure to cut rates.

Unlike other advanced economies, Canada is not cutting interest rates just yet. But our resilience in the face of a slowing global economy will be 'increasingly tested,' the central bank said.