Tuesday, July 20, 2010
Bank Of Canada Increases Overnight Lending Rate
The BOC increased the overnight lending rate by a 1/4% to .75%. You can expect Bank Prime to follow and go to 2.75% which will have everyone with a variable rate mortgage or line of credit paying more. The BOC made some comments suggesting that they expect the economy to slow which will slow the rate at which they inrease the rate further. September 8th is the next meeting so uless there is some really strong indicators for July and August it is unlikely they will need to raise rates in September. Talk to me Paul Mangion, a Toronto Mortgage Broker or click to read the press release. 416-204-0156
Thursday, July 8, 2010
The US fear of a Double Dip recession and What this could mean for Toronto Mortgage Rates
US Fears of a Double Dip recession are slowly becoming a reality. Based on Data released on Housing, Employment, construction and manufacturing it is becoming quite clear that things will more likely get worse before they get better with the world’s largest economy facing a huge uphill battle.
One of the main indicators is housing sales which had a 30% month over month decline which happens to be the largest on record. US Unemployment numbers spiked month over month as well so the employment market will remain under stress for some time.
The recovery we thought we had was not accompanied with job growth which is needed for long term growth. A jobless recovery is not practical or likely and the stimulus spending has done nothing more than create a short term recovery. With western governments preparing to tighten their spending and reduce deficits the economy has a chance to remain stagnant, but more than likely will decline.
What does all this mean for Canada, a country that has done relatively well during this crisis and subsequent recession. Well history can tell us that Canada is usually one to two years behind the US since most of our exports go to the US. If this assumption is true then Canada has not really hit the bottom yet. So further economic declines will keep inflation low with a period of deflation possible. Giving the Bank of Canada no reason to raise Toronto mortgage rates in the short term with very modest increases possible in the foreseeable future.
Read More...
One of the main indicators is housing sales which had a 30% month over month decline which happens to be the largest on record. US Unemployment numbers spiked month over month as well so the employment market will remain under stress for some time.
The recovery we thought we had was not accompanied with job growth which is needed for long term growth. A jobless recovery is not practical or likely and the stimulus spending has done nothing more than create a short term recovery. With western governments preparing to tighten their spending and reduce deficits the economy has a chance to remain stagnant, but more than likely will decline.
What does all this mean for Canada, a country that has done relatively well during this crisis and subsequent recession. Well history can tell us that Canada is usually one to two years behind the US since most of our exports go to the US. If this assumption is true then Canada has not really hit the bottom yet. So further economic declines will keep inflation low with a period of deflation possible. Giving the Bank of Canada no reason to raise Toronto mortgage rates in the short term with very modest increases possible in the foreseeable future.
Read More...
Monday, July 5, 2010
Why use a Mortgage Broker in Toronto
Whether you’re in the market for a new house or a first time home buyer, you’ll want to be sure you receive the very best mortgage rates, and terms that meet your specific needs. If you’ve never used a mortgage broker in the Toronto area before, this is a great time to start! Of course not every mortgage broker will be experienced enough to help you meet your goals, so in Toronto be sure to visit Paul Mangion of The Mortgage Center at www.gtamortgagematters.com.
A good mortgage broker for real estate in Toronto will be more than just well qualified. It’s imperative when looking for a mortgage broker around Toronto, that you consider a few key points. Hiring a mortgage broker to help with financing your new home in Toronto requires a mortgage broker who has been working in the Greater Toronto Area and has established business contacts. You will likely want to have referrals to a lawyer and other services. Knowing you’re working with a mortgage broker who knows companies in the Toronto area that can help your home purchase go smoothly, will bring you peace of mind.
Additionally, you’ll want a mortgage broker in Toronto who really listens to the needs of their client. All too often, inexperienced brokers will fast track a buyer into a mortgage just to close the deal. This can leave the client frustrated since the terms may not be what they had wanted. A great mortgage broker in Toronto is one who will listen to you, share with you the options that meet your requirements and will take the time to thoroughly explain what each option means in ways you can understand. Hiring a mortgage broker anywhere in Toronto who does not spend the necessary time making sure your needs are heard and met, can be disastrous.
At The Mortgage Center, you’ll meet Paul Mangion, a mortgage broker who served the Toronto area, and who has both the expertise and the people-skills to get the job done well. You can be assured that you have not only hired someone who has your best interests at heart, but also knows the mortgage industry inside and out. You’ll also be assured that the mortgage broker you hire for your house purchase in Toronto will be well connected with the other services you’ll need to make your purchase a smooth one. Visit Paul Mangion of The Mortgage Center, at www.gtamortgagematter.com today, and hire a great mortgage broker in Toronto to assist you with financing your new home.
Paul Mangion.
http://www.paulmangion.com/
A good mortgage broker for real estate in Toronto will be more than just well qualified. It’s imperative when looking for a mortgage broker around Toronto, that you consider a few key points. Hiring a mortgage broker to help with financing your new home in Toronto requires a mortgage broker who has been working in the Greater Toronto Area and has established business contacts. You will likely want to have referrals to a lawyer and other services. Knowing you’re working with a mortgage broker who knows companies in the Toronto area that can help your home purchase go smoothly, will bring you peace of mind.
Additionally, you’ll want a mortgage broker in Toronto who really listens to the needs of their client. All too often, inexperienced brokers will fast track a buyer into a mortgage just to close the deal. This can leave the client frustrated since the terms may not be what they had wanted. A great mortgage broker in Toronto is one who will listen to you, share with you the options that meet your requirements and will take the time to thoroughly explain what each option means in ways you can understand. Hiring a mortgage broker anywhere in Toronto who does not spend the necessary time making sure your needs are heard and met, can be disastrous.
At The Mortgage Center, you’ll meet Paul Mangion, a mortgage broker who served the Toronto area, and who has both the expertise and the people-skills to get the job done well. You can be assured that you have not only hired someone who has your best interests at heart, but also knows the mortgage industry inside and out. You’ll also be assured that the mortgage broker you hire for your house purchase in Toronto will be well connected with the other services you’ll need to make your purchase a smooth one. Visit Paul Mangion of The Mortgage Center, at www.gtamortgagematter.com today, and hire a great mortgage broker in Toronto to assist you with financing your new home.
Paul Mangion.
http://www.paulmangion.com/
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