Mortgage News

Bank of Canada Interest Rate Announcement

Posted on Apr 13, 2022 in Mortgage News

The Bank of Canada raised its overnight policy rate by 0.5 per cent to 1 per cent. This was the first rate increase of more than 0.25 per cent since May 2000. The Bank will also begin so called "quantitative tightening" , meaning it will be shrinking its balance sheet over time, reversing the expansion that occurred in response to the pandemic. In...

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Bank of Canada Interest Rate Announcement

Posted on Mar 02, 2022 in Mortgage News

As widely expected, the Bank of Canada raised its overnight policy rate this morning to 0.5 per cent, an increase of 25 basis points. In the statement accompanying the decision the Bank noted that the invasion of Ukraine by Russia has added a major new source of uncertainty to the global economy, and it expects the fallout to include upward pressur...

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7 Steps for Vancouver Mortgage Prep & Pre-Approval

Posted on Nov 08, 2021 in Mortgage News

Mortgage Approval and Rates in VancouverStep 1 - Your Credit Score

Whether you qualify for a mortgage through a bank, credit union or other financial institution, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down payment of 20% or more, then a score of 680 is not requ...

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5 Mortgage Approval Roadblocks You Should Know About

Posted on Sep 11, 2021 in Mortgage News

Vancouver Real Estate - Mortgage ApprovalWhen buying a home, there is nothing worse than having your mortgage broker or lawyer call and say “there is a problem”. If you have found your dream home and negotiated a fair price, and you have supplied all the documentation to your broker, you probably assume everything is fine.

The reality is that your financing approval is based on the informa...

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Bank of Canada Interest Rate Announcement

Posted on Sep 10, 2021 in Mortgage News

Bank of Canada Interest Rate Announcement - September 2021The Bank of Canada maintained its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls "extraordinary forward guidance" in committing to leaving the overnight rate at 0.25 per cent until slack in the economy is absorbed and inflation sustainably returns to its 2 per cent tar...

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Bank of Canada - Interest Rate Announcement

Posted on Jun 09, 2021 in Mortgage News

Bank of Canada Interest Rate Announcement June 2021The Bank of Canada maintained its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls "extraordinary forward guidance" in committing to leaving the overnight rate at 0.25 per cent until slack in the economy is absorbed and inflation sustainably returns to its 2 per cent tar...

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