Canada Archives - Page 8 of 11

01Sep

Baby boomers are back in the housing market – and it will impact prices: Royal LePage

[Source: Global News - August 8th, 2018] More than 1.4 million Canadians between the ages of 54 and 72 expect to buy a house in the next five years, according to a new survey by real estate powerhouse Royal LePage. Boomers will be either downsizing to smaller properties in their hometowns or looking for greener — and cheaper — pastures away from big cities, the research shows. Either way, this is “expected to have a meaningful impact on the housing market,” the [...]

Canada, Vancouver Real Estate

31May

Why Variable Rate drops are creating a surge in activity

Why Variable Rate drops are creating a surge in activity This Spring we’re seeing lenders getting aggressive with their pricing for variable rate mortgages: a sign that lenders are fighting for market share, making it a great time to be shopping for a mortgage! First a reminder of the difference between fixed vs variable. Fixed rates are often well suited to first-time buyers or those who haven’t owned a home for long because they want to know with absolute certainty what [...]

British Columbia, Canada, Mortgage Education Centre, Vancouver Real Estate

30May

Bank of Canada maintains overnight rate target at 1¼ per cent

[Source: Bank of Canada - May 30, 2018] The Bank of Canada today maintained its target for the overnight rate at 1¼ per cent. The Bank Rate is correspondingly 1½ per cent and the deposit rate is 1 per cent. Global economic activity remains broadly on track with the Bank’s April Monetary Policy Report (MPR) forecast. Recent data point to some upside to the outlook for the US economy. At the same time, ongoing uncertainty about trade policies is dampening global [...]

Bank of Canada announcements, Canada

02May

What is the Qualifying Rate?

[Source: Invis, May 3, 2018] You’re probably aware that there have been many mortgage rule changes over the last several years, and you’re almost certainly affected whether you’re an existing homeowner or first-time buyer. These rules are designed to ensure a stable long-term housing market, and to make sure Canadians can handle their debt should rates begin to rise. As a result of the rule changes, lenders must ensure that you can handle payments at a certain qualifying rate. That rate [...]

British Columbia, Canada, Mortgage Education Centre

12Jan

RBC hikes mortgage rates ahead of Bank of Canada rate decision

[Source: BNN, January 12, 2018] Royal Bank of Canada raised its posted five-year fixed mortgage rate on Thursday, the first of Canada’s Big Five banks to make the move ahead of the Bank of Canada’s interest rate decision next week. RBC increased its posted five-year fixed rate by 15 basis points to 5.14 per cent, with more rate hikes across the board. “Rate changes reflect recent activity by competitors, and the current costs that we incur for funds on the wholesale market [...]

Bank of Canada announcements, British Columbia, Canada, Economic Outlook

12Jan

Will the Bank of Canada hike rates next week? It looks more and more likely

[Source: Global News, January 8, 2018] The Bank of Canada (BoC) is likely to raise interest rates again when it makes its next monetary policy announcement on Jan. 17, according to economists at Canada’s big banks. Increasing the chances of another rate hike is the upbeat tone of the latest quarterly release of the so-called Business Outlook Survey, a closely watched barometer of business sentiment in this country, which the central bank released on Monday. Canadian companies are feeling optimistic about the future and [...]

Bank of Canada announcements, British Columbia, Canada, Economic Outlook

20Oct

Government lowering small business tax rate to 9% over two years

[Source: CTV News, October 16, 2017] OTTAWA – The federal government is reducing the small business tax rate from 10.5% to 9%, to be phased in over two years, as it begins to unveil changes to its contentious tax reform proposal. The small business tax rate will drop to 10%, effective Jan. 1, 2018, and then to 9% effective Jan. 1, 2019. The rate reduction comes alongside other tweaks to the Liberal proposal to cut tax loopholes for businesses. The government is going [...]

Canada, Economic Outlook

20Oct

B.C. the ‘bright light’ for Canada’s economy

[Source: Journal of Commerce, October 20, 2017] Economic indicators are looking good for British Columbia, Canada and the world. At a provincial level, the economy is in great shape, Central 1 deputy chief economist Bryan Yu said at the recent CanaData West conference in Vancouver. "British Columbia is doing phenomenal regarding the economy and the outlook going forward is positive," Yu said. The province's economy is showing strong job growth and consumer demand as well as positive indicators for wages, population and [...]

British Columbia, Canada, Economic Outlook, International Influence, Vancouver Real Estate

20Oct

OSFI sets new mortgage rules beginning January 1, 2018

[Source: BIV, October 18, 2017] Starting January 1, 2018, Canadian homebuyers will need to meet stiffer guidelines in order to qualify for a mortgage with a federally regulated mortgage lender. As expected, Canada’s banking watchdog, the Office of the Superintendent of Financial Institutions Canada (OSFI), confirmed October 17 that starting next year, all borrowers – even those who have down payments of 20% or higher and do not require mortgage insurance – will need to qualify for mortgages that are two [...]

British Columbia, Canada, Economic Outlook

18Oct

“Breaking Bad – News” – Big Changes Ahead

[Source: Synergy Mortgage, October 18, 2017] Stringent NEW Canadian Mortgage Rules take affect January 1st, 2018. Office Of The Superintendent Of Financial Institutions (OFSI) has finalized NEW mortgage rules applicable on all federally regulated banks. The new rules officially start January 1, 2018. This will dramatically change the lending landscape. The new rules apply to all bank mortgages and will make borrowing more difficult even for clients who have substantial down payments, strong income and excellent credit. Alternative lenders with relaxed qualification [...]

British Columbia, Canada, Economic Outlook, Mortgage Education Centre, Remodel + Renovation, Vancouver Real Estate