Greg Weaver, Mortgage Agent with Dominion Lending Centres
90 Reynolds Street Oakville, ON, Canada

The Bank of Canada made its interest rate decision today and the news is positive. The Bank is keeping its overnight rate at 0.25% and as a result, the cost to borrow will remain extraordinarily low for homebuyers. The Bank of Canada suggested that economic activity is bouncing back faster than it had anticipated in July. In particular, the BoC noted that household spending rebounded sharply over the summer, with stronger-than-expected housing activity largely reflecting pent-up demand.

Congratulations to all those nominated and the winners of the 2020 Canadian Mortgage Awards. A special shout out to my Broker Scott Westlake, who won Canadian Mortgage Broker of The Year. I'm so proud to be part of the Westlake Team!

Pandemic triggers a red-hot summer housing market, boosted by record-low interest rates. Several factors, in addition to low-interest rates, have contributed to the housing market surge. Having spent so many months working from home, many people are looking for more space. With a significant number of businesses announcing that remote working will be the new normal, buyers are moving to more suburban locations where their dollars buy more space. This has been reflected in the slowdown in the condo market. This is not just a Canadian phenomenon but is evident in the US and parts of Europe as well. But it's not all good news. The CMHC continues to project that house prices will fall later this year. Let's hope they're wrong.

Check out our August newsletter. This month we include some great information on what you need to know before you sell your home, 5 house-hunting mistakes to avoid, and how to purchase a vacation property.

Thinking about buying your dream home? With mortgage rates at historic lows, now is the time to Get Approved and get this rate!