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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

22 January 2020

Bank of Canada keeps its key lending rate unchanged, but reduces its growth expectations

While the global outlook gets more optimistic, Canadian households start showing volatility, making the central bank review its economic outlook.

The trade tensions haven’t weakened enough to offset the loss of Canada’s main economic driver for the previous ten years. As a result, we can see a weaker short-term forecast which may lead to a rate cut from the Bank of Canada in case today’s situation doesn’t change.

However, it’s not the time yet. On Wednesday, the Governor Stephen Poloz kept the BoC’s key lending rate at 1.75%, but cut the forecast for near-term economic growth.

The Bank reduced its growth forecast for the fourth quarter from 1.3% to 0.3%. In addition to it, the central bank expects growth this year to fall short of the economy’s non-inflationary speed limit, which was raised to 2%.

21 January 2020

Eastern Canada shows sharp prices growth, while Western regions keep dragging the national index

Home prices in Canada are turning back to their growth. Last month, the Teranet – National Bank of Canada House Price Index (TNB HPI) went up. The moderate gain could be explained by weak results in only a few areas. While Eastern Canada, including Ontario and Quebec, shows significant prices growth, Western Canada keeps showing falling prices, thus restraining the national numbers.

The aggregate price index in Canadian largest cities was up in December with a 0.21% monthly increase and an annual gain of 1.95%. The modest increase still leads the index to a new record high level. In general, almost all of the drag on the index was caused by Western Canada.

20 January 2020

Half of Canadians are on the brink of insolvency

The recent poll shows that half of Canadians are on the brink of insolvency.

According to the latest MNP Consumer Debt Index, 50% of respondents are only $200 away from not being able to cover their monthly expenses. Moreover, almost the same number (49%) say they are not sure it will be possible to cover the bills without increasing the existing debts.

“Such results could point to a shift among certain Canadians from debt apathy to debt hopelessness. This feeling can make people give up on paying down their debts or even ignore the growing debts at all”, - noted MNP President Grant Bazian.

The poll underlines to what extent the balance sheets have grown in Canada, but it's definitely not the only indicator the Bank of Canada reviews when preparing for its rate meeting on Wednesday.

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20 February 2020

GTA home buyers will prefer detached houses The recent report by the Toronto Residential Real Estate Board (TRREB) shows that a large part of potenti...Read more >>

19 February 2020

January 2020 – housing market supply shrinks, while prices go up The recent report by the Canadian Real Estate Association (CREA) suggests we may fac...Read more >>

18 February 2020

BREAKING NEWS! Mortgage stress test change is coming! Today, Minister of Finance, Bill Morneau, stated there will be changes to the benchmark rate us...Read more >>
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