News

Update on Bank of Canada’s Interest Rate Decision

Last week, the Bank of Canada made its second interest rate decision. The bank held its overnight lending rate, which was largely expected. This is great news for buyers looking to invest in a new home or an investment property. “Bank of Canada will hold current level of policy rate

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What to Expect During the Mortgage Loan Process

You may have heard of Canada’s First-Time Home Buyer Incentive, but did you know that only 2,000 Canadians received it since it was launched? Most opted out of this incentive because it was not an attractive offer for new homebuyers. Instead of taking the incentive, many went through the traditional

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Record-low interest rates on mortgages from Bank of Canada

Canada’s economy had strong momentum through late 2020. However, the increase of COVID-19 cases and the reintroduction of lockdowns caused a serious setback for many. Unemployment has increased nationally, and workers in the service industry have been hit the hardest, due to the latest lockdown measures. So, to help keep

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Last Interest Rate Decision of 2020

2020 has been one of the most active for the Bank of Canada. The Bank of Canada made it’s 10th and final interest rate decision of the year this month. The overnight rate was unchanged, after being reduced three times early in the pandemic, in March. This is good news

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CMHC Criteria Changes

The COVID-19 pandemic is affecting all sectors of Canada’s economy, including housing. Job losses, business closures and a drop in immigration are adversely impacting Canada’s housing markets, and CMHC foresees a 9% to 18% decrease in house prices over the next 12 months. In order to protect future home buyers and

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COVID-19 Alternative Closing Service for Refinances

Dear clients looking to refinance, Please see below for a summary of FCT’s update on their closing service arrangements amidst the COVID19 Pandemic. They have arranged for alternatives to signing in person to support self isolation during this period. This service only applies to clients looking to refinance using FCT

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COVID-19 Government Benefits and How to get them

The federal government this past week announced a variety of tax measures to help Canadians facing hardship as a result of the COVID-19 outbreak. Here’s a quick summary of the major tax changes affecting individuals. TAX PAYMENT AND FILING DEADLINE You now have until June 1, 2020, to file your

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