30 Jun

Grateful & Proud to be Canadian

General

Posted by: Allison Schop

What a year to be thankful to be a Canadian!

I want to thank you for your on going support. It has been a tremendous 1st half of the year and I am so grateful to help so many people with their financing.

Mortgage rates are rock bottom right now and expected to stay low for some time.

A rate update with one of my premium lenders:

Variable from 1.99%

Fixed from 2.24%

A few updates in the industry…

*CMHCs changes created a lot of short lived panic in the mortgage industry as they announced a three week timeframe before tighten mortgage qualifying rules even more for applicant’s looking to buy a home with less than 20% down payment. Fortunately Canada’s two other default insurer’s; Canada Guarantee and Genworth are not change their underwriting rules, so pressure is off.

*We are grateful to see a rebounding housing market, with homes selling with multiple offers and over asking price (as 2020 was expected to produce before COVID struck). In fact just at the end of May, CMHC predicted home values would not return to pre-pandemic levels until 2022! Seller and home owners wanting to access equity & lower their mortgage rates are taking advantage of these stable home values.

*Dr. Sherry Cooper is DLC’s Chief Economist she highlighted the commendable job Canadian policymakers have done to reduce the negative economic impact from the shut down, compared to the U.S. who prematurely opened resulting in the surge of COVID cases.  Here is her short article is anyone is interested. https://dominionlending.ca/news/chief-economist/canadian-gdp-plunges-in-april-with-modest-uptick-in-may/

Grateful & Proud to be Canadian