Karen Lemieux
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Phone: +1 613-304-1500
Website: www.karenlemieux.com
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There is a strong possibility that the US will raise rates in December which could cause downward pressure on the Canadian dollar (nice windfall if you have investments denominated in US funds, not so great if you are travelling or are a snowbird). Interesting comment about Canada being in a prolonged low rate environment.
I am not sure what changes will come in terms of qualification requirements, but it is more important than ever that clients have credit, income and down payment sources reviewed and approved prior to starting to look for their home.
I don't normally post rates on Facebook but 2.49% for an insured mortgage (less than 20% down payment now or at the time of purchase if a renewal) is a very generous, Irish kind of deal. If you are purchasing, or have a mortgage maturing within the next 90 days give me a shout as that rate is good as long as the mortgage funds no more than 90 days from application.
The Central bank has released its latest rate decision. The Bank of Canada said Wednesday it will maintain its target for the overnight rate at %. The global economy is progressing largely as the Bank anticipated in its January Monetary Policy Report. Financial market volatility, reflecting heightened concerns about economic momentum, appears to be abating, the bank said in a release. Although downside risks remain, the Bank still expects global growth to strengthen this ...year and next. Recent data indicate that the U.S. expansion remains broadly on track. At the same time, the low level of oil prices will continue to dampen growth in Canada and other energy-producing countries. The BoC also noted recent rebounds in oil and other commodities. Coupled with slight appreciation for the loonie, the central bank said economic conditions are evolving as assumed in its January policy report. Canada’s GDP growth in the fourth quarter was not as weak as expected, but the near-term outlook for the economy remains broadly the same as in January, the bank said. National employment has held up despite job losses in resource-intensive regions, and household spending continues to underpin domestic demand. Non-energy exports are gathering momentum, particularly in sectors that are sensitive to exchange rate movements. However, overall business investment remains very weak due to retrenchment in the resource sector. Overall, the bank said risks are balanced. The Bank’s Governing Council judges that the overall balance of risks remains within the zone for which the current stance of monetary policy is appropriate, and the target for the overnight rate remains at 1/2 per cent, the BoC said.
The Bank of Canada has left it's overnight lending rate at 1/2% which means that prime will not move. I have attached an article providing some context to the decision The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Inflation in Canada is evolving broadly as expected. Total CPI inflation remains near the bottom of the Bank’s target ...Continue reading
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