Bank of Canada Announces Rate Hold

Invis - April 15, 2020 It is no surprise the Bank of Canada held firm on its overnight rate of .25% (1/4 percent) and did not venture into negative interest rates that have been tried notably in Europe and Japan with no evidence that negative rates improved GDP outcomes. Generally, economists agree there will not be much of an effect from lower interest rates on new borrowing, because few firms and households will want to borrow to fund investment or [...]

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Canadian banks cutting credit card interest for some clients due to COVID-19

[CTV - April 3, 2020] VANCOUVER -- Some major Canadian banks are cutting credit card interest for clients that are facing financial hardship because of COVID-19. In a release on Friday, RBC said it will be by cutting interest by 50 per cent for small business and personal clients who are already deferring minimum payments on their credit cards. Starting on April 6, clients who qualify will be able to take advantage of the change. In order to be considered, clients will have [...]

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How will COVID-19 impact the real estate market in Canada?

[Money Sense - March 25, 2020] From cooling down sales to changing how available homes are shown, this global pandemic will change Canadian real estate in the short- and long-term. To say the events of the past few months have had an unprecedented impact on how our society functions would be an understatement. As the threat of the COVID-19 global pandemic grows across Canada and all levels of government enact policies to stop community spread via social isolation, millions of Canadians [...]

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Provincial government lists REALTORS® as an essential service 

[Real Estate Board of Greater Vancouver - March 26, 2020] The provincial government announced on March 26 that real estate agents are considered an essential service in BC, alongside measures to centralize our healthcare response, ban the secondary resale of essential goods, and secure supply lines for British Columbians. Other real estate-related essential services include: Land registration services Construction work Professional services, including lawyers and accountants Insurance services Building code enforcers and inspectors What does it mean to be an essential service? Being an [...]

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UPDATE from Synergy Mortgage during COVID-19 Crisis

[Synergy Mortgage - March 24, 2020] We hope all of our valued clients are doing well and staying safe during these unprecedented times.  We are OPEN FOR BUSINESS as we are able to work remotely online via phone and email, as are our lenders.  Appraisers have shifted their practices and are now able to perform appraisals without physically viewing the inside of a property.  Lawyers and notaries continue to meet in person with clients in a safe manner, as they are [...]

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Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses

[Department of Finance Canada - March 18, 2020] Backgrounder The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak. On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period. These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and [...]

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Vancouver real estate board warns against holding open houses during pandemic

[CTV News - March 19, 2020] VANCOUVER -- The Real Estate Board of Greater Vancouver is "strongly recommending" against its members holding open houses during the COVID-19 pandemic. The board, which has approximately 14,000 Metro Vancouver real estate agents as members, announced the recommendation Thursday. It has also suspended its rule requiring properties that are listed for sale to be made available for showings. “Realtors want to do their part to help prevent the spread of illness in our communities and to [...]

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Big banks to allow delayed mortgage payments to some in unprecedented response to coronavirus crisis

[Financial Post- March 18, 2020] 'This is a stunning reflection of how severe income losses could get' Canada’s six biggest banks are offering to ease up on customers whose lives have been disrupted by the new coronavirus, a largely unprecedented move that could include allowing borrowers to delay mortgage payments for up to six months. Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank all announced offers of [...]

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Trudeau unveils financial aid worth $82 billion to help Canadians weather coronavirus

[Financial Post - March 17, 2020] Prime Minister Justin Trudeau announced plans to roll out a fiscal package worth 3% of Canada’s economy as it grapples with fallout from the coronavirus pandemic. The measures will be worth a combined $82 billion (US$56.7 billion), Trudeau said Wednesday in Ottawa. This includes $27 billion in direct support for individuals and companies and $55 billion in temporary tax deferrals for both households and businesses. The outlook, however, seems to be deteriorating quickly. The price of [...]

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Bank of Canada keeps rates at 1.75%, trims 2020 economic forecast

[Global News - January 22., 2020] The Bank of Canada is keeping its key interest rate target on hold at 1.75 per cent and forecasting a slower-than-expected start for the Canadian economy for 2020. The central bank says in its latest forecast that the Canadian economy will grow by 1.6 per cent this year, down 0.1 of a percentage point from its projection in October. While some of the slowdown late last year is being chalked up to a strike at CN [...]

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