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Canadian average home price drops 10.4 per cent from the same month a year ago

In Stories by Vancouver Mortgage Broker

May might mark the month when many Canadians are breathlessly waiting for income tax refunds, but it is also the time when prospective home buyers can enjoy a little good news about home prices dropping across the country. According to the Canadian Real Estate Association (CREA), the country’s average home price fell to $491,000, a 10.4 per cent drop from …

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Bank of Canada maintains overnight rate target at 1 ¼ per cent

In Stories by Vancouver Mortgage Broker

The Bank of Canada today maintained its target for the overnight rate at 1 ¼ per cent. The Bank Rate is correspondingly 1 ½ per cent and the deposit rate is 1 per cent. Inflation in Canada is close to 2 per cent as temporary factors that have been weighing on inflation have largely dissipated, as expected. Consistent with an …

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Stress Test Best Practices Tool Kit

In Stories by Vancouver Mortgage Broker

With the new Office of the Superintendent of Financial Institutions stress test rules firmly in place since January, Canadian homebuyers have learned they need to arm themselves with practical information on how they can ensure they are “stress-test ready”. Contact us. Seriously. We are your Took Kit. Every lender has taken these Stress Test Guidelines differently … and there are …

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Mission Accomplished: The Fall of Real Estate

In Stories by Vancouver Mortgage Broker

Governments at all levels have been relentless in their efforts to reign in real estate – the top industry in 7 out of 10 provinces. Just think of how hard they’ve worked. In February, 2016 the former Liberal government in BC increased the property purchase tax on homes over $2 million (impacting the vast majority of single detached homes in …

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Bank of Canada maintains overnight rate target at 1 1/4 per cent

In Stories by Vancouver Mortgage Broker

The Bank of Canada today maintained its target for the overnight rate at 1 1/4 per cent. The Bank Rate is correspondingly 1 1/2 per cent and the deposit rate is 1 per cent. Global growth remains solid and broad-based. In the United States, new government spending and previously-announced tax cuts are anticipated to boost growth in 2018 and 2019. …

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Bank of Canada increases overnight rate target to 1 1/4 per cent

In Stories by Vancouver Mortgage Broker

The Bank of Canada today increased its target for the overnight rate to 1 1/4 per cent. The Bank Rate is correspondingly 1 1/2 per cent and the deposit rate is 1 per cent. Recent data have been strong, inflation is close to target, and the economy is operating roughly at capacity. However, uncertainty surrounding the future of the North …

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New Year New Stress Test

In Stories by Vancouver Mortgage Broker

Now that Canada’s new mortgage stress test rules have been in place since January 1, arming home buyers with a best practices tool kit is in order. Introduced by the Office of the Superintendent of Financial Institutions (OFSI), the new stress test requires the qualifying rate for an uninsured mortgage to be the greater of the Bank of Canada’s benchmark …