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Sep 15
Blog / Newsletter

Real People, Real Mortgages: Margot & George [Credit Solutions]

Real People, Real Mortgages: Margot & George [Credit Solutions]

George lost his job a month before Margot had their first baby. Turning to their bank, they were offered a lot of unsecured debt at high interest rates which they accepted in a panic. Over the next few months, with increasing living expenses for the baby, their credit began a downward spiral. When George finally returned to work, their credit was so low the same bank that had previously been so generous now wouldn’t even renew their mortgage. Continue reading →

Sep 10
Blog / Newsletter

Canadian Economic Limbo

Canadian Economic Limbo

Unsure what to make of the Canadian economy? Don’t worry, you’re not alone. 

Economists, bankers, politicians, even the venerable Bank of Canada (BoC) can’t agree where we stand at the moment. The BoC is stuck in a holding pattern hoping that the two rate cuts it delivered to the market this year will be enough to create some sustainable economic growth.

Yesterday the BoC decided to keep the Overnight rate as is. The Bank also released a statement discussing the major factors at play in the Canadian economy. Here are some highlights from a statement that really didn’t say much.
Continue reading →

Jul 15
Blog / Newsletter

Rates Have Dropped. Switch to a Variable Rate Now!

Rates Have Dropped. Switch to a Variable Rate Now!

How Much Will They Drop?

The Bank of Canada just dropped The Overnight Rate to 0.50%. Now it is up to Banks to decide whether or not they will decrease the Prime Lending Rate. Although every Bank in Canada is supposed to be making their own decision on this, they always seem to agree on the amount of a rate cut that we, the consumer, should receive. Look for the Banks to reduce the Prime rate by 0.10% leading to new and improved Variable rates below the 2% mark. Continue reading →

Jul 4
Blog / Newsletter

How Greece Will Affect Your Mortgage

How Greece Will Affect Your Mortgage

Picture Greece and Germany as two neighbours. They live on a leafy residential street in Toronto’s Beaches area. Germany has made some improvements to its home. They have high efficiency windows, rooftop solar panels, and a rain barrel. The German’s leave for work each day at 6am and don’t return until after dark. Despite this full schedule, they even managed to set up a neighbourhood committee with some of the other neighbours – something like the EU. Continue reading →

May 12
Newsletter

Summer Is Coming…And So Are Some More CMHC Rule Changes.

Summer Is Coming…And So Are Some More CMHC Rule Changes.

With extremely low interest rates and little likelihood of a rate hike anytime soon, we all knew that the Federal Government would be tinkering with mortgage insurance to stem the rising house prices in Canada. The latest round of rule changes scheduled to take place on or after June 30th, 2015 target Canadians who are buying homes with less than 20% down and who might not be able to prove their income. Continue reading →

Mar 21
Economy

How the Canadian Economy Could Affect Your Mortgage

How the Canadian Economy Could Affect Your Mortgage

The Canadian economy is slipping. In fact, we may see our first quarterly economic contraction since the second quarter of 2011. But before you stock up on canned beans, this isn’t all bad. It could mean that lower variable rates are on the horizon. It won’t happen immediately, but we doubt this is the lowest our variable rate mortgages will go (as long our Banks share the coming overnight rate discount with us.) Continue reading →

Jan 21
Newsletter

SURPRISE! The Bank of Canada Just Reduced the Prime Rate

SURPRISE! The Bank of Canada Just Reduced the Prime Rate

This is big news for a market that was not expecting a drop in the Prime Rate today.

As mentioned in our last newsletter the price of oil will have a dramatic impact on mortgage rates this year, and this is probably just the beginning.

This is obviously great news for Variable Rate Mortgage Holders. It could also be great news for Fixed Rate Mortgage holders, as long as they act quickly. Continue reading →

Dec 8
Newsletter

How The Price of Oil Should Keep Your Mortgage Variable!

oil field

The United States Economy seems to be coming back, big time. Over the past 5 years, the level of stimulus that has been applied to reinvigorate the American economy has been incredible.

We have seen:

  • Monetary Stimulus with incredibly low interest rates and massive Government Bond buying program which reached $85 Billion a month.
  • Fiscal Stimulus with increased Government spending on social welfare programs and infrastructure.

And now we are seeing a new form of Fiscal Stimulus. The Government of United States has used its muscle to increase the domestic production of oil to a level not matched by any country in the world.

America’s oil is its piggy bank. It has long been understood by the US Government that the United States has great reserves of oil, which can be unlocked with some technological advances and great sacrifice to the environment. The full environmental impact of unlocking this oil is still not understood. The economic impact, however, soon will be. Continue reading →

Apr 15
Newsletter

Is It Time to Switch Into a Lower Mortgage Rate?

Fixed Rate Mortgages are at all-time lows. Variable Rate Mortgages are proving to be the best product on the market yet again, and The Bank of Canada has all but committed itself to a Prime Rate of 3.0% for the indefinite future.

So, what does this mean for you?

We think you should break your mortgage. Well not everyone. Here are a few tips that will help you decide whether breaking your mortgage makes sense for you. Continue reading →

Apr 1
Info

MorCan Direct in the News

Marcus Tzaferis on CBC News Aug 15, 2013

 

Marcus dicusses interest rates on CP24

 

Marcus discusses the effects of the New Mortgage Rules on CP24

 

Marcus on CBC The National explaining the New Mortgage Rules

 

Phil Edwards Gives his reaction to Mortgage Rule Changes

 

Marcus Tzaferis discusses Mortgage rates drop on CBC: The National

 

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