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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
24 January 2020

Will the Home Buyers Plan be as effective, as expected?

According to Zoocasa, the Home Buyers’ Plan might be not as effective in certain markets, as expected initially.

The latest report by Zoocasa says the maximum withdrawal of $35,000 from the RRSP by those buyers who meet the HBP’s requirements, represents only 3.5% of a home cost in Vancouver, and 4.3% in case of Toronto.

At the same time, the Plan will have more positive impact in Canada’s most affordable markets. For example, eligible buyers in Regina could get 13.5% of their home purchases using the Plan’s RRSP.

Nationally, Canadian buyers with a median income will need 4.3 – 6 years to save up for the same amount they can get from the HBP.

 
23 January 2020

Bank of Canada sees a possibility of an interest rate cut

Stephen Poloz, who didn’t follow the global pressure to cut rates in 2019, pointed to the possibility of a rate decline by the Bank of Canada in case today’s economic slowdown continues.

After Wednesday’s decision to keep the Bank’s key lending rate at 1.75%, the Governor said a stronger slack in the economy is a risk to inflation. Nevertheless, the BoC didn’t cut the rate this time in order not to encourage household debt level growth which is still a significant vulnerability for the national economy.

“I can’t say there’s no possibility of a rate cut. Of course, there is”, - Poloz noted, pointing that the current borrowing costs are appropriate for now.

The change in tone is what attracts attention, as it reflects the switch of growth risks from global to domestic. Only three months ago, the BoC pointed to Canada’s resiliency to growing international risks. But since then, the domestic economic concerns have become more vivid.

 
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%.

 
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News

24 January 2020

Will the Home Buyers Plan be as effective, as expected? According to Zoocasa, the Home Buyers’ Plan might be not as effective in certain markets, as ...Read more >>

23 January 2020

Bank of Canada sees a possibility of an interest rate cut Stephen Poloz, who didn’t follow the global pressure to cut rates in 2019, pointed to the p...Read more >>

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 hous...Read more >>
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