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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





News
5 February 2020

TD Bank reduced its posted rate. Now it’s other banks’ turn.

Following six months of no changes TD Bank decided to cut its 5-year posted rate from 5.34%to 4.99%.

When it comes to the big banks’ special rates, the changes are made systematically (e.g. RBC did it last week). However, their higher posted rates are adjusted rarely. This change is extremely important, as it means other banks will probably follow the example. In case it happens, it could also lower the 5-year benchmark qualifying rate, used for stress testing.

It could be great news for those who are facing difficulties with qualifying at today’s 5.19%.

“Based on the current conditions, lower funding costs have caused a growing gap between customer rates and posted rates,” - a TD spokesperson noted. “This rate cut brings TD’s 5-year fixed posted rate closer to the current customer rates.”

 
3 February 2020

Oil prices fell sharply affected by coronavirus

On Monday, the cost of oil went below $50 US per barrel for the first time since January 2019. The main reason for such a decline is coronavirus, spreading worries about its influence on the economy.

A barrel of West Texas Intermediate reached $49.92 a barrel in the morning, marking the lowest level in the North American in more than a year. Only less than a month ago, the WTI price exceeded $63 a barrel.

The coronavirus reduced demand for jet fuel because more than 3,000 flights a day are cancelled in and out of China. Moreover, many worry that the contagion may affect other segments of economy.

"It’s obvious that the market decided to sell first, and only then ask questions concerning the coronavirus," - RBC analyst Michael Chan noted.

 
31 January 2020

First-time home buyer incentive didn’t show much success in Canada’s hot markets

The latest report shows the Liberal government’s first-time home buyer incentive saw the strongest activity in Quebec and Alberta. Meanwhile, Canada’s hottest real estate markets didn’t perform so well.

According to the Parliament’s statistics, the program was most popular in Quebec, with 1,360 applications received during the period from September 2 and December 9. Montreal reported 654 applicants. At the same time, Ontario saw only 436 applications across the entire province. In case of the Greater Toronto Area, we’ve seen only 148 applications.

As you know, the incentive was announced in the 2019 budget. It offers shared-equity mortgages through the Canada Mortgage and Housing Corporation (CHMC). The program was created for reducing monthly mortgage payments without increasing a down payment.

 
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News

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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