John Sinnott Mortgage
1986A Avenue Rd Toronto, ON, Canada

Doesn’t take long for things to bounce back in the Toronto Real Estate Market!! That’s for sure. Interest rates are historically low and home prices had taken a little pause from constant increases year after year .... if you’re in the market, don’t get caught sitting on the fence while this opportunity passes you by.

Oil prices plunge and bond yields are at record lows as the markets are in turmoil due to the Coronavirus. It is very likely we will soon witness the cheapest mortgage rates in Canadian history. I think this goes without saying, but feel free to call our office at John Sinnott Mortgage, Tel#416-399-2365 at any time. We would be more than happy to help you with all your mortgage financing needs. Purchases, Renewals, Refinances, Equity Take-Outs, Consolidations as well as Commercial Financing. We can do it all and we are here to help you!

We saw that coming..... Bank of Canada made a big rate cut announcement today. 50 basis points in the overnight bank rate lowering it to 1.25% from 1.75%. We should see major banks and mortgage lenders pass this on to consumers with lower Prime rates which in turn will lower Variable Rate and Home Equity Line of Credit pricing. Currently prime is 3.95% and should be reduced to 3.45% now.... NOTE - fixed mortgage rates are derived from Bond Yields not prime so this doesn't directly impact fixed mortgage rate.. However, the bond market is also down, so hopefully we can see some reduction in Fixed mortgage rates as well. For all your financing needs, please give us at a call John Sinnott Mortgage Tel#416-399-2365

Not earth shattering news but a move in the right direction for home buyers. This change in policy will see a reduction in the benchmark rate which is used for qualifying buyers for mortgage financing (think stress test rate - reduced). At the current time... this rate is 5.14%. This policy change would that rate reduced to 4.74%. This change will be implemented as of April 6th.

I believe this is the biggest problem we face in the housing industry. Its not the financing.... its the supply. Our demand exceeds the supply. Its that simple. Coupled with low interest rates which are expected to remain so this year... I would think we will have a very strong sellers market in 2020 with escalating price points once again.

For those who are interested in the details... Here is an article that helps explain why mortgage interest rates are increasing during these times, even after the Bank of Canada had reduced the the overnight key lending bank rates (which is what you hear in the news).

The Bank of Canada has just reduced the overnight lending rate from 0.75% to 0.25%. This is big news. This will again affect the major banks Prime lending rate that banks offer which is currently 2.95% and should go down to 2.45% if they follow suit. NOTE - this will not change fixed mortgage rates which continue to rise as the bank faces liquidity issues which increases their cost of funds.

Another big announcement in the mortgage world as Big Banks in Canada come to the table to allow Canadians to defer their mortgage payments for up to 6 months amidst this COVID-19 Pandemic. I worked at a big bank for 10+ years an have personal experience with this exactly. I know how the system works. So if you want to talk and want to understand this option exactly and how it will affect you.... I would be more than happy to have that conversation with you before you walk into your bank. Call our office at John Sinnott Mortgage Tel#416-399-2365. We are always here to help you!

BREAKING NEWS: Coronavirus leads Bank of Canada to make second emergency interest rate cut of another 50 basis points.

In 2018, I landed in the top 10% of Brokers. In 2019... top 5%. I could not achieve this without the support of all my amazing business partners, assistant, team members and most important ... my wonderful clients. At this point in my career, I have the luxury of many repeat clients and referrals and its such a pleasure. The relationships with everyone mentioned above is what matters most.... THANK YOU!!! I look forward to another great year in 2020, making memories and dreams come true at John Sinnott Mortgage.