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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

13 August 2018

Canadians react to interest rate hikes without pessimism

It looks like higher interest rates don’t worsen the situation for consumers. At least, so far.

According to the recent poll by Nanos Research, 53% Canadians say growing borrowing costs haven’t affected their personal spending negatively. About 43% say they felt a little discomfort, others couldn’t decide.

Although the results are slightly worse than three months ago, mostly stable levels of consumer discomfort (even despite July rate increase) could provide more confidence for the Bank of Canada Governor Stephen Poloz to continue bringing rates back to normal levels. As you know, Poloz has raised rates four times since the last summer. Now investors expect at least one more hike in 2018, probably, in October.

The BoC has been keeping a close eye on how higher interest rates affect households, as today’s high debt levels may increase the influence on personal spending.

10 August 2018

Where GTA loses, another region wins

While the affordability issue isn’t expected to improve in the Greater Toronto Area soon, more and more buyers start realizing there are less expensive places a little bit further down the road.

Experts predict the Greater Golden Horseshoe will see growing activity, supported by investment in regional transit infrastructure, an improving economy, and higher odds that homeownership is too hard to achieve in Canada’s largest region.

“The new mortgage rules affected the affordability significantly”, - says Altus Group’s Ray Wong. “It was difficult to find a home at a reasonable price in the GTA earlier, but the new rules made it even harder. So when you look at lower prices outside the GTA, you understand why the market activity is higher there”.

According to Wong, the B-20 rules have affected activity in the Greater Golden Horseshoe in the first half of this year.

9 August 2018

Mortgage delinquencies remain unchanged in Toronto

According to Canada Mortgage and Housing Corporation (CMHC), mortgage delinquencies in Toronto and Vancouver are keeping the usual pace, having reached the bottom in case of large loans. At the same time, they don’t go down, while in Montreal with its growing sales the ratio of late payments keeps falling.

It’s important to understand that mortgage delinquencies don’t mean a borrower just couldn’t make a payment in time. It means the borrower fell behind with the payment and couldn’t sell the property. In case the property is sold in less than 30 days, it’s not a case of a severe delinquency. So you don’t become a delinquency stat, but you sell and maybe even make some profit of it.

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16 August 2018

More and more borrowers forced to renew with the same lender The latest report by a Canada Mortgage and Housing Corporation (CMHC) shows that the num...Read more >>

15 August 2018

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14 August 2018

Variable or Fixed? What to chose today If your mortgage is up for renewal this year? According to CIBC, almost half of all current mortgages will nee...Read more >>
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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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