VIDEO: Mortgage Update and Social Distancing
We are now over a month into Social Distancing across most of the world. It will likely last a few more months. It has wreaked havoc on our mental health. It has caused a large number of layoffs, or reduced hours of work for others. The uncertainty is crushing!...
VIDEO: Canadian Mortgage Rates and COVID-19
Mortgage Rates continue to be in a state of flux with COVID-19. Here is my latest (March 27, 2020) explanation of what has been happening.
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.
Fixed Rates on the Rise Despite Covid-19 Scare
The Bank of Canada announced an unplanned change to their overnight rate to take effect Monday March 16, a cut of an additional 50 basis points just 9 days after the Bank had already cut the overnight rate by 50 basis points. In under two weeks the overnight rate will...