Roger Lambert - Dominion Lending Centres - TLC Mortgage Group

01/09/2023

No More Rate Increases for Now

The Canadian economy didn’t perform as well as experts predicted recently. Instead of growing, it slightly decreased. This suggests that the economy might start off slow in the upcoming months.

The Bank of Canada had expected better growth. Because the economy is not doing as well, the bank won’t be increasing the interest rates anytime soon. This decision is in line with the recent job situation. Events like large wildfires and a port strike also affected the economy.

A Closer Look at the Economy

There’s been a decrease in the number of new houses being built and renovated. This is because borrowing money has become more expensive. However, more people are buying existing homes. Additionally, consumers are being more careful with their spending.

What It All Means

The data suggests that we might have seen the highest interest rates for now. While prices of goods are rising, they’re expected to stabilize in the next year. In 2026, many people will renew their mortgages, and they might see higher monthly payments. This could further slow down the economy.

The Bank of Canada will be cautious about changing interest rates. They plan to start reducing rates slowly by next year. Their goal is to ensure stable prices.

Recent job data from the US indicates that Canada’s interest rate might remain at 5%. The US added more jobs, but there were also more people looking for work. In Canada, the interest rate for a 5-year bond has decreased.

Rate Hikes Are Definitely Off The Table The Canadian economy weakened surprisingly more in the second quarter than the market and the Bank of Canada expected. Real GDP edged downward by a 0.2% annual rate in Q2. The consensus was looking for a 1.2% rise. The modest decline followed a downwardly revi...

30/05/2023

💰 Are you getting the best rate from your bank at the time of renewal? 🏦

We've noticed a trend recently - many renewal offers are coming in higher than the market rates. But why, you might ask? 🤔 Well, perhaps they believe you won't take the time to shop around or that with higher rates, you won't qualify elsewhere.

But here's the thing: with just a little bit of work, you could potentially save thousands! 💸 Isn't it worth taking a closer look?

It's essential to be an informed consumer, especially when it comes to your finances. Take charge of your financial well-being by exploring your options.

Remember, you have the power to make the best choice for your financial future. Don't settle for less than you deserve! 💪💰

30/05/2023

🔓 Open When You Are Available 🔓

Most Real Estate transactions happen outside of "normal" business hours. As a mortgage agent who truly understands the real estate business, my commitment to my partners and clients extends beyond the conventional 9-4 business hours. I'm here when you need answers. 🏡💼

18/05/2023

🔒🔑 A LOW RATE WITH A BAD STRATEGY CAN BE MORE EXPENSIVE THAN A SLIGHTLY HIGHER RATE WITH A GOOD STRATEGY! 💸💔

📉📈 Don't be fooled by a flashy low rate that might end up costing you more in the long run. Let's dive into the details. 💼💡

🔍📚 When it comes to mortgages, there's more to consider than just the interest rate. Let's take a look at one of the main factors that can impact your financial future: penalties.. 🧐🔍

❌❗ Penalties: A low rate might come with hidden penalties that can eat away at your savings. Make sure you understand the penalty structure before committing to a mortgage. A slightly higher rate with flexible penalty options can provide you with greater financial freedom in the long term. 💸💪

There are also creative solutions that can make your income work for you instead of the lenders!

💬📲 Got questions? Drop them in the comments or send us a DM. Our team of mortgage experts is here to support you every step of the way. Let's make your dream of homeownership a reality! 🏡✨💼

09/05/2023

Did you know that you have the option to choose mortgage terms ranging from 1 to 5 years? This means you have the flexibility to select a term that suits your unique financial situation. Don't feel locked in - explore your options and find a mortgage that works for you!

09/03/2023

The Bank of Canada recently held the overnight rate at 4.5% and will continue its policy of quantitative tightening. Here are the main takeaways from the article below from our amazing economists, Sherry Cooper:

· Economic growth slowed down in the fourth quarter of 2022, largely due to a decrease in inventory investment and the impact of restrictive monetary policies on household spending and business investment.
· The labour market remains tight, with strong employment growth and low unemployment rates. However, wages continue to grow while productivity declines.
· Inflation eased to 5.9% in January, but prices for food and shelter remain high. The Bank of Canada expects pressure in product and labour markets to ease, moderating wage growth and increasing competitive pressures. The Bank is committed to restoring price stability for Canadians and is prepared to increase the policy rate if needed to return inflation to the 2% target.

Overall, most economists believe that the Bank of Canada will hold the overnight rate at 4.5% for the rest of the year and may begin cutting interest rates in 2024. The widening divergence between the Bank of Canada and the Federal Reserve may trigger further declines in the Canadian dollar, raising Canadian prices of commodities and imports from the US. The Canadian economy is more interest-rate sensitive than the US, and while there may not be any rate cuts this year, the peak policy rate for this cycle is still uncertain.

The Bank of Canada Holds Rates Steady Even As the Fed Promises to Push Higher As expected, the central bank held the overnight rate at 4.5%, ending, for now, the eight consecutive rate increases over the past year. The Bank is also continuing its policy of quantitative tightening. This is the first....

09/02/2023

So, you're thinking about buying a home and wondering where you'll get the $$ for the downpayment? No worries, there are a few options that can help you get there! 🏠💰

· Savings/Bank Account: The most straightforward option is to use money you have saved in a bank account. However, your lender will want to see a 90-day history of your account to ensure that the funds are readily available. If you have any large or irregular deposits, you may be asked to explain the source of the funds.💰
· Sale of Property: If you own another property, you may consider selling it to use the proceeds for your downpayment. However, it's important to have an accepted offer to purchase in hand before using the funds. If the dates don't line up, you may need to get a bridge loan to bridge the gap.
· RRSP/Other Investments: If you have investments such as RRSPs or stocks, you can use the funds for your downpayment. Your lender will want to see a three-month history of investment statements, plus confirmation of the deposited funds into the account prior to closing.💹💰
· Gifted Equity: If you have an immediate family member who is willing to gift you the funds for your downpayment, you can use that as well. Your lender will need to see proof of the gift, such as a letter from the donor stating the funds are a gift and not a loan.💝💰

In short, there are many ways to get the $$ for your downpayment. The key is to have a plan and understand your lender's requirements. With a little bit of effort, you'll be able to make your dream of homeownership come true! 💪🏠

 

08/02/2023

Ready to buy your dream home but don't know where to start? 🏠 Look no further! 💥 My mortgage app is here to help you every step of the way! 💻 With features like:

Calculating your total cost of owning a home
Estimating the minimum down payment you need
Calculating Land transfer taxes and available rebates
Calculating the maximum loan you can borrow
Stress testing your mortgage
Estimating your closing costs
Comparing your options side by side
Searching for the best mortgage rates
Emailing summary reports (PDF)
😁
Link in bio to download now!

08/02/2023