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How To (and should you) Delay/Defer Your Mortgage Payment

In Coronavirus, Financial Planning, Miss A Payment by Vancouver Mortgage Broker

Updated April 6, 2020   Canada’s banks, credit unions, trust companies, mortgage companies, and even some alternative lenders have announced they will be assisting borrowers during this disruptive time caused by the coronavirus pandemic. Lenders this week communicated they will be working with individuals that are in need of financial assistance due to job loss, business interruption, or quarantine from …

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UPDATE! Stress Test Changes on HOLD & $300 Billion Released

In Bank of Canada, Coronavirus, New Mortgage Rules, OSFI, Stress Test by Vancouver Mortgage Broker

With the recent developments of coronavirus and concerns it will have on the Canadian financial system and economy, the stress test changes scheduled for April 6, 2020 are now suspended.  The stress test will remain as is, with all mortgages qualified at the Bank of Canada benchmark rate (currently 5.19%). The Minister of Finance and the Office of the Superintendent …

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Surprise Additional 0.50% Rate Drop

In Bank of Canada, Interest Rate Trends by Vancouver Mortgage Broker

Bank of Canada Lowers Rates a Full 1% in 10 days With building worry over the coronavirus the Bank of Canada has SURPRISINGLY reduced interest rates by an additional 0.50%.  Here is the official announcement: “The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¾ percent, effective Monday, March 16, 2020. The …

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Bank Of Canada Cuts Rates – Half Point

In Bank of Canada, Interest Rate Trends by Vancouver Mortgage Broker

The BOC lowered it’s target for the overnight rate by half point which will result in reduced variable rates on mortgages and lines of credits. The Coronavirus has caused such a negative effect on economies worldwide and business/consumer fears will continue to place downward pressure on the Canadian and global economy. The Banks announcement states: “Before the outbreak, the global …

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Mortgage Stress Test Correction – Changes Coming in April 2020

In First Home, New Mortgage Rules, OSFI by Vancouver Mortgage Broker

The Office of the Superintendent of Financial Institutions (OSFI) has announced it will be revising it’s policies for Canadians applying for an insured mortgage (ie less than 20% down payment).   Here are the key points from the announcement: Takes effect April 6 2020 Applies to Insured Mortgages only.  In most cases Insured Mortgages apply to purchases with less than …

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Steady Eddy – No Change In Rates

In Bank of Canada, Interest Rate Trends by Vancouver Mortgage Broker

Today marks the 9th consecutive meeting where the Bank of Canada held interest rates. If you have a variable rate mortgage or line of credit … there is no change to your rate. Trade conflict and uncertainty in the global economy are the concerns that the Bank of Canada continue to speak of. Third quarter growth slowed in Canada however …

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Rate Remains The Same

In Bank of Canada, Interest Rate Trends by Vancouver Mortgage Broker

The Bank of Canada held rates for the 8th time in a row today.  Here is their release which echoes their previous Rate Announcements. The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. The outlook for the global economy has …

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2nd Quarter Growth Strong But Temporary

In Bank of Canada, Interest Rate Trends by Vancouver Mortgage Broker

For the 7th time in a row the Bank of Canada held interest rates steady meaning there is no change to your variable mortgage and line of credit rates. The reasons the Bank decided to hold interest rates is because world trade has slowed due to the escalating US/China trade conflict.  Though the Canadian economy is operating close to potential …

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BOC Holds Rates With Trade Concerns

In Stories by Vancouver Mortgage Broker

The Bank of Canada held rates steady for the 6th straight time today and the biggest concern is trade conflicts. Their release says “Escalation of trade conflicts remains the biggest downside risk to the global and Canadian outlooks”.  Followed by “central banks in the US and Europe have signalled their readiness to provide more accommodative monetary policy and further policy …