By the end of the first quarter of 2020, discounts on variable rate mortgages have all but disappeared. During the last financial crisis in 2008, the discounts on variable rate mortgages were replaced with premiums, with most lenders priced at prime +0.75% to prime +1.00%. Due to extreme economic uncertainty and liquidity concerns in March [...]
It’s hard to believe that we are almost a full year into the pandemic. As we adapt to this new way of life, we’re all looking forward to the day when things return to normal. Or at least, the new normal. I’m sure I’m not the only one that’s looking forward to eating at a [...]
Whether you’re a first time homebuyer, or a seasoned home buying pro, purchasing a new home can be an exciting time. Once your offer has been accepted, the next step is to get your mortgage in place. This process can seem quick and easy, or it can become long and drawn out, leading to additional [...]
For the latter half of 2020, the Bank of Canada had been adamant that they will be holding their overnight rate steady through to 2023. No increases, nor decreases. In recent weeks, they started to hint towards a possibility of another rate cut, which could have come as early as today, January 20, 2021. We’ll [...]
For the majority of 2020, it appeared that the Bank of Canada was going to maintain their overnight rate through 2023. No increases or decreases. Circumstances can and do change however, and it’s likely that we will see them move from this position in the first quarter of 2021. Our Economic Situation Is Getting [...]
It seems like it was just yesterday when I thought that the year 2021 sounded futuristic. In fact, it WAS yesterday. It does sound futuristic, doesn’t it? Here we are in 2021, but still no flying cars. How is that possible? For those who have followed my blog over the years, you may recall that [...]
I don’t think I have to say that 2020 will be a year that we’ll never forget. The pandemic has changed the way we live and the way we interact with each other. At least for now. We will return to normal….eventually. For now, its mask wearing, social distancing, and limited interaction with our friends [...]
As expected, the Bank of Canada confirmed this morning that they will be maintaining their overnight rate in their final scheduled rate announcement for 2020. This is the rate mortgage lenders use to set their prime rates, which affects variable rate mortgages, as well as HELOCs (Home Equity Lines of Credit). The BOC announcements do [...]
It’s no secret that mortgages are the largest loans that most people will ever sign their name to. You’re borrowing hundreds of thousands of dollars (or more), yet you sign with a smile on your face. After all, mortgages are what gives people access to home ownership, which is definitely something to smile about! With [...]
People will often ask if a mortgage is with an A or B lender, however few are aware of what these terms mean. The big banks will often refer to themselves as A lenders (which they are) with all others being B lenders in attempt to make themselves sound superior. The truth is that this [...]
