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 […]

http://www.rbc.com/economics/market/pdf/house.pdf

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 […]

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. […]

The Bank of Canada boosted the overnight rate by 25 basis points (bps) to 0.75% this morning and reiterated that the timing of further reductions in policy stimulus will be contingent on developments both within and outside of Canada. The rate hike was widely expected by financial markets. The Bank characterized domestic economic developments as […]

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 […]

With the chaos in Greece the world is thinking the problems may not be over and increasing rates may not be the best idea. The Canadian economy created 108,700 jobs last month, more than four times as many as expected. This is the largest monthly gain on record, this should cause the Bank of Canada […]

By Derek Scott, The Canadian Press VANCOUVER, B.C. – Buying a house in the hot housing markets of Vancouver, Toronto and other major cities in recent years has been a possible dream for some first-time homebuyers only because many of those houses had suites they could rent out. But new rules coming into effect April […]

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent. The ongoing global economic recovery is being driven largely by strong domestic demand growth in many emerging-market economies […]

Jim Flaherty Tuesday announced tighter lending standards for mortgages, saying that while the housing market is “healthy” the moves are needed to “help prevent negative trends from developing.” Under the new rules, all borrowers will need to meet standards for 5-year fixed-rate mortgages regardless of whether they’re seeking a loan with a lower rate and […]