Big Banks Announce Mortgage Deferral Relief for Homeowners + MORE Mar 20th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Mortgage Lenders Provide COVID-19 Update – Part 2 + MORE Apr 16th

In a recent series of panel discussions put on by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders and insurers provided updates on how the COVID-19 pandemic has impacted operations and shaped their outlook. Similar to the previous sessions, the overwhelming mess.... More »
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Mortgage Lenders Provide COVID-19 Update – Part 1 + MORE Apr 7th

In a recent panel discussion series hosted by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders provided updates on how COVID-19 has impacted their operations and shaped their outlook. The overwhelming message was one of positivity and resilience. Within a mat.... More »
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Canada's big banks cut credit card interest rates to ease coronavirus impact - CBC.ca + MORE Apr 4th

Canada's big banks cut credit card interest rates to ease coronavirus impact  CBC.caBig Six banks cut credit card interest rates to ease COVID-19 impact  CanoeCanadian banks pause payments on 10% of mortgages as they field 500,000 requests for deferrals  Financial PostI.... More »
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Mindful Spending and Saving Through COVID-19 Apr 10th

People are finding new ways to run errands and complete daily tasks while the COVID-19 emergency orders are in place. Although these are challenging times, quite a few services can be ordered straight to your doorstep. Shopping is still at our fingertips and seemingly more accessible than ever. For.... More »

Important Mortgage Updates 03-18-2020

– canadamortgagenews.ca

Important Mortgage Updates 03-18-2020

There have been many changes lately and there will be many more to come. As this is a critical and fast-moving situation, I wanted to get these updates out and will be updating you regularly as we all work through this.

We’ve all heard about the Bank of Canada rate cuts.  Two one-half percent rate cuts in less than two weeks. Unprecedented. And while common logic would dictate that mortgage rates would fall, that’s not exactly happening.

Bank stocks are down about 30%. Investors are worried. When investors get worried the banks look to increase their profit margins. This isn’t anything new. Forget about posted mortgage rates.. I’m talking about the actual rate you get when you negotiate your mortgage.  We call these wholesale rates.

Wholesale mortgage rates have increased by between 0.3% and 0.5%.  Variable rate pricing has also increased. Let me explain. Bank prime rate has gone down from 3.95% two weeks ago, 2…

Continue Reading On canadamortgagenews.ca »

Canada’s big banks announced this week that those struggling due to the COVID-19 crisis will be able to defer their mortgage payments for up to six months. The coordinated announcement came from the Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank, and will be granted on a case-by-case basis to assist those disrupted by the COVID-19 pandemic. “These measures are an important first step and underscore the resilience of Canada’s financial system and […]

Continue Reading On canadianmortgagetrends.com »

For the second time in two weeks Canada’s prime rate has fallen by 50-percentage points. Following the Bank of Canada’s emergency rate cut on Friday, RBC led the way in passing along the full 50 bps of rate cut on Monday, with most of the other big  banks soon following suit. That lowered the country’s prime rate—which is the basis of all floating mortgage rates and lines of credit—from 3.45% to 2.95%. “Central banks are providing low cost funding (by […]

Continue Reading On canadianmortgagetrends.com »

Mortgage Updates 03-19-2020

– canadamortgagenews.ca

Mortgage Updates 03-19-2020

Welcome to today’s update.  

Canada and the banks announced a six month deferral of mortgage payments.  I have been fielding many calls on how this works and the answer is different for each financial institution.  I will be posting updates as they become available. Some of the financial institutions have not yet come out and said they will give a full six months of deferred payments, while others have. It’s still early but I will keep you informed as the details roll out.

Another update on the rates. Fixed rates are up again slightly. Variable rate pricing for new applications has increased as well. Most financial institutions are now offering variable rates at prime (Prime: 2.95%) or just minus .05%. No surprise as stock market jitters is spooking everyone.

This will pass and we will come out okay on the other side of this. That’s my message.  We’re all in this together and we will come out of it together. Call or message me if you need anything…

Continue Reading On canadamortgagenews.ca »

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