Mortgage Logic

Consumer Advice

BoC Today – Are we at an End of a Rising Bank Rate Cycle?

The Bank of Canada (BoC) has raised its Key Overnight Lending rate by 25 basis points, bringing it to 4.50%, and the Prime rate of interest to 6.7%. This is the BoC’s eighth consecutive rate hike and was anticipated by markets and many economists. Looking ahead, the Bank said it “expects to hold the policy …

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BoC Rate Increase Today but Signs of Rates Plateauing

The Bank of Canada today increased its target for the overnight rate to 4¼% impacting the Prime rate at major FI’s to increase to 6.45%.  The Bank is also continuing its policy of quantitative tightening – releasing debt previously purchased from its balance sheet.  This rate increase caps off a year of rate increases not …

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Bank of Canada raises its Key Rate by 0.75% today

Today the Bank of Canada has increased its key overnight lending rate to 3.25%, a 0.75% increase.  Overall, this year the BoC has raised its key rate by 3.0% since March, rivaling the mid-1990s in rate increases.  Per the BoC: “The Governing Council remains resolute in its commitment to price stability and will continue to …

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Annual Surtax on High Value Houses…A Really Bad Idea for the Canadian Housing Market & Economy

Taxes have never achieved anything good for an Economy or a Society and certainly have never achieved the objective that they were originally dreamt up for.  They are punitive and negative and discourage raising the overall standard of living for all. A new report backed by Canada’s national housing agency is calling for a home …

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Beware the IRD Mortgage Penalty

IRD, a home owner’s most feared three letter acronym! Clients looking to refinance their existing mortgage to lower their rate or moving to a new property, run into this term every time, especially these days.  The size of an IRD (interest rate differential) penalty depends upon who you have your mortgage with, not just the interest rate …

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The Perfect Loan File

Mark Greene, Forbes When I was a kid, my father occasionally issued directives that I naturally thought were superfluous, and when asked why I needed to do whatever it was he wanted me to do, his answer was often: “Because I said so.” Accepting Documentation Requirements – Makes Life Easier! The media has it all …

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