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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

25 March 2020

Trudeau launches emergency program for Canadians who lost their jobs because of COVID-19

According to Prime Minister Justin Trudeau, the federal government launches a new program called the Canada Emergency Response Benefit. It will support Canadians who lost their jobs because of COVID-19 by providing them with $2,000 per month. The financial help will last four months.

Trudeau admitted the difficulties Canadians are facing with paying off bills without a steady income. In his opinion, too many Canadians are dealing with the strong uncertainty concerning their material situation and the future.

24 March 2020

New mortgage rates are growing, in spite of the recent overnight rate drop by the central bank

As the central bank cut its key lending rate by 1% in March because of the COVID-19 pandemic, it may seem that you should wait and get a better mortgage rate later. However, mortgage specialists say it’s not true.

The deal is that advertised interest rates for new mortgages are growing sharply. The raises started last Friday – the day the Bank of Canada made its emergency rate cut – with Scotiabank, TD, RBC. In addition to it, they are also cutting discounts on a prime rate for variable mortgages. Today, the prime rate is 2.95%, and it means the discounts on almost all variable rates are tiny. Later, we may see none of them at all.

As a rule, fixed rates depend directly on the bond market. However, as banks need liquidity these days, they are raising the rates. There’s been a decline at the bond market, following the BoC’s rate cut, but it has already recovered since then.

19 March 2020

CIBC considers the BoC’s measures vital for credit markets

According to a CIBC strategist, the central bank’s support to banks aimed at ensuring they can lend during the coronavirus crisis is effective.

“The strength of the measures implemented is caused by the fact that we have yet to see the real challenges for our funding markets,” – noted Ian Pollick from CIBC. “The Bank of Canada has learned the 2008 lesson, that’s why this time it’s getting ahead and making bold decisions that have proven to be very effective in such conditions.”

On Monday, the government and the BoC said they planned to buy billions of mortgages and mortgage-backed securities in order to inject liquidity into the national financial system.

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31 March 2020

Canadian mortgage rates are going up in spite of the BoC’s recent reductions Mortgage rates are growing even despite the recent rate cuts from the ce...Read more >>

30 March 2020

Banks and mortgage lenders cut prime lending rates yet again Canadian biggest banks and mortgage lenders cut their prime rate to 2.45% from 2.95% in ...Read more >>

27 March 2020

Bank of Canada cuts its key lending rate once again On Friday morning, the Bank of Canada made one more unscheduled cut to its overnight rate by half...Read more >>
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