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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
15 May 2019

Capital Economics predicts 2 rate cuts this year

The recent report by Capital Economics says the central bank could be underestimating the cooling effect on the national real estate market, as well as the consequences for the entire economy, supported largely by consumers.

Last year, sales of pre-construction units in Toronto and Vancouver slowed down. As a result, it became more difficult for developers to obtain the necessary financing for their projects, noted Stephen Brown, the firm’s senior economist. This change may affect employment and consumption, which are responsible for about 60% of Canada’s output.

“The Bank of Canada is underestimating the possible influence on residential investment,” - Brown said on Monday.

According to Capital Economics, the BoC may cut its key lending rate twice this year reducing it from 1.75% to 1.25%. Meanwhile, the average markets forecast is only one decline in two years, Bloomberg says.

 
14 May 2019

Opposition leader wants to ease mortgage stress tests

Canada may see some changes to mortgage stress tests, but it all depends on the results of the October federal election.

Official Opposition Leader Andrew Scheer wants to review the stress test implemented in January 2018. It depends on whether the head of the federal Progressive Conservative outpaces Liberal Prime Minister Justin Trudeau during the election race.

Scheer commented on this issue on Friday at the Canadian Home Builders’ Association’s National Conference.

“The new measures led to undesirable consequences,” – Scheer noted.

 
13 May 2019

What to expect from interest rates this year?

Just a year ago, you could ask any big bank economist about the possible future of interest rates and you would hear about the hikes.

At that moment, it was quite reasonable, as the central bank has raised its key lending rate five times since summer 2017 and noted the rates should go up last October.

However, the economy started slowing down, the GDP growth was not so strong already, so economists reviewed their forecasts and most of them now don’t predict increases this year.

According to Statistics Canada, there were 107,000 new jobs created last month. It’s a record high number.

That’s why Derek Holt, vice president of Scotiabank, still expects a rate increase later in 2019.

Just in the first four months of this year, Canada added 220,000 new positions, while it was only 238,000 during the entire last year.

 
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News

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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