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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com


24 June 2019

BMO believes there’s no need for the central bank to cut rates

Certain industry specialists say the Bank of Canada should cut its key lending rate again.

There are a few reasons which could make the BoC do it. The main one is a global economic slowdown.

However, BMO Chief Economist Douglas Porter believes there’s one strong reason not to do it so far.

“The main argument in favour of the Bank continuing the pause is the fear of causing another cycle of housing overheating,” – Porter says.

“The BoC rate cut may sound for potential home buyers as a call to borrow more”, - he noted.

21 June 2019

HELOC debts exceeded $300 billion for the first time in history

According to the Office of the Superintendent of Financial Institutions (OSFI), Canadian homeowners showed a new debt record in April. It’s the first time that the balance of loans secured by residential real estate exceeded $300 billion.

The loans secured by residential real estate are the ones with equity considered a collateral. This helps borrowers get a lower rate, and the bank has a property to take in case of a loan default. The most popular type of such loans is a home equity line of credit (HELOC), which can be used for numerous purposes, e.g. a business loan or a second property purchase.

20 June 2019

BMO CEO says low interest rates will remain for a long time

According to the BMO CEO, Canadian consumers should be ready for low interest rates and inflation becoming a new normal.

“We’ve seen changes, which were at the macro-level volatile during the previous two years,” - noted BMO CEO Darryl White on Tuesday.

“However, when time passes and you look at the entire picture, you can see that we’re in a low-for-long environment in terms of both rates and inflation. I believe the state we’re in today is in fact quite reasonable.”

Numerous investors and economists predict rate declines in Canada and the U.S. this year, but yesterday, U.S. Federal Reserve didn't reduce its interest rate. Earlier, White noted that Canada’s economic growth was moderating, but the risk of a recession next year was relatively low.

In his opinion, difficult decisions for the Bank of Canada concern economic fundamentals and avoiding financial bubbles.

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19 July 2019

The first decline of a qualifying mortgage rate since B-20 took effect It’s the first time that the interest rate used for mortgage stress tests went...Read more >>

18 July 2019

Canadian and Chinese consumers are among the most popular foreign home buyers in the U.S. Canadians are still among main buyers of residential homes ...Read more >>

17 July 2019

Alternative lending becomes more popular In 2018, Canada saw a growing number of borrowers addressing alternative lenders. Meanwhile, new mortgage gr...Read more >>
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