28 Oct

More and More Canadians are utilizing Mortgage Brokers!

General

Posted by: Rabinder Dhillon

The percentage of Canadians using mortgage brokers to buy their homes has increased significantly, according to a report released today.
 
The Deloitte report, Winning Strategies in the Brokered Mortgage Marketplace, said that in the 1990s mortgage brokers numbered in the hundreds and were a last resort for borrowers unable to obtain a mortgage directly from a bank or credit union.
 
“Over the last decade, an increasing number of viable options for borrowers have surfaced,” said the report. “In addition to branch-based lenders, borrowers can now consult with the banks’ own mobile mortgage specialists as well as independent brokers – while also conducting their own research online.
 
“In this changing and information-abundant environment, the mortgage brokerage channel has emerged as a legitimate competitor.”

Click here to read the full article in the Calgary Herald

19 Oct

Bank of Canada Maintains Prime at 3.0%

General

Posted by: Rabinder Dhillon


OTTAWA – The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economic recovery is entering a new phase. In advanced economies, temporary factors supporting growth in 2010 – such as the inventory cycle and pent-up demand – have largely run their course and fiscal stimulus will shift to fiscal consolidation over the projection horizon. While the Bank expects that private demand in advanced economies will become sufficiently entrenched to sustain the recovery, the combination of difficult labour market dynamics and ongoing deleveraging in many advanced economies is expected to moderate the pace of growth relative to prior expectations. These factors will contribute to a weaker-than-projected recovery in the United States in particular. Growth in emerging-market economies is expected to ease to a more sustainable pace as fiscal and monetary policies are tightened. Heightened tensions in currency markets and related risks associated with global imbalances could result in a more protracted and difficult global recovery.

Click here to read the full Bank of Canada press release