VIDEO: COVID-19 and Mortgage Rates

Two weeks ago the Bank of Canada lowered it’s overnight rate by a half percent. This was the largest single day drop since 2008. Just over a week later on Friday the 13th, they did it again in an unscheduled rate announcement.

The major banks didn’t immediately follow suit, but as of today we have seen the banks pass along the full half percent rate drop again.

New and Improved Stress Test!

New and Improved Stress Test!

The Department of Finance announced Tuesday changes to the mortgage stress test. “The new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%.” This change is specific to insured...
Signs Alberta Economy Headed to Recovery

Signs Alberta Economy Headed to Recovery

If you’re like most Albertans you’ve probably been feeling pretty pessimistic about our economy for the last few years. Thousands of people in the oil field have lost their jobs, the cost of gas has been attached to a yo-yo, and small business owners have...
Global Uncertainty On the Horizon

Global Uncertainty On the Horizon

In May it was pretty certain that the Bank of Canada would not be making any changes to the overnight rate any time soon and the same remains true this month after their recent announcement. In fact, economists are projecting that it may be 2021 before we see rates...