Why Are Mortgage Rates Rising?

General Simon Wong 31 Mar

Why Are Mortgage Rates Rising? Over the past month, the Bank of Canada has lowered its overnight rate by a whopping 1.5 percentage points to a mere 0.25%. Many people expected mortgage rates to fall equivalently. The banks have reduced prime rates by the full 150 basis points (bps). But, since the second Bank of […]

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Bank of Canada Moves to Restore “Financial Market Functionality”

General Simon Wong 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 economy […]

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Extraordinary Coordinated Policy Actions To Ease the Economic Impact of Pandemic In Canada

General Simon Wong 13 Mar

Extraordinary Coordinated Policy Actions To Ease the Economic Impact of Pandemic In Canada Prime Minister Justin Trudeau said Canada would introduce a “significant” fiscal stimulus package, as part of a coordinated effort with other Group of Seven countries to counter the virus-driven global economic slowdown and calm markets. In an exceptional press conference held at 2 […]

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Coronavirus Anxiety and The Canadian Housing Market

General Simon Wong 29 Feb

 Virus Anxiety Hits Canada As though things weren’t volatile enough, a new wave of virus terror is wreaking havoc on global financial markets. The novel conronavirus, COVID-19, continues to spread causing panic in worldwide stock and bond markets for the seventh day. Share prices have plummetted in Asia, Europe, the U.S. and Canada. The sell-off […]

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Morneau Eases Stress Test On Insured Mortgages

General Simon Wong 18 Feb

Minister Morneau Announces New Benchmark Rate for Qualifying For Insured Mortgages 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 Government of Canada has introduced measures to […]

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Bank of Canada holds interest rate, but cuts growth forecasts as economy’s engine loses momentum

General Simon Wong 22 Jan

Bank of Canada holds interest rate, but cuts growth forecasts as economy’s engine loses momentum Kevin Carmichael: The significantly weaker short-term forecast could prompt an interest rate cut if current conditions persist Stephen Poloz, governor of the Bank of Canada, and Carolyn Wilkins, senior deputy governor at the Bank of Canada, listen during a press […]

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General Simon Wong 20 Jan

What $2,000 A Month For Rent Will Get You Across Metro Vancouver (PHOTOS) What is your money worth around Vancouver? 💸 If you want to live downtown, you might feel like all your money is going towards a tiny shoebox. Meanwhile, if you are willing to sacrifice the location, you can get more bang for […]

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Weak New Listings Slow Canadian Home Sales as Prices Continue to Rise

General Simon Wong 15 Jan

  Sellers Housing Market  Now in the Greater Toronto Area (GTA) Statistics released today by the Canadian Real Estate Association (CREA) show that national existing-home sales dipped between November and December owing to a dearth of new listings, especially in the GTA. National home sales edged down 0.9% in the final month of 2019, ending […]

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