The Latest COVID-19 Mortgage Developments: Rates on the Rise + MORE Mar 23rd

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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Prime Rate to Fall as BoC Delivers Second Emergency Rate Cut + MORE Mar 29th

It’s official, Canada’s prime rate will fall to 2.45% following the Bank of Canada’s emergency rate cut on Friday. RBC once again led the way by confirming it would match the BoC’s 50-bps rate cut by dropping its prime rate to 2.45%. Scotiabank, TD, BMO and CIBC then followed in quick succes.... More »
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Should You Borrow Money to Make a Down Payment on a New Home? + MORE Mar 26th

Saving for a mortgage down payment can be a long and tedious process. According to the Canadian Real Estate Association, the average price of a Canadian home was $540,000 in February, a 15.2% increase compared to a year earlier. You would need to save $108,000 just to make a standard 20% down payme.... More »
Mortgage Rates Rising Rapidly Canada’s Real Estate Market Faces Uncertainty Call to End to Open Houses Mortgage Payment Deferral Challenges Filogix’s Expert Victim of Ransomware Attack Mortgage Rates on the Rise Banks and other mortgage lenders have been frantically raising rates since last week due to liquidity concerns and heightened credit risk. The increases continued over the weekend and are expected to persist throughout the week. Lenders have hiked the rates they make available to brokers by upwards of 70 […]

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Canadian Credit Card Companies Are Offering Relief to Customers Affected by COVID-19
Early last week, the government announced a myriad of relief efforts, including immediate plans to extend the 2019 tax deadline for individuals to June 1, 2020. Following suit, major cities, including Toronto, granted extensions to grace periods for utility bill payments and launched measures for further aid.  
The top Canadian banks announced unprecedented mortgage relief to homeowners affected by COVID-19. “This support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products,” the press release noted.  
To relieve financial pressures amid the COVID-19 crisis, many Canadian financial institutions are standing by their customers and supporting them through the uncertainty.  
Although most banks have closed their doors to safeguard the health and well-being of their staff and customers, online services and contact centres are open to answer questions and provide assistance. In terms of credit products, here is what customers can expect…

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