As was pretty much expected, the Bank of Canada held the overnight interest rate at 1 ¾% this week, citing a weaker outlook for the Canadian economy. The softer tone from the Bank is in direct contrast to what they said when they last met October 24. Since that time, oil prices have fallen considerably… Read More…
self-employed mortgage
Stress Test…Eight Months Later
The government’s latest mortgage rule changes have caused an imbalance between supply and demand in almost every region of the country, and will result in an estimated 200,000 fewer jobs being created over the next three years. Those are among the findings of Mortgage Professionals Canada’s newly released Report on the Housing and Mortgage Market in… Read More…
How to Get a Mortgage After the New Rule Changes
Have you tried to apply for a conventional mortgage since the inception of the new rules the government implemented on January 1st? If you have and have been either turned down or you can’t get as much of a mortgage as you need, call me today. I have a solution that has helped other borrowers… Read More…
Bank of Canada Raises Rates
The Bank of Canada raised rates for the first time in seven years. The new benchmark rate is .75%, up .25%. The Bank says Canada’s economy has been “robust”. As for future rate hikes, the Bank didn’t give much indication. This will likely make it harder for consumers to qualify for a mortgage term other… Read More…