Mark Alltree, AMP - Dominion Lending Centres Innovation Group

04/08/2022

Government reality check needed!

To quote Dr. Sherry Copper, “Budget 2022 did not raise the cap of $1 million on insurable mortgages. It did not reinstate 30-year amortization, a favourite of the NDP. And, it did not follow the BC provincial government in allowing a "cooling-off" period after a bid has been accepted, technically giving would-be buyers more time to secure financing.”

Bottom line, there’s not much in the budget that will make a difference to the majority of our clients.

Reduced borrowing capacity resulting from higher interest rates that fall above the current minimum stress rate 5.25% too is making it challenging for first-time-buyers.

Affordable Housing Is A Key Theme In Federal Budget 2022 Today’s budget announced a $10 billion package of proposals intended to reduce the cost of housing in Canada (see box below). The fundamental problem is insufficient supply to meet the demands of a rapidly growing population base. Thanks to ...

03/02/2022

It’s official, Bank of Canada moves up rate. Financial Institutions will now follow with adjustments to their prime lending rate. Currently reading:

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 %.

12/25/2021

Happy Holidays to you and your families! All the very best in the New Year!!!

Nice to see some snow!!!

12/01/2021

GDP growth comes as no surprise. See the full report by our Chief Economist Sherry Cooper.

Canadian Economy Bounced Back Sharply In Q3 In line with the Bank of Canada’s forecast, the economy rebounded sharply in the third quarter following the weak performance in Q2. Stats Canada announced this morning that GDP grew by a whopping 5.4% in Q3 following the downwardly revised 3.2% earlier ...

08/31/2021

https://dominionlending.us7.list-manage.com/track/click?u=e22472ccf910e7bde7d3d0632&id=0ace310331&e=bbf3b3bdc4

Housing Dampened Economy in Q2 This morning’s Stats Canada release showed that the economy unexpectedly contracted in the second quarter by 1.1%, down from the revised 5.5% gain in the first three months of the year. The Canadian dollar dipped on the news to $.7921 as questions of resiliency in th...

05/22/2021

I hope you've been enjoying as much outdoor time as possible. It’s been a long haul for everyone and hopefully we’re nearing the end of this abnormality in our lives.

I’m posting this information piece to keep you informed of the announcement by the Office of the Superintendent of Financial Institutions (OSFI) the bank regulator, concerning mortgage stress testing.

Bottom line, effective June 1st, the stress rate (the interest rate used to qualify borrowers for a mortgage) increases from 4.79% to 5.25%. This essentially reduces the amount you can borrow by approximately $4,300 per $100,000 of money borrowed compared to the current 4.79% stress rate. In other words, if you can borrow $100,000 today, this is reduced to $95,700.

Please note this would only impact someone that needed to qualify at the maximum borrowing limit associated with your qualifying income.

Both uninsured and insured mortgages must qualify at the greater of a 5.25% interest rate or the mortgage rate (the rate you actually receive) plus 2%. For example, if you are offered a rate of 1.55%, add the OSFI 2% requirement which = 3.55%, OSFI would require the bank to use the higher 5.25% rate to approve the mortgage.

Let me know if you have any questions. Share this info with anyone you know that may be in/or contemplating their “mortgage moment”.

Have a great long weekend!

12/25/2020

Hey Friends, our wish is that you and your family have a happy, healthy and safe holiday season and a successful start to your 2021! Easier said than done, but thankfully, there is significant progress being achieved in these challenging times and we all look forward to a safe world once again.

If you have any frontline or health care workers in your family and circle of friends, please thank them for us! We too have family in both these roles, and we want to be sure they know we're thinking about them always with great respect and appreciation!

While you may not be able to cozy up with extended family and friends, we hope you have a strong WIFI signal and as the geeks say, good "bandwidth" for your web gatherings. You can't afford to lose anyone in cyberspace...but remember, there's always the mute button!

Merry Christmas and Happy Holidays! Mark and Melinda

12/15/2020

The good news is that the housing market is contributing to the recovery in economic activity.

Canadian Housing Remained Strong in November Today’s release of November housing data by the Canadian Real Estate Association (CREA) shows national home sales continued to run at historically strong levels last month. Competition among buyers remains intense in the detached-home market and townhou...

04/02/2020

https://markalltree.com/dominionlending/2020/04/covid-19-resource-information/
Our 8 Page booklet to help you navigate financial options from payment deferral, to mental health resources. Message me if you want to discuss your specific scenario.

03/18/2020

https://markalltree.com/dominionlending/2020/03/canadas-six-banks-and-other-financial-institutions-announce-plans-to-provide-relief-for-mortgage-payments-and-other-credit-facilities/

Canada’s six banks and other financial institutions announce plans to provide relief for mortgage payments and other credit facilities By Mark Alltree in Mortgage Payment relief / deferral options 03/18/2020 “TORONTO, March 17, 2020 /CNW/ – Canada’s six largest banks today announced plans to...

03/18/2020

https://markalltree.com/dominionlending/2020/03/canadian-government-financial-stimulus-packages-for-workers-and-business/

Canadian Government financial stimulus packages for workers and business By Mark Alltree in Emergeny Government Measures 03/18/2020 The Prime Minister addressed the nation to announce major fiscal stimulus package designed to provide financial assurances to those citizens and businesses being direct...

03/13/2020

Katie Porter, a member of the US House of Representatives, on this day, yet another day a woman like Katie needs to be recognized, not just on International Women’s Day, stands up to the head of the US CDC without being condescending in anyway, just with the facts and the best interest of every American, gets a “YES” for free Coronavirus testing. You absolutely need to watch the brilliance of this Woman...I need say no more!!!

After an intense round of questioning during a House Oversight Committee hearing, Rep. Katie Porter (D-CA) convinced Centers for Disease Control Director Robert Redfield to say "yes" to free coronavirus testing regardless of insurance.