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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
17 Janaury 2019

Canadian Big Banks are reducing their fixed interest rates

RBC cut its best five-year fixed rate by 0.15% from 3.89% to 3.74%, becoming the first one among the Big Six banks to do so after a decline of five-year bond yields.
Other big banks are expected to follow the example any time soon.

Answer the question about the reason of such a decision, an RBC spokesperson noted there were several factors affecting the bank’s cost of finances. They include the interest rate the bank pays at the wholesale market, growing lending costs and market volatility.

 
16 January 2019

Half of Canadians with HELOCs don’t know how they work

During the previous 15 years, home equity lines of credit (HELOCs) have become one of the main drivers of growing non-mortgage debt for Canadians, but a new poll shows many of them don’t fully understand how HELOCs work.

According to the report by the Financial Consumer Agency of Canada (FCAC), more than three million Canadians have a HELOC today, and the average balance is $65,000. Moreover, almost a quarter of HELOC holders have a balance exceeding $150,000.

Nevertheless, 25% of respondents make only interest monthly payments.

From June 5-28, Ipsos conducted the online poll of 4,800 Canadians on behalf FCAC. Most of the respondents are homeowners.

As you know, HELOCs are revolving credit products offered against the equity in a home. Financial institutions can lend you up to 65% of your property value, and such products are offered as a default credit option to anyone who has home equity.

According to the survey, 54% of homeowners had a mortgage and 35% of them held a HELOC.

 
15 January 2019

Average home price fell by 4.9% annually in December

The average cost of a Canadian property fell by almost 5% on a year-over-year basis and reached $472,000 last month.

According to the Canadian Real Estate Association (CREA), sales were also down to the lowest annual pace since 2012.

As a rule, December is not highly active in terms of home sales, but this time the situation was even worse than in 2017, as at that point buyers hurried to make a purchase before the new mortgage stress test was introduced in January 2018.

Last month, home sales fell by 19% from December 2017.

 
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News

22 January 2019

Liberal government is looking for ways to help millennials enter the housing market According to Finance Minister Bill Morneau, the federal governmen...Read more >>

21 January 2019

More and more Canadians face financial difficulties According to the recent survey, the number of Canadians who find themselves about $200 away from...Read more >>

18 January 2019

Canadian economy lost 13,000 jobs in December According to ADP Research Institute, Canada lost 13,000 jobs in December 2018. Such a large drop was c...Read more >>
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