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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
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 percent to 0.25% because of the COVID-19 crisis.

As you know, the overnight lending rate is used to provide retail banks with short-term loans. However, it also affects the rates that Canadian consumers receive from their banks on savings accounts and variable rate loans.

As a rule, the BoC determines the rate’s destiny every six weeks, but the COVID-19 crisis has changed that, and the Bank has already made two unscheduled cuts: by 0.50% two weeks ago, and by the same amount today.

 
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.

 
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News

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 >>

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 gove...Read more >>

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 ...Read more >>
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7676 Woobine Avenue Suite 300 Markham, ON L3R 2N2
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