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Posted by: Yen Chi (Frank) Feng
The Canadian economy weakened surprisingly more in the second quarter than the market and the Bank of Canada expected. Real GDP edged downward by a 0.2% annual rate in Q2. The consensus was looking for a 1.2% rise. The modest decline followed a downwardly revised 2.6% growth pace in Q1. (Originally, Q1 growth was […]
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When it comes to purchasing a home, most offers include conditions or subjects, which are requirements or criteria to be met before the sale can be finalized and the property is transferred. Some of the most common subjects include: Financing approval Home inspection Fire/home insurance protection Strata document review if appliable The purpose of these […]
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Home renovation shows have a remarkable ability to inspire, sparking creative ideas for transforming our living spaces. However, amidst the allure of these shows lies a notable caveat – they can be quite deceptive when it comes to the actual process of renovating. While these shows often tempt us to replicate the dazzling transformations we […]
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When traditional lenders (such as banks or credit unions) deny mortgage financing, it can be easy to feel discouraged. However, there is always an alternative option. The alternative options commonly include Alternative-A, B lenders, and private lenders. These lenders come in the following classifications: Alt-A Lenders consist of banks, trust companies, and monoline lenders. These […]
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The Consumer Price Index (CPI) rose 3.3% y/y in July, up from a 2.8% rise in June. The acceleration in headline inflation was widely expected due to a base-year effect on gasoline prices, as a sizeable monthly decline in July 2022 (-9.2%) no longer impacts the 12-month movement. Excluding gasoline, the CPI rose 4.1% from 4.0% in June. The mortgage interest […]
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A “guarantor” is someone who guarantees the mortgage on behalf of the mortgage holder in case the mortgage holder cannot pay back the loan payment. Typically, a guarantor is required when the buyer has a damaged or poor credit history OR lacks sufficient income to qualify for the loan. Adding a guarantor can help reduce […]
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The Canadian economy shed 6,400 jobs in July, far weaker than the 25,000 gain that was expected. The jobless rate was 5.5%, the third consecutive monthly rise. This likely improves the chances the Bank of Canada will remain on the sidelines in September. Wage inflation, however, re-accelerated, moving back to 5.0%. This, combined with […]
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When it comes to purchasing a home, most offers include conditions or subjects, which are requirements or criteria to be met before the sale can be finalized and the property is transferred. Some of the most common subjects include: Financing approval Home inspection Fire/home insurance protection Strata document review if applicable The purpose of these […]
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While not the only factor to consider when choosing a mortgage, interest rates continue to be one of the most prominent decision criteria for any mortgage product. Understanding how mortgage rates are determined and the differences between typical fixed-rate and variable-rate options can help you make the best decision to suit your needs. HOW RATES […]
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Most people who are thinking about a transfer or switch want to take advantage of a lower interest rate or to get a new mortgage product with terms that better suits their needs. Up for Renewal? If your mortgage is approaching renewal and you are considering a transfer or switch to an another lender – […]
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