For many Canadians, a mortgage is the biggest debt they’ll ever take on. What people may not realize is just how big a dent they can put in their mortgage by making prepayments. A mortgage pre-payment is an investment. Making extra payments or larger payments early on can add up to significant interest savings and [...]
On February 16, Finance Minister Jim Flaherty announced new mortgage rules intended to help ensure homebuyers can handle their debt load when interest rates rise, as well as to slow down real estate speculation. “There’s no clear evidence of a housing bubble, but we’re taking proactive, prudent and cautious steps today to help prevent one. [...]
Sales of existing homes in Canada jumped 31.5% in the second quarter from the previous one – their first year-over-year quarterly increase since before the peak of the financial crisis, the Canadian Real Estate Association said this week.
Courtesy of your Kelowna Mortgage Broker… Kelowna, BC – The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported the number of units listed on the Multiple Listing Service® in the Central Zone was down this month by 9% at 881 listings compared to 968 in January 2008. Total sales dollars of [...]
Compliments of your Kelowna Mortgage Broker The federal budget released yesterday contains a few items of interest to those in the residential construction industry. In summary, they are as follows: Home renovation tax credit: Homeowners can claim a non-refundable 15% tax credit on eligible home renovation costs incurred and paid after January 27, 2009, [...]
Compliments of your Kelowna Mortgage Broker… The current recession will be characterized by de-leveraging by households and corporations. Household credit will be little changed in the course of the coming 12 months, and for the first time in many years the very important debt-to-income ratio will stop rising. The most notable softening will be seen [...]
brought to you by your ”Kelowna Mortgage Broker” DAVID FRIEND THE CANADIAN PRESS Canadians should brace themselves for another year of economic woe that could top the misery that unfolded in the latter half of 2008, according to some of the country’s leading bank economists The flood of dire financial challenges facing the United States is [...]
The Toronto Sun – October 9, 2008 Ottawa, get tough Time to crack down on banks Tough times take tough measures. And tough leaders. So it’s time Ottawa got tough with our big banks and forced them to pass along interest rate relief for overly-indebted Canadians, after a bold move by the world’s central bankers [...]
Compliments of your Kelowna Mortgage Broker The Toronto Star Thursday, September 4, 2008 Loonie leaps ahead as bank stands pat Canada’s monetary authorities stood on the sidelines yesterday as jobs disappeared, the economy slowed and federal parties prepared to fight an election. Despite strong indications that inflation is a fading threat, Bank of Canada governor [...]
September 3, 2008 OTTAWA – The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 1/4 per cent. The three global developments highlighted in the July Monetary Policy Report [...]