14 Feb

Great Payment Giveaway

General

Posted by: Chris Cavaghan

Free Mortgage Payments for a year, what a great deal. You have 4 chances to win. Draws will be done quarterly, first draw will be March 1st. If your mortgage funds with me between Dec 1, 2010 and Feb 28, 2011, you will be entered in the March 1st draw and the next 3 consecutive draws. […]

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18 Jan

No increase to Prime Rate

General

Posted by: Chris Cavaghan

The Bank of Canada held their lending rate steady today, stating “the cumulative effects of the persistent strength in the Canadian dollar and Canada’s poor relative productivity performance are restraining this recovery in net exports and contributing to a widening of Canada’s current account deficit to a 20-year high.” This along with “a significant source […]

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17 Jan

New Changes to CMHC guidlines

General

Posted by: Chris Cavaghan

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Christian Paradis, Minister of Natural Resources, today announced prudent adjustments to the rules for government-backed insured mortgages to support the long-term stability of Canada’s housing market and support hard-working Canadian families saving through home ownership. “Canada’s well-regulated housing sector has been an important strength that […]

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1 Nov

Forecasting rates

General

Posted by: Chris Cavaghan

Last week I sat in on a Firstline seminar and had the chance to listen to Benjamin Tal, the senior economist for CIBC. He made some very good points about the mortgage market, the global economy and where it is all headed. He started off by saying the international markets used to affect our economy […]

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12 Oct

Another reason to use a mortgage broker and not use a bank.

General

Posted by: Chris Cavaghan

Now that rates are extremely low the IRD (interest rate differential) penalties are in full force. Penalties from the big banks are calculated based on posted rates and discounts given at the creation of the mortgage. They are calculated differently throughout the lenders. Most of the non-branch lenders use the rate on the mortgage, less the […]

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30 Sep

RBC red flagging Vancouver

General

Posted by: Chris Cavaghan

You may have heard the report that RBC published and was televised Monday night. I have attached the link to the actual report below.  RBC red flagged Vancouver due to the lack of affordability.  Since when has Vancouver been affordable? Why red flag it now? Why is only there only negative news coming from the […]

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30 Aug

Prime Rate Forecast

General

Posted by: Chris Cavaghan

CIBC World Markets Inc. trims forecast for rate hikes and currency strength in Canada as economic growth outlook dampens abroad TORONTO, Aug. 18 /CNW/ – Continuing weakness in the U.S. economy may force the Bank of Canada to put interest rate hikes on hold after September, notes a new report from CIBC World Markets Inc. […]

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29 Jun

Rate and Market update

General

Posted by: Chris Cavaghan

The market seems to be cooling off a little. I think that was the plan with the HST and CMHC changes. With the uncertainty in Europe and the economy moving forward gradually, it looks like the increase in Prime rate will be slow and steady over the next 18-24 months.  The Victoria market has a […]

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