Bank of Canada Interest Rate Announcement
Posted on Jul 15, 2020 in Mortgage News
The Bank of Canada held its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. In addition, the Bank is continuing its quantitative easing program, committing to large-scale asset purchases of at least $5 billion per week of Government of Canada bonds along with continued purchases of provincial and corpor...CMHC Makes It More Difficult To Get An Insured Mortgage
Posted on Jun 05, 2020 in Mortgage News
Once again, the Canadian Mortgage and Housing Corporation (CMHC) is tightening the criteria to get a mortgage with less than a 20% down payment. Any potential home buyer with less than a 20% down payment must purchase default insurance on their loan and have a minimum down payment of 5%. CMHC is a federal Crown Corporation that provides such defaul...Vancouver Real Estate Statistics - April 2020
Posted on May 04, 2020 in Mortgage News
Home sales and listings down amid COVID-19, new tools and practices emerge to help buyers and sellers adaptWhile Metro Vancouver home sale and listing activity remains limited by the COVID-19 situation, REALTORS® across the region are fast adopting new tools and practices to help advise and serve their clients in a responsible way.
The Real Estate...
Is It Different This Time? Recessions and the BC Housing Market
Posted on Apr 20, 2020 in Mortgage News
Summary Findings:• The 2020 COVID-19 driven recession will be deep, though the duration may be shorter than past recessions
• We expect that home sales will post an initial sharp decline as households and the real estate sector adhere to social distancing
• As measures implemented to mitigate the spread of COVID-19 are gradually lifted, we expect tha...
Bank of Canada Interest Rate Announcement
Posted on Apr 15, 2020 in Mortgage News
The Bank of Canada maintained its overnight policy rate at 0.25 per cent this morning, a level it considers to be its effective lower bound. The Bank also announced additional new measures to support the Canadian financial system. In its statement, the bank noted that efforts necessary to contain the spread of COVID-19 have caused a sudden and deep...Canada’s Six Biggest Banks Take Decisive Action to Help Customers Impacted by COVID-19
Posted on Mar 18, 2020 in Mortgage News
Canada’s six largest banks today announced plans to provide financial relief to Canadians impacted by the economic consequences of COVID-19.Effective immediately, Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have made a commitment to work with personal and small business banking customers on a case-by-case...
