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Posted by: Adriaan Driessen
Industry & Market Highlights Coronavirus COVID-19: Helping our Clients As this COVID-19 pandemic continues to evolve, we want you to know that we will be doing everything we can to support our customers and clients through this difficult time, both with their financial needs and also their safety and well-being. iMortgageBroker is setup to […]
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Industry & Market Highlights Bank of Canada lowers overnight rate at second 2020 meeting The Bank of Canada lowered its target for the overnight rate by 50 basis points to 1.25 percent from 1.75 percent. This is the first time the benchmark rate has changed since October 24, 2018. Comparing the Bank’s two most recent […]
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Industry & Market Highlights Minister Morneau Announces New Benchmark Rate for Qualifying For Insured Mortgages The new qualifying rate will be the mortgage contract rate or a newly created benchmark very close to it plus 200 basis points, in either case. The News Release from the Department of Finance Canada states, “the Government of Canada […]
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Industry & Market Highlights Canadian Qualifying Mortgage Rate Lowered to 4.99% Market interest rates have fallen sharply since the coronavirus-led investor flight to the safety of government bonds. The 5-year government bond yield–a harbinger of conventional mortgage rates–now stands at 1.34%, down sharply from the 1.60+% range it was trading in before the virus became […]
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Industry & Market Highlights Residential Market Commentary – Jobs up. Rates steady The Canadian economy just keeps playing into the hands of the Bank of Canada as the central bank continues to resist pressures to trim interest rates. The latest jobs report has given the Bank yet more ammunition to defend its position. The December […]
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Industry & Market Highlights Wishing you a wonderful Christmas holiday and a happy new year! Housing supply will be the big story in 2020 – CREA While Canadian housing suffered from relatively weaker sales in 2018 and 2019, the market will have to contend with the impact of shortages in housing supply next year, CREA […]
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Industry & Market Highlights Average home price in London, ON rises in November Home prices in London, ON have risen in November, according to data from the London St. Thomas Association of Realtors (LSTAR). LSTAR revealed that the average home price in London was $416,116 in November, up 10.6% compared to November 2018. Broken down […]
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Industry & Market Highlights Mortgage business on the move In an effort to fill in some of the gaps in the country’s housing market data Canada Mortgage and Housing Corporation has launched a new Residential Mortgage Industry report. The agency says the report is designed to support “evidence-based policy and informed decision making within the […]
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Industry & Market Highlights Canadians are smarter that that The liberal government has been very disruptive to the real estate and mortgage industry, and has severely negatively affected the economic prosperity of most Canadians. First the Liberal Government created lending rules that were not in the best interest of Canadians, and now in the months […]
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Industry & Market Highlights First-Time Home Buyer Incentive As of September 2nd 2019, Canadians interested in the First-Time Home Buyer Incentive can submit their applications for a shared equity mortgage with the Government of Canada. The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens. […]
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