View Post

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 …

View Post

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 …

View Post

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 …

View Post

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 …

View Post

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 …

View Post

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 …

View Post

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 …

View Post

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 …

View Post

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 …