Here's the latest on Monday's default insurance bombshell...
Here's the latest on Monday's default insurance bombshell...
The good news keeps rolling in. Let's start with Tuesday's CPI marvel. Defying virtually all expectations, inflation has ducked below the Bank of Canada's 2% target—roughly a year ahead of schedule. And while the media and StatsCan were busy celebrating 2%, the actual
The good news keeps rolling in.
Let's start with Tuesday's CPI marvel. Defying virtually all expectations, inflation has ducked below the Bank of Canada's 2% target—roughly a year ahead of schedule.
And while the media and StatsCan were busy celebrating 2%, the actual figure was even better at 1.95%. (Official inflation readings are rounded.)
So, about that shelter inflation problem... The federal government must have figured home prices weren't going up fast enough because the real estate fairy just left a trio of stimulative policy changes under home buyers' pillows.
So, about that shelter inflation problem...
The federal government must have figured home prices weren't going up fast enough because the real estate fairy just left a trio of stimulative policy changes under home buyers' pillows.
How competitive is it out there in Mortgage Land? It's so competitive that lenders are now offering cashback to retain renewals. "I have never seen a cashback on a renewal," says veteran broker Jim Tourloukis. "But this is [happening now at] a broker lender. They
How competitive is it out there in Mortgage Land?
It's so competitive that lenders are now offering cashback to retain renewals.
"I have never seen a cashback on a renewal," says veteran broker Jim Tourloukis. "But this is [happening now at] a broker lender. They offered the client a lower rate plus $3,000 cash on a $420,000 renewal on the day of closing!" (His emphasis.)
Tourloukis, who does hundreds of mortgages a year and coaches brokers, says mortgage brokers can, and must, counter these programs.
🆕NEW: The Amortization Simulator now automatically updates Bank of Canada rate change dates when you change the closing date. Here's a 90-second video of how it works: link. There hasn't been this much buzz before a U.S. policy easing cycle since 1981. Virtually this entire
There hasn't been this much buzz before a U.S. policy easing cycle since 1981.
Virtually this entire year, economists have played the guessing game on when in 2024 the Fed would cut. That's led borrowers down a long road of anticipation.
Now, we're almost on the eve of it. And it's hard to overstate the significance of the Fed giving the all-clear sign for inflation—particularly the significance for Canadian mortgage rates.
