The Bank of Canada (BoC) has been telling us that it needs to increase rates. The frequency and amplification of their message has been steadily rising. As their message becomes louder, the market begins to make its own noise.
(I will be using Trump book titles throughout this newsletter.)
The USA has negotiated a new trade agreement with Canada and Mexico. It’s called the USMCA and for starters here are 5 points that we can take away from this agreement as Canadians.
The Bank of Canada (BoC) is probably going to increase the overnight rate by 0.25% on Wednesday. This will mean Variable Rate Mortgages will get a little bit more expensive.
Actions taken by the Canadian Banks and the Canadian Government will make renewing your mortgage more costly than ever before. Homeowners looking to access the equity in their homes will discover that new underwriting guidelines now limit their ability to borrow regardless of how much equity they have in their homes.
Today’s newsletter will focus on four factors that will make shopping at mortgage renewal time harder than before and what we can do to help.
Consumer watchdog is suggesting there are serious problems with the way Canadian Banks are misleading their clients. At MorCan Direct, our watchdog continues to be pleased with our 5 star customer rating with over 100 reviews. The MorCan Direct watchdog is however still terrified of cats.
Canada’s unemployment rate has fallen to its lowest level in over 40 years. In December 78,600 jobs were created. As a result every Canadian Bank is predicting the Bank of Canada will increase the overnight lending rate by 0.25% on January 17th, 2018. This means we will likely be starting the year off with an increase in our Variable Rate Mortgage payments.
