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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




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MORTGAGE PAYMENTS RELIEF OPTIONS - (Updating)

WE ARE HERE FOR YOU! Banks Promise Unprecedented Mortgage Relief to Homeowners Affected by COVID-19

It seems that every day the consequences COVID-19 become more extraordinary. The recent example is Tuesday’s press release from Canada's major banks.

Royal Bank, Bank of Montreal, Scotiabank, TD Bank, CIBC and National Bank of Canada say they will provide necessary help for their clients dealing with financial difficulties caused by the COVID-19 pandemic. The measures include mortgage payment deferrals of up to six months.

"Such measures are a vital first step to support the resilience of Canada’s financial system and the strength of our major banks," - the banks noted. "Banks will follow the changing economic conditions and develop other measures in case it’s necessary."

It’s an extremely wise decision, and here’s why.

The officials say, 11-26 million out of 37.6 million people are at risk of catching the virus. According to the National Bank, there will be more than 1 million of Canadians without work. Just to compare: on a normal month we'd gain 10,000-20,000 jobs. Many of those jobless borrowers wouldn’t be able to pay off their mortgages.

 
17 March 2020

Sales and prices at Canada’s real estate markets are growing

According to Canadian Real Estate Association (CREA), the national real estate market kept growing last month.

In February, home sales reported an annual increase by about 27% and a monthly gain by 6%. At the same time, it’s important to note that sales were at a 10-year low in February 2019, so although the sales were up, they were still lower than in 2016 and 2017.

“The sales rose in almost 60% of all local markets, but the national gain was mostly caused by a 15% activity hike in the Greater Toronto Area,” - CREA noted. “In addition to it, many other Central and Southern Ontario markets showed significant monthly increases”.

 
13 March 2020

An unexpected rate cut from the Bank of Canada

On Friday, the Bank of Canada surprised everyone by cutting its key lending rate by half a percent to 0.75%.

As you know, the BoC already cut the rate by 0.50% on March 4 in order to help fight the influences of the coronavirus.

"This unscheduled rate change is a proactive measure amid negative shocks to Canada's economy caused by the COVID-19 pandemic and the latest sharp decline in oil prices," – the central bank noted.

Usually, the Bank meets every six weeks to determine its interest rate. The changes aside from those meetings are made only in extreme cases.

Today’s announcement shows how seriously Canadian policy-makers are taking the coronavirus situation. It’s the first unscheduled rate change since the financial crisis in 2009.

 
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News

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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