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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

1 July 2011


A brief history of Canadian banks and mortgages

The first bank was the Bank of Montreal which was founded in 1817. Later on some other banks followed. According to the British North America Act 1867, the Canadians got the right of land use. At first, only insurance companies provided mortgages. Actually, until the Bank Act in 1954 was implemented, banks weren’t allowed to work in residential mortgage sector.

 Moreover, they were limited to maximum 6% interest. But in 1967 these limits were abolished.

30 June 2011

Fixed rates may not fall further but rather might go up a bit

As we’ve mentioned before, only a sharp increase in bond yields could prevent the banks from cutting their fixed mortgage rates again. And surprisingly it’s exactly what has happened.  
According to the latest reports, the 5-year government yield went up by 30bps (0,30%) since this Monday. It turned out to be the largest 2-day hike since October 2009.

Today’s figures are 6bps (0,06%) higher than the 5-year yield of June 3. It’s the day when the Canadian banks last reduced their fixed rates. And if the bond yields keep growing, the current extremely low five-year fixed rates (e.g. 3.59%) may disappear in the nearest future.

29 June 2011

The Canadian dollar goes up again

Today loonie was more than a penny higher against the American dollar. It’s the largest single-day hike in several months.
Actually, the Canadian dollar was up 1.31 cents to 103.07 cents US. Partially, it was caused by the unexpectedly high inflation numbers in Canada and the news about Greece implementing certain strict economic measures.
Last month in Canada the annual inflation rate went up to the highest level in eight years and reached 3.7%. It should be noted that economists expected much lower figures.

 As a result, new forecasts appeared, according to which the Bank of Canada would have to raise interest rates earlier than it was expected.
With the exception of a great hike in gasoline prices, the annual inflation rate is 2.4%. Of course, it’s still above the BoC’s target, but it’s less dangerous.

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7676 Woobine Avenue Suite 300 Markham, ON L3R 2N2
2180 Steeles Avenue West, Suite 204, Concord Ontario L4K 2Z5
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