Alan Wiggins

Mortgage and Current Financial Information

If your like most buyers, a home is the most expensive purchase you will ever make, and you will probably need some form of financing.

Securing pre-approval on financing is the first and most important step you should take when contemplating buying a property.  It will cost you nothing but some time to have a Mortgage professional review your situation and advise what they can do for you.  You are then aware of what price range you should look in and how a purchase will fit into your budget. 

I would be pleased to supply you with a list of Mortgage Brokers you may wish to choose from.  They are not tied to specific companies' products, so have access to the best possible financing for your specific situation. 

..................................

 

Bank of Canada Interest Rate Decision - September 4, 2019

 

 

The Bank of Canada left its target for the overnight rate unchanged at 1.75 per cent this morning. In the statement accompanying the decision the Bank noted escalated trade tensions between the US and China has resulted in weakened  business investment, lower commodity prices and heightened global risk.  While the Canadian economy posted strong growth in the second quarter of this year, the Bank attributes that growth to temporary factors unlikely to be repeated in the back half of the year. Overall, the Bank judges that the economy is operating close to its potential and inflation is in line with its target.  However, rising uncertainty in the global economy is impacting economic growth and further escalation may require additional monetary stimulus.

While the Bank of Canada, as expected, opted to not follow other central banks in lowering its policy rate, it has left the door open to lowering rates should developments in the global economy warrant doing so. Currently, economic conditions in Canada do not require further stimulus, and policymakers remain weary of re-igniting a build-up in household debt particularly after imposing policies designed to bring those debt burdens down.  We expect the  Bank will therefore remain on hold as long as current economic risk does not reach a tipping point, such as an impending recession in the United States.  As the uncertain global outlook keeps bond yields down, Canadian mortgage rates should stay near their current sub-3 per cent level for some time.

...............................................  

Bank of Canada Interest Rate Decision - September 4, 2013

The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 1 per cent. In its accompanying statement, the Bank highlighted that an uncertain global economy is delaying an expected rotation of growth in Canada toward exports and investment. This means that the burden of economic growth will remain on households at a time when most households are deleveraging and looking to slow consumption. All of this adds up to a Canadian economy that will grow below trend in 2013, likely at a rate of around 1.5 per cent.  Below trend growth will translate to continued subdued inflation, which the Bank anticipates will return slowly to its 2 per cent target in 2014. As for the Bank's tightening bias, language around the withdrawal of monetary stimulus has been significantly moderated. The Bank anticipates a gradual normalization of policy interest rates as conditions for inflation, growth and household debt normalize.

Rising long-term Canadian interest rates, along with somewhat soft economic growth through the first half of 2013, have taken some urgency out of future monetary policy tightening. In particular, higher long-term rates will further slow growth in household debt via higher mortgage and other key lending rates which will allow the Bank to push increases in its overnight out to late 2014 or early 2015.

  

Bank of Canada Interest Rate Decision - September 4, 2013

The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 1 per cent. In its accompanying statement, the Bank highlighted that an uncertain global economy is delaying an expected rotation of growth in Canada toward exports and investment. This means that the burden of economic growth will remain on households at a time when most households are deleveraging and looking to slow consumption. All of this adds up to a Canadian economy that will grow below trend in 2013, likely at a rate of around 1.5 per cent.  Below trend growth will translate to continued subdued inflation, which the Bank anticipates will return slowly to its 2 per cent target in 2014. As for the Bank's tightening bias, language around the withdrawal of monetary stimulus has been significantly moderated. The Bank anticipates a gradual normalization of policy interest rates as conditions for inflation, growth and household debt normalize.

Rising long-term Canadian interest rates, along with somewhat soft economic growth through the first half of 2013, have taken some urgency out of future monetary policy tightening. In particular, higher long-term rates will further slow growth in household debt via higher mortgage and other key lending rates which will allow the Bank to push increases in its overnight out to late 2014 or early 2015.

 

Mortgage Calculator

 

Homes for Sale Victria          Victoria Real Estate          Homes for Sale in Vctoria          Homes for Sale Victoria BC

Victoria Buyers Agent          selling residential property in Victoria BC          sidney residential listings consultant          Victoria Property Finder