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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


12 July 2017

The Bank of Canada raised its interest rate. How will it affect consumers’ loans?

We’ve seen the central bank keeping its key lending rate unchanged or even cutting it to extremely low level for seven years already. And now the Bank of Canada raises the overnight rate by 0.25% to 0.75%.

As you now, the overnight rate is used by banks when they lend money to each other. All the changes this rate faces are passed on to the consumers by the following increases of interest rates on various loans.

Here is how the rise will affect different loans:

1. Mortgages

In case you have a variable rate mortgage, you will face the increase starting next month.

11 July 2017

Housing starts in Canada keep rising

Despite the latest decline at the resale housing market in Toronto, the local builders don’t seem to be reacting to this as they keep working on new home constructions at a fast pace.

According to the Canada Mortgage and Housing Corp. (CMHC), housing starts were up by 60% in Toronto last month from May, based on seasonally adjusted data. The growth included a 54% increase in the sector of single-family detached houses and a 63% rise in case of other real estate types (semi-detached homes or condos).

The report shows that many builders continue to work on their projects although there was a sharp decline in Toronto home sales recently.

10 July 2017

Not all economists predict an interest rate increase in Canada this week

While most specialists expect the Bank of Canada to raise its key lending rate this week, some economists don’t share that opinion.

It turned out that one-third of forecasters surveyed by Bloomberg, including Canadian Imperial Bank of Commerce and Toronto-Dominion Bank, believe the BoC Governor Stephen Poloz will not raise the rate on July 12.

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18 July 2017

Despite rising debts, Canadians are successfully coping with their mortgages Although Canadian consumers are facing almost record high level of debt...Read more >>

17 July 2017

GTA home sales show a sharp decline The recent report by the Canadian Real Estate Association (CRES) says June housing sales showed the largest month...Read more >>

14 July 2017

GTA real estate market is finally cooling It doesn’t matter if you want to sell or buy a property in the GTA, you still probably think only a year c...Read more >>
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