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  #1291  
Old 2018-10-24, 04:15 PM
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xdarrylx xdarrylx is offline
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Originally Posted by MortgageGuy View Post
So up we go again.... Bank of Canada has again raised their Benchmark interest rate...
https://business.financialpost.com/n...zpMch3mCCy5ooc

It will immediately affect variable rate mortgages and Lines of Credit. Watch for the banks to follow...
Dan
@$(%^*@&$

This sucks. Enough already!
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  #1292  
Old 2018-10-24, 08:45 PM
New Orleans New Orleans is offline
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@$(%^*@&$

This sucks. Enough already!
Poloz said today he expected rates to get to a more normal rate that is 1.5 to 2% higher than the rate of today. He also said he expected it to happen quickly from here. It may be going up at a fast rate over the winter.

Buckle up. Cheap money days appear to be over.
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  #1293  
Old 2018-10-25, 08:57 AM
JCC JCC is offline
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Poloz said today he expected rates to get to a more normal rate that is 1.5 to 2% higher than the rate of today. He also said he expected it to happen quickly from here. It may be going up at a fast rate over the winter.

Buckle up. Cheap money days appear to be over.
The assumption is that the rate will increase every 6 weeks, with a break over Winter. by March, the rate will be 2.25%.

Since the Board meets every 6 weeks to discuss the overnight rate, it'll likely go up after that in either April or May (I believe their march meeting is around the middle of the month)... so new builders, lock in your rates if you can!

Edit: Again, this is all dependent on everything staying status quo. If our economy weakens, there are job losses, or if people start being unable to afford their mortgage or loans, it'll flat line or drop again. In an election year, anything is possible.
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  #1294  
Old 2018-10-25, 10:29 AM
New Orleans New Orleans is offline
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The assumption is that the rate will increase every 6 weeks, with a break over Winter. by March, the rate will be 2.25%.

Since the Board meets every 6 weeks to discuss the overnight rate, it'll likely go up after that in either April or May (I believe their march meeting is around the middle of the month)... so new builders, lock in your rates if you can!

Edit: Again, this is all dependent on everything staying status quo. If our economy weakens, there are job losses, or if people start being unable to afford their mortgage or loans, it'll flat line or drop again. In an election year, anything is possible.
Yep... this was the line that struck me the most.

The Bank of Canada’s statement was more hawkish than the one it published last September. The central bank not only raised
interest rates (which was expected by markets), but it also dropped its reference to “gradual” rate hikes. That could mean a more
aggressive path to monetary tightening than what was expected previously.


The election point is a good one. Everything tends to slow to a crawl around election time.
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  #1295  
Old 2018-10-25, 10:37 AM
JCC JCC is offline
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Yep... this was the line that struck me the most.

The Bank of Canada’s statement was more hawkish than the one it published last September. The central bank not only raised
interest rates (which was expected by markets), but it also dropped its reference to “gradual” rate hikes. That could mean a more
aggressive path to monetary tightening than what was expected previously.


The election point is a good one. Everything tends to slow to a crawl around election time.
There was another line - that the BoC is being more hawkish around this than any other central bank. Interesting times.

Either way - grateful that my 120 days is around March - meaning that we may be able to lock in our rate before the increase from 2.0% to 2.25%.
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  #1296  
Old 2018-10-26, 09:12 AM
Sarah2012 Sarah2012 is offline
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Financial Post has a nice article on the rate increase...

"Poloz, who took over as the governor of Canada’s central bank in 2014, has talked wistfully about returning interest rates to a level that economists associate with normal, a place where the cost of money is neither stimulating expansion nor curbing growth. The central bank estimates that “neutral” interest rate — which Poloz has characterized as “home” — is something between 2.5 per cent and 3.5 per cent."

https://business.financialpost.com/n...t-rate-to-1-75
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  #1297  
Old 2018-11-06, 04:38 PM
MortgageGuy MortgageGuy is offline
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Default mortgage rates...Nov 6th

Well looks like I missed a lot of back and fourth on the variables I learned along time ago that none of us can predict the future, only take the best educated advise we can find from the internet or elsewhere and make decisions with it. Sometimes we may find in the future that those best made plans turn out for the better or not. That's life.
A lot still has a lot to do with luck, as we can't control anything that goes on around us. So for those trying to decide fixed or variable, collect the best advise you can and make a decision.
I have always been a fixed rate conservative fellow, and don't regret the decisions I have made in the past(whether variable or fixed as I have done both). I think we all have to do the same. Sometimes we win sometimes we don't.
***For those of you out there who are sitting in variable rates, and are worried about payments and budgeting, remember that a variable rate mortgage always gives you the opportunity to lock in to a fixed rate at anytime without penalty. Set a 5 yr fixed rate line in the sand that you can afford, and if variable rates are rising and you see the fixed rate hit that line, lock in. Better to accept if a decision went wrong, and lock into a rate that you know your budget can afford, than to put you financial life into jeopardy.
Remember this for the future if you are in a variable rate mortgage.***

Regarding best rates, 5 yr fixed high ratio just increased to 3.39% with Meridian and next lowest is 3.55% with Alterna(these are insured rates). Most banks are at 5 yr fixed of 3.69% or higher.
Feel free to call anytime if questions.
Dan
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  #1298  
Old 2018-11-28, 11:03 AM
MortgageGuy MortgageGuy is offline
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Default A reminder about Wills!

