Latest CAAMP Stats Released

Latest CAAMP Stats Released

  Bank of Canada Interest Rate March 5, 2014 1.00% April 16, 2014 1.00% June 4, 2014 Next meeting date Source: Bank of Canada Bank Prime Lending Rate March 6, 2014 3.00% April 17, 2014 3.00% June 5, 2014 Next meeting date Source: Bank of Canada Conventional...

BoC Update: Unchanged

The Bank of Canada announced yesterday no rate increase to the overnight rate. This is the 29th consecutive meeting with no change. This means stable variable mortgage rates and Line of Credit rates for Canadian consumers. Some quick facts: Today’s overnight...

CMHC Changes by the Mortgage Numbers

If you haven’t heard yet CMHC announced some changes to the mortgage default insurance premiums they will be charging for insured mortgages. Just to clarify, any property purchased with less than 20% down payment requires mortgage insurance. Rather than just state...
Breaking: CMHC Premium Increase

Breaking: CMHC Premium Increase

Effective May 1, 2014 CMHC has increased their insurance premiums across the board. This is the first increase since the late ’90s. The increases are as follows: – up to and including 95% will go from 2.75% to 3.15% – up to and including 90% will go...
First Time Buyer Exemption Increased

First Time Buyer Exemption Increased

The BC Government has announced that effective February 19, 2014 the Property Transfer Tax for First Time Buyers has increased to $475,000 from $425,000. The new threshold will allow a partial exemption between $475,000-$500,000. The government estimates this change...

Bank of Canada Announcement – No Change to Overnight Rate

No Change to the Bank’s Overnight Rate   The Bank of Canada has maintained the overnight rate of 1%. This leaves Prime rate at 3%. For those of you in a mortgage product based on prime you will not see any adjustments to your rate or payments. Some key...