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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

29 May 2019

Bank of Canada keeps the overnight rate unchanged

Today, the Bank of Canada kept its key lending rate at 1.75% again, saying the latest economic slowdown is only temporary.

The BoC decided not to change the overnight rate, pointing to signs of the economic slowdown, seen at the end of 2019 and at the beginning of 2019. The national economy started rebounding only in the second quarter of this year.

According to the central bank, consumer spending and exports improved in Q2, and strong job performance says that business weakness reported during the previous two quarters was temporary.

In case of a trade sector, the situation is more complicated, as growing conflicts between Canada and the United States are restraining Canadian exports. However, the end of U.S. tariffs on Canadian steel and aluminum is offsetting the drag.

28 May 2019

Should we expect a rate hike before the federal election?

It looks like the central bank’s Governor Stephen Poloz will hardly change the key lending rate tomorrow, and the pause may be prolonged until the future elections in October.

According to 25 analysts polled by Bloomberg, the benchmark overnight rate will remain at 1.75% on Wednesday, marking the fifth meeting in a row without changes, following an increase seen in October. Moreover, analysts believe the rates won’t go up at least until the next year.

It shows the current state of Canada’s economy, which is just rebounding from a significant slowdown and is too weak for rate increases. Businesses are afraid of today’s global trade uncertainty, low oil prices and transportation limits have hit the vulnerable energy sector, record high debt levels are affecting the consumer spending. In addition to it, policy makers don’t even know exactly, how the previous five hikes are influencing the consumers.

27 May 2019

York Region felt the strongest impact of the Fair Housing Plan

The strongest influence of the Fair Housing Plan, implemented by the Ontario government in 2017, was reported north of Toronto.

The recent Zoocasa study shows that York Region faced the largest prices decline. The Fair Housing Plan cooled the real estate market sharply, although with certain psychological reasons, but it was still enough to have an impact on prices in earlier one of the most expensive GTA markets.

During the period from April 2017 and 2019, housing prices in Newmarket (where prices tend to exceed $1 million) were down by 30% to $725,710, and the sales fell by 31%. Since the Fair Housing Plan was implemented in April 2017, the market kept contracting with listings falling by 42% and pushing the sales-to-new-listings ratio to 45%. Such a number suggests the market is balanced – it’s a great improvement from 37% seen in 2017.

Then follows Aurora with prices dropping by 30% to $888,387. Moreover, home sales were down by 35%, and the new listings fell by 34%, putting the sales-to-new-listings ratio to 42%. In case of Richmond Hill, the prices decreased by 27%, but the average cost was still high at $1,016,216.

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24 June 2019

BMO believes there’s no need for the central bank to cut rates Certain industry specialists say the Bank of Canada should cut its key lending rate ag...Read more >>

21 June 2019

HELOC debts exceeded $300 billion for the first time in history According to the Office of the Superintendent of Financial Institutions (OSFI), ...Read more >>

20 June 2019

BMO CEO says low interest rates will remain for a long time According to the BMO CEO, Canadian consumers should be ready for low interest rates and i...Read more >>
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