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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

13 May 2019

What to expect from interest rates this year?

Just a year ago, you could ask any big bank economist about the possible future of interest rates and you would hear about the hikes.

At that moment, it was quite reasonable, as the central bank has raised its key lending rate five times since summer 2017 and noted the rates should go up last October.

However, the economy started slowing down, the GDP growth was not so strong already, so economists reviewed their forecasts and most of them now don’t predict increases this year.

According to Statistics Canada, there were 107,000 new jobs created last month. It’s a record high number.

That’s why Derek Holt, vice president of Scotiabank, still expects a rate increase later in 2019.

Just in the first four months of this year, Canada added 220,000 new positions, while it was only 238,000 during the entire last year.

10 May 2019

CMHC is willing to share benefits and losses from the new first-time buyer plan

The new plan for improving housing affordability for millennials may lead to shared gains and losses for taxpayers.

As you know, March federal budget includes spending about $1.25 billion during the next three years by Canada’s housing agency for taking equity stakes in properties purchased by first-time buyers. CMHC plans to provide up to 10% funding for new properties and 5% for the existing ones in order to decrease mortgage expenses for buyers with low and middle income.

The plan was developed for reducing housing costs for the growing number of millennials who are struggling to get their own property in Toronto and Vancouver, where the average home price was up by almost 60% in five years.

9 May 2019

Canada’s real estate market is expected to rebound this year

According to the governor of the Bank of Canada, Stephen Poloz, the national real estate market may recover later this year.

“We can see the markets of Toronto and Vancouver stabilizing, so the national housing sector should rebound and start growing again later in 2019”, - he noted.

In his opinion, nationally, real estate is supported by fundamentals, including population growth and strong labour market. Meanwhile, the credit costs are historically low.

Market activity in Alberta and Saskatchewan was pushed down by lower oil prices. However, many other areas reported positive signs, especially Halifax, Moncton, Montreal, Ottawa and Winnipeg.

The situation in Toronto and Vancouver wasn’t caused by weak fundamentals. It was the result of policy changes, introduced when the housing sector was overheating.

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21 May 2019

IMF believes Canada shouldn’t change mortgage stress test requirements According to the International Monetary Fund, household debt in Canada remains...Read more >>

20 May 2019

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17 May 2019

Stephen Poloz doesn’t think changes to mortgage stress test are necessary Despite all the calls, the governor of the Bank of Canada doesn’t think cha...Read more >>
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