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Posted by: Kim Stenberg
As we expected, the Bank of Canada did not change their key interest rate. Ready to do whatever it takes to protect the Canadian economy during these unprecedented times. Here is Dr. Sherry Coopers post with more details…. On the heels of a devastating decline in the Canadian economy, the Bank of Canada is […]
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Canada Loses Over a Million Jobs in March Employment in Canada collapsed in March, with over one million jobs lost, wiping away over three years of job creation in a single month and highlighting the economic pain the coronavirus pandemic has swiftly delivered. The decline in jobs in Canada, on a proportional basis, was steeper […]
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Want to enjoy a financially stress-free retirement? I can help. Do you have the funds to live the retirement you’ve been dreaming of? If you’re like many Canadians, you may find yourself house rich but short on funds. The good news is that if you’re a homeowner who is 55+, there’s a solution to […]
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Bank of Canada Moves to Restore “Financial Market Functionality” The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. This unscheduled rate decision brings the policy rate to its effective lower bound and is intended to provide support to the Canadian financial system and the […]
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Markets shuddered in the face of a price war for oil and the economic fallout from the growing outbreak of coronavirus. Frightened investors poured into haven assets sending yields to unprecedented lows. Oil prices tumbled 30% after Saudi Arabia said it would cut most of its oil prices and boost output when Russia refused to […]
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The Bank of Canada Brings Out The Big Guns Following yesterday’s surprise emergency 50 basis point (bp) rate cut by the Fed, the Bank of Canada followed suit today and signalled it is poised to do more if necessary. The BoC lowered its target for the overnight rate by 50 bps to 1.25%, suggesting that […]
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It’s that time of year when we are compiling our receipts and updating our spreadsheets to file taxes for 2019. As a homeowner, here are some deductions and expenses you should be discussing with your accountant. HOME BUYERS TAX CREDIT You can claim $5,000 for the purchase of a qualifying home in the year if both of […]
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Down payment is an essential component of every application when purchasing property – minimum amount required AND verifying the source of the money. The federal government has imposed strict rules (FINTRAC anti-money laundering and anti-terrorist financing regime) that ALL federally regulated banks and lending institutions must follow. This legislation came into effect as an attempt […]
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These changes will come into effect on April 6, 2020 — definitely a step in the right direction! The new qualifying rate will be the mortgage contract rate or a newly created benchmark very close to it plus 200 basis points, in either case. The News Release from the Department of Finance Canada states, “the […]
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Market interest rates have fallen sharply since the coronavirus-led investor flight to the safety of government bonds. The 5-year government bond yield–a harbinger of conventional mortgage rates–now stands at 1.34%, down sharply from the 1.60+% range it was trading in before the virus became global news (see chart below). This morning, one of the Big-Six […]
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