Blog

What You Need to Know About the ’emergency’ Bank of Canada Rate Cut

Bank of Canada cuts overnight rate by an additional 0.50%.   By this point we all know the headlines and understand the implications both personal and abroad caused by the spread of Covid-19.  I fully support the measures and appreciate the seriousness and importance of slowing the spread of the virus especially to the ...

Reverse Mortgages a Brief Introduction

Reverse mortgages are an increasingly common solution used by an aging Canadian population. It’s designed to allow homeowners to stay in their homes indefinitely as long as they are alive and residing in the property.   First a personal story about my parents and reverse mortgages. My parents sacrificed a lot for my brothers ...

6 Things to Know About the Mortgage Stress Test in 2020

After years of lobbying the government for more reasonable and relaxed stress testing for mortgages the real estate and mortgage industry has succeeded to affect some change. Announced on February 18th 2020 the Ministry of Finance has outlined their plan to relax mortgage qualification rules helping Canadians qualify for a little more mortgage. The ...

Real Talk About Lender Fees and Broker Fees for a Private Mortgage

I’m so appalled and disappointed. I received an email today from a borrower looking to secure a private second mortgage to the tune of about $150,000 to consolidate some debts and tax arrears that had accumulated. She shared with me a commitment letter which included $15,000 in fees split between the broker and lender. ...

January 2020 Bank of Canada Interest Rate Decision

Today was the first monetary policy meeting of the Bank of Canada in 2020. As was widely expected, the BoC opted to hold its key interest rate at 1.75 per cent. Keeping it unchanged for a 10th-straight meeting and leaving Canada with the highest rate among advanced economies. Canada charting its own course While the global ...

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