General Kim Stenberg 6 Apr
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 […]
Read MoreLatest News Kim Stenberg 27 Mar
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 […]
Read MoreLatest News Kim Stenberg 10 Mar
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 […]
Read MoreLatest News Kim Stenberg 5 Mar
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 […]
Read MoreGeneral Kim Stenberg 3 Mar
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 […]
Read MoreGeneral Kim Stenberg 25 Feb
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 […]
Read MoreLatest News Kim Stenberg 18 Feb
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 […]
Read MoreLatest News Kim Stenberg 11 Feb
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 […]
Read MoreGeneral Kim Stenberg 4 Feb
HOW TO VERIFY YOUR DOWN PAYMENT WHEN BUYING A HOME Saving for a down payment is one of the biggest challenges facing people wanting to buy their first home. To fulfill the conditions of your mortgage approval, it’s all about what you can prove (hard to believe – but some people have lied in the […]
Read MoreGeneral Kim Stenberg 30 Oct
It is rare for the Bank of Canada and the US Federal Reserve to announce rate decisions on the same day, but today’s announcements highlight the stark differences in policy in the two countries. The Bank this morning announced they would maintain their target for the overnight rate at 1.75% for the eighth straight […]
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