The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program. The Bank is recalibrating […]

At 10 am eastern, the Bank of Canada made its nineth interest rate decision of the year. While the overnight rate did not change – it remains at just 0.25 percent, which is great news for borrowers – the Bank’s commentary about the outlook for Canada’s economy did. In particular, the Bank announced it will […]

The previously known Genworth has changed its name to Sagen. They have re-branded to tell their story: “Well for us, this was a great opportunity to do something we’d never done before… to tell our own story. After talking with our employees and customers during this brand renewal, we heard some pretty amazing things about […]

COVID-related Mortgage Deferrals are coming to an end. What does this mean for me? Your payments will return to normal and increase to include a portion of the deferred payment. If you are back to work and have accumulated debt outside your mortgage, you may qualify to re-structure your existing mortgage so you can payout […]

The Liberal government intends to create thousands of jobs by supporting retrofits of homes and buildings and investing in reducing the impact of climate-related disasters, like floods and wildfires, as part of a modest green agenda announced in the speech from the throne today. Indicating a plan to build “a more resilient Canada,” the government […]

OSFI recently announced they are winding down the COVID-19 related relief for deferred mortgage payments. It’s important to note that if you request to defer your mortgage moving forward it may negatively affect your credit. Here are some questions we answered to help you better understand the process. While it’s not ideal, a mortgage deferral […]

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank is also continuing its quantitative easing (QE) program, with large-scale asset purchases of at least $5 billion per week of Government of […]

A federal financial regulator announced Monday it is winding down COVID-19-related relief for banks offering deferred mortgage payments, a move the watchdog says comes as lenders are in a better spot to start offering “business-as-usual alternatives” again to cash-strapped customers. The Office of the Superintendent of Financial Institutions (OSFI) has allowed federally regulated lenders during […]

Things to consider prior to making a prepayment Paying down your mortgage is a smart step that’s always encouraged. We recommend you first consider the following for your financial well-being as making a lump-sum pre-payment on a mortgage is one sided. Once you’ve made the payment, there are only two ways to get the money […]

Today’s release of July housing data by the Canadian Real Estate Association (CREA) showed a blockbuster July with both sales and new listings hitting their highest levels in 40 years of data. This continues the rebound in housing that began three months ago. National home sales rose 26% month-over-month (m-o-m) in July, which translates to […]