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Brent Richardson
Principal Mortgage Broker, Certified Financial Planner (CFP®), President of Altrua Financial Inc.
- Over 16 years of industry experience with 1800+ mortgages personally approved: Get a fast 1 day approval, increase your approval limit, lower your payment and rate. Get better mortgage options and approval results.
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- Certified Financial Planner (CFP®) credential: A unique tool set to help you reduce interest costs, save on income tax and build wealth faster.
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Tiff Macklem, in testimony to the Senate Banking Committee yesterday said:
"We are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained"
This probably means no June cut
Canadian manufacturing continues to suffer in April... not a big surprise, unfortunately...
Yet another flick at the BoC to cut rates this summer
Canadian manufacturing activity slowed in April, extending a lengthy period of contraction for the sector, as output and new orders fell at an...
ca.finance.yahoo.com
Fixed mortgage rate spreads (lender profits) are much smaller than variable rate spreads these days
This leaves more room for VRM 'prime minus' lender discounting, as we recently see with TD Bank slashing their VRM to 6.19% (p-1.01) for an uninsured rate
Src: ...@MtgLogicNews
I sold my rentals last year.
I was expecting a big tax bill due to the capital gains.
But I ended up with a $4,500 refund.
How?
Partially because of the +1 in the calculation of the principal residence exemption (PRE):
👇
Canadian GDP per capita has shrunk for 7 quarters or almost 2 years. This puts downward pressure on mortgage rates.
After a temporary uptick in January, GDP growth in Canada continues to slow in Feb and March resulting in a 7th consecutive Quarterly per-capita decline
That's almost 2 years of negative growth in Canada!
Recently had some clients reach out asking if they should break their ~2.5% fixed mortgage rates, with 1-2 years left in the term, to lock in to todays ~ 5% rates
The answer probably NO but it indicates todays mentality/sentiment towards mortgage rates/ real estate
Too busy locking in fixed rate mortgage renewals to post much (37+ lock-ins in the last week)…
But just an FYI last time 5 YR Bond yields were 3.80%, most 3 YR fixed rates were closer to 5.75%
4.84% 3 yr renewal still available for many
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