General Iko Maurovski 1 Apr
Despite concerns surrounding overheated activity, a Canadian housing crash is unlikely unless there’s a spike in mortgage rates or a significant tightening of housing policy, according to a new report by Oxford Economics. A housing bubble might be forming due to a pandemic-driven shift in buyer preferences, steadily depleting supply, and record-low mortgage rates, but this […]
Read MoreLatest News Iko Maurovski 14 Oct
The September Labour Force Survey, released this morning by Statistics Canada, reflects labour market conditions during the week of September 13 to 19, six months after the onset of the COVID-19 economic shutdown. As Canadian families adapted to new back-to-school routines at the beginning of September, public health restrictions had been substantially eased across the country, and […]
Read MoreLatest News Iko Maurovski 2 Sep
Canadian real GDP plunged 11.5% in the second quarter, or -38.7% at an annualized rate, the worst quarterly decline on record (see chart below). This followed an 8.2% plunge in Q1. The worst of the contraction occurred early in the quarter as the lockdown in March and April wreaked havoc on activity. Since then, […]
Read MoreLatest News Iko Maurovski 15 Apr
Data released this morning from the Canadian Real Estate Association (CREA) showed national home sales fell 14.3% on a month-over-month (m-o-m) basis in March, the first national indication of the early impact of social isolation. The economic disruption and massive layoffs caused both buyers and sellers to increasingly retreat to the sidelines over the second […]
Read MoreLatest News Iko Maurovski 1 Apr
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 Canada rate cut on March […]
Read MoreLatest News Iko Maurovski 28 Jan
This is great news and sounds exactly like what I have been hearing from other sources. It is also consistent with Evan Siddall leaving CMHC and it reduces the power of the banks that set the posted rate and keep it excessively above contract rates. MPC Pres & CEO Paul Taylor was at C.D. Howe […]
Read MoreGeneral Iko Maurovski 15 May
Spring has arrived and we’re starting to get a better sense of the real estate market in Canada this year. Sales and listings have been on the decline, but we’re still seeing small price increases in parts of the country. This isn’t a huge surprise since sales are typically slow during the winter so we […]
Read MoreGeneral Iko Maurovski 10 May
To tap into your home’s equity, it all starts with refinancing your home. If you own a home, the equity you have built up in it is one of the most valuable assets you have available to you. It is also much more accessible than taking out a large loan. In many cases, home equity […]
Read MoreGeneral Iko Maurovski 12 Apr
Under the home buyers’ plan, a participant and his or her spouse or common- law partner is allowed to withdraw up to $35,000 from his or her RRSP to buy a home. Before 1999, only the first- time home buyers are permitted to buy a home under this plan. Now a person can take an […]
Read MoreMortgage Tips Iko Maurovski 1 Mar
Transfer/Switches are when you opt to transfer your mortgage to a new lender in order to take advantage of a lower rate. A transfer/switch does not include additional money to the existing mortgage balance owing, your mortgage amount will remain the same, however lenders will allow you to increase the mortgage up to $3,000 to […]
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