General Greg Weaver 13 Oct
When it comes to getting a mortgage, one of the more overlooked elements is the option to be able to port the loan down the line. Porting your mortgage is an option within your mortgage agreement, which enables you to move to another property without having to lose your existing interest rate, mortgage balance and […]
Read MoreGeneral Greg Weaver 13 Oct
Increasing mortgage rates weighed heavily on housing in September Mortgage rates continued to rise in September after BoC tightening and one of the largest bond selloffs in history. Yields have retraced some of their rise more recently, but demand for new and existing homes has slowed. According to data released by the Canadian Real Estate […]
Read MoreGeneral Greg Weaver 25 Aug
When traditional lenders (such as banks or credit unions) deny mortgage financing, it can be easy to feel discouraged. However, it is important to remember that there is always an alternative! If you’re seeking a mortgage, but your application doesn’t fit into the box of the big traditional institutions, you’ll find yourself in what’s commonly […]
Read MoreGeneral Greg Weaver 8 Aug
When it comes to purchasing a home, most offers include conditions or subjects, which are requirements or criteria to be met before the sale can be finalized and the property is transferred. Some of the most common subjects include: Financing approval Home inspection Fire/home insurance protection Strata document review if appliable The purpose of these […]
Read MoreGeneral Greg Weaver 4 Aug
The long-awaited labour market slowdown The Canadian economy shed 6,400 jobs in July, far weaker than the 25,000 gain that was expected. The jobless rate was 5.5%, the third consecutive monthly rise. This likely improves the chances the Bank of Canada will remain on the sidelines in September. Wage inflation, however, re-accelerated, moving back to […]
Read MoreGeneral Greg Weaver 14 Jul
Interest rates will stay higher for longer The Bank of Canada increased the overnight policy rate by 25 basis points this morning to 5.0%, its highest level since March 2001. Never before has a policy action been so widely expected. Still, the Bank’s detailed outlook in the July Monetary Policy Report (MPR) suggests stronger growth and […]
Read MoreGeneral Greg Weaver 1 Jun
The Canadian economy continues to show marked resilience to high-interest rates. Statistics Canada released data this morning showing real GDP rose at an above-consensus 3.1% annual rate in the first quarter of this year. The estimate for April growth was also firm, a harbinger of continued strength in Q2. The combined drags of the public sector strike and […]
Read MoreGeneral Greg Weaver 17 May
Canadian Inflation Rose More Than Expected in April, But Core Inflation Slowed There’s been an unexpected hiccup in the Bank of Canada’s ongoing battle against inflation. Year-over-year, price pressures escalated to 4.4% in April, an uptick from the previous month’s 4.3% and significantly exceeding the average economist’s prediction of 4.1%. This marks the first rise […]
Read MoreGeneral Greg Weaver 19 Apr
When it comes to mortgages, insurance is necessary to protect the lender on these types of loans, which deal in large sums of money. There are three different tiers relating to insurance, which all have different minimum down payment amounts and varying premium insurance fees. Insured mortgages typically have a less than 20% down payment and are […]
Read MoreGeneral Greg Weaver 18 Apr
Great News on the Inflation Front The Consumer Price Index (CPI) fell sharply in March to 4.3% year-over-year, continuing a pattern of repeated declines. Before we break out the champagne, however, much of the drop in inflation resulted from the steep monthly increase in prices in March one year ago (1.4% m/m), the so-called base-year […]
Read More