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Rates Steady

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

Below is the Bank of Canada announcement for May 29th.  We have bolded the key points…   The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. Recent Canadian economic data are in line with the projections in …

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Words of Encouragement For Mortgage Policies To Evolve

In Bank of Canada, New Mortgage Rules by Vancouver Mortgage Broker

“Canada’s mortgage market should evolve in a way that gives Canadians more choice and helps the economy be more flexible, while lowering the level of risk in the system”, Bank of Canada Governor Stephen Poloz said to the Canadian Credit Union Association He touches on the housing market and how he expects higher priced markets like Vancouver & Toronto to …

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Bank of Canada Maintains Rates

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

The Bank of Canada maintained it’s target for the overnight rate this morning meaning no changes to variable mortgage rates. Today’s announcement states… “Ongoing uncertainty related to trade conflicts has undermined business sentiment and activity, contributing to a synchronous slowdown across many countries. In response, many central banks have signalled a slower pace of monetary policy normalization. Financial conditions and …

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Federal Budget 2019 Extends A Tiny Hand To First-Time Home Buyers

In First Home, New Mortgage Rules by Vancouver Mortgage Broker

Canada’s 2019 budget released today extends a little hand to first time home buyers but not as much as hoped. Rumours surfaced that we would see an ease on the stress test, increasing borrowers home purchase price … but those rumours didn’t prove true. The new First-Time Home Buyer Incentive won’t increase a buyers purchase price but it will lower a home buyers …

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Bank of Canada Maintains Overnight Rate

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

The Bank of Canada maintained it’s target for the overnight rate this morning meaning no changes to variable mortgage rates.  The announcement states… “the Bank was projecting a temporary slowdown in late 2018 and early 2019, mainly because of last year’s drop in oil prices. The Bank had forecast weak exports and investment in the energy sector and a decline …

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Greater Vancouver Real Estate & Mortgage Market Going into 2019

In Stories by Vancouver Mortgage Broker

If you have a mortgage or are getting a mortgage … here’s what you need to know going into 2019. First, a quick look back at 2018… The Bank of Canada raised rates 3 times in 2018.  January 0.25%, July 0.25% and October 0.25% … increasing variable rate mortgage & credit lines by 0.75% After consecutive years of real estate …

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[In The Media] Toronto better poised than Vancouver to weather real estate storm

In Stories by Vancouver Mortgage Broker

January 18, 2019 | Ada Slivinski Toronto better poised to weather real estate storm Vancouver’s housing market has slightly cooled – but only slightly Over the past several months, we’ve seen what some predicted would never happen: a dip in the hot housing markets in both Vancouver and Toronto. New mortgage rules, foreign buyers’ tax and rising interest rates have …

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The Bank of Canada Holds Rates

In Stories by Vancouver Mortgage Broker

The Bank of Canada (BOC) held it’s overnight rate January 9th 2019. What does this mean? This means no changes to your variable rate mortgage and lines of credit rates or payments.  Prime rate remains at 3.95% with most lenders (not all lenders have the same prime rate). Are there rate increases coming? Some economists are forecasting rates will rise …

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Top 4 Reasons Canadians Refinance

In Stories by Vancouver Mortgage Broker

The 2018 Mortgage Consumer Survey by CMHC unveils the top 4 reasons Canadians refinance (increase or change) their mortgage. Consolidate debt (credit cards, lines of credits, car loans, etc) Fund home improvements/renovations Fund financial investments (eg stocks, securities) Purchase of investment rental property(ies) The majority of those that refinance are between the ages of 35 and 55+ and have a household …

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Bank of Canada Maintains Overnight Rate

In Stories by Vancouver Mortgage Broker

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. The global economic expansion is moderating largely as expected, but signs are emerging that trade conflicts are weighing more heavily on global demand. Recent encouraging developments at the …