Welcome to the first edition of First-time Buyer Friday! In this new section of the blog, I’ll chat about a different topic each week that is specifically important to first time buyers in the Victoria and Sooke marketplace. I’ve been working with a lot of first-time buyers lately, so I am getting a lot ofContinue reading “First-Time Buyer Fridays! – New Feature on the 642Blog”
Tag Archives: mortgage
Bank Of Canada Cuts Interest Rate to 0.5% At March 2009 Meeting
UPDATE: CLICK FOR THE APRIL 21st, 2009 INTEREST RATE ANNOUNCEMENT This morning at its March 3, 2009 meeting, the Bank of Canada cut its key overnight lending rate (the rate at which it lends funds to chartered banks) another half-percent to 0.5%, continuing the trend of historic low rates in an effort to stimulate theContinue reading “Bank Of Canada Cuts Interest Rate to 0.5% At March 2009 Meeting”
The Crisis Of Credit Visualized
Below is an excellent video (RSS and e-mail Readers may need to click through to view it) outlining how the global economic downturn got started with the credit crisis in the U.S. If you’ve heard the term sub-prime and aren’t exactly sure what that’s all about, this video does a great job explaining it. BearContinue reading “The Crisis Of Credit Visualized”
Bank of Canada Cuts Interest Rate To Lowest Rate In History At January Meeting
Hello Google Searchers! A post about the March 3, 2009 announcement can be found here! This morning, the Bank of Canada lowered its key overnight lending rate (the rate at which it lends funds to Canada’s commercial banks) to 1%, slashing it a further 0.5% and taking to 3.5% the total amount shaved off theContinue reading “Bank of Canada Cuts Interest Rate To Lowest Rate In History At January Meeting”
Bank of Canada Slashes Interest Rates In December 2008 Meeting
UPDATE JAN 20, 2009: Click Here In an effort to provide economic stimulus, the Bank of Canada has lowered its key overnight interest rate by 3/4 of a percent to 1.5% in its meeting today. Since the Canadian economy has been effectively hung out to dry by the political three-ring circus in Ottawa, I’m notContinue reading “Bank of Canada Slashes Interest Rates In December 2008 Meeting”
CMHC Says No More 40-Year Mortgages In Canada
Tightening of restrictions also eliminates zero-down-payment mortgages. Yesterday, the Canada Mortgage and Housing Corporation (CMHC) announced that it was pulling the plug on 40-year amortization periods for mortgages, stating that it will no longer provide its government-backed insurance for these products. Consumers will also have to come up with minimum 5 per cent down paymentContinue reading “CMHC Says No More 40-Year Mortgages In Canada”
Bank Of Canada Holds Fast on Interest Rate – June 10th, 2008
Update: December 9th, 2008 Rate Announcement The Bank of Canada surprised most economists in this country by this morning declaring that they would not change the key overnight rate from its current 3%. This is the rate that is used to lend funds to financial institutions across the nation, who in turn lend funds toContinue reading “Bank Of Canada Holds Fast on Interest Rate – June 10th, 2008”
Bank Of Canada Slashes Key Interest Rate by 0.5%
UPDATE: JUNE 10 INTEREST RATE ANNOUNCEMENT POSTED HERE April 22nd, 2008 In keeping with its mandate to keep inflation in Canada at the 2% target, the Bank of Canada today announced that it was lowering its overnight lending rate by 50 basis points (one-half per cent) to 3%. Citing deepening economic woes in the U.S.,Continue reading “Bank Of Canada Slashes Key Interest Rate by 0.5%”
Canadian Homeowners Quick To Pay Off Their Mortgages
According to the CMHC in a recent survey, Canadians reported that they were eager to pay off their mortgages as quickly as possible. Not exactly breaking news – who in their right mind would want to be indebted to a bank longer than absolutely necessary? Why am I blogging about it then? Despite the duh-factorContinue reading “Canadian Homeowners Quick To Pay Off Their Mortgages”
Bank Of Canada Cuts Interest Rate – Mar 4, 2008
UPDATE: APR 22, 2008 RATE ANNOUNCEMENT Key rate cut by 1/2 per cent Citing deepening woes in the U.S. economy that could further affect the Canadian and world economies, the Bank of Canada has slashed its key overnight lending rate by one-half per cent to 3 1/2 per cent. The Bank says that further economicContinue reading “Bank Of Canada Cuts Interest Rate – Mar 4, 2008”