I know its almost that time of year again(I don't want to say the name because its to early for me to talk about it!), and though it's supposed to be cheery, I ran across this article that is important to all of us. I KNOW there must be a lot of people that don't have an up to date will, or a will at all.
This Globe article hits on the head the importance of having one, and reminding us that its NOT only the rich who need one, its all of us.
I can happily say that after years of procrastinating about updating my own, I finally got it done a few months back.
Also remember to update your beneficiaries on life insurance policies if there is a need for change. My own experience, realized two months ago that I had my EX wife as the beneficiary still on my life insurance. Imagine if I had kicked off! Anyhow, see a great article below...
https://www.theglobeandmail.com/inve...ithout-a-will/
I will have an update on mortgage rates shortly...
Have a great day!
Dan
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  #1299  
Old 2018-12-07, 04:25 PM
MortgageGuy MortgageGuy is offline
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Default Info on Bank of Canada rate...

For those of you interested in professional feedback on the Bank of Canada Rate changes(lack of this week), I have put below the note received from a TD Bank Economist... the good news hopefully a pause for now...see below...

TD Economics
Data Release: A hold, probably a pause
• The Bank of Canada kept its overnight rate unchanged at 1.75%. The decision met both market and economists' expectations. The statement released alongside the decision struck a dovish note.
• One of the biggest stories since the Bank's October rate hike is the pricing challenges facing Western Canadian oil producers, and the recent announcement of mandatory production curtailments. Soft commodity prices had already been expected to dampen investment and exports in the Bank's last communique, but recent moves are seen as making the outlook for the sector "materially weaker"
• Beyond the energy sector, the Bank also sees softening momentum coming out of the third quarter, and historic revisions from Statistics Canada suggest that 'there may be additional room for non-inflationary growth'. Conversely, tax changes and capacity constraints are still expected to support non-energy investment, and credit/housing markets are seen as stabilizing.
• On the inflation front, the data seems to be meeting expectations, as core measures continue to track two per cent, and headline inflation is expected to ease on the back of lower gasoline prices.
• The statement again discussed rates getting to 'neutral', but with the important change that the policy rate needs to rise to a neutral range – rather than to a neutral stance as discussed in October. This small language tweak suggests more flexibility around the end-point for the tightening cycle, and reinforces the dovish tone that permeates the statement more generally.
Key Implications
• The Bank of Canada's statement this morning brings to mind that famous (apocryphal) Keynes quote: "When events change, I change my mind". The last six weeks have delivered quite a few 'events', and so it should come as no surprise that the tone of the monetary policy communications has taken a more dovish tilt.
• Indeed, there is little to dispute in the Bank's characterization of developments and the outlook. As discussed in yesterday's Market Insight, recent events aren't likely to push the Bank off of a tightening path, but they do remove any urgency in getting to a neutral policy rate. We no longer expect the Bank of Canada to hike its policy interest rate in January. Spring 2019 now appears to be the more likely timing, allowing for the Bank to ensure that the growth narrative is back on track.
• To be sure, while everything points to a January hike being off the table, the path thereafter is less clear, and a 491 word statement does not give much to work with. With all the moving parts in the Canadian economy at present, tomorrow's speech by Bank of Canada Governor Poloz (with Q+A session and press conference) will carry even more importance than normal.

Dan
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Ottawa-Carleton Mortgage Inc.
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"Great Mortgage Rates"

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  #1300  
Old 2019-01-09, 02:50 PM
MortgageGuy MortgageGuy is offline
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Default Mortgage Rate Update... Bank of Canada rate...Jan 9

I'm back... Happy New Year Everyone!
So the Bank of Canada Rate announced today to stay the course with no rate change. Great news for everyone.
https://www.cbc.ca/news/business/ban...sion-1.4971176
There has been little movement in mortgage rates since mid Dec, rates are very stable at this point.
As a summary for the year to come, I just want to mention that I will continue to give unbiased information, and mortgage rate updates. I am NOT paid to be here, just enjoy all your company I DO deal with MOST lenders, so the rates I will post are the best I know of. I do NOT ever recommend taking mortgages that have restrictive clauses, so the rates I post will be rates from lenders that are reputable and I have dealt with for the last 20 plus years. If I post a rate with a restrictive clause, I will tell you that. I also do NOT recommend mortgages that are registered as collateral. T.D., National Bank, and Tangerine register EVERY mortgage they do as collateral. There is a place and need for collateral mortgages, but I only use them when necessary. Remember the old saying "let the buyer beware", it also applies in the mortgage industry. Do your research, no one takes care of you better than you.

I'm here to provide answers to your mortgage related questions, I am not a financial advisor, though I have been around the block a few times.
Often your questions are also the questions of others, so please feel free to post them, I will do my best to answer all of them in a timely fashion. You may even find it of interest to look back through this post. I have been writing on it for a few years now, so there is likely lots of answered questions already here.

If you are wanting me to answer specific "personal" mortgage related questions, remember that this forum is NOT the place to write it. It is always better to email me directly with your personal stuff, and keep it off the forum. Certainly feel free to ask a question here , just don't any put any personal financial information here. You can reach me directly at
dan@mortgagemoney.ca

I have been a licenced mortgage broker in Ontario since 1989, and so yes I do earn a living arranging mortgages. If you qualify normally, there is never is a fee for my service, the lenders pay me. You can find a little about me here...
http://mortgagemoney.ca/about/

My complete mortgage rates can always be found here...
http://mortgagemoney.ca/best-mortgage-rates/

All the best to everyone for the New Year, and I look forward to writing you all again on a weekly basis.
Dan
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Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

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Off 613-563-5070
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