Canada’s economy may prove surprisingly resilient in its recovery following the COVID-19 lockdown, according to Bank of Canada Governor Stephen Poloz. In his final press conference before stepping down as BoC Governor next month, Poloz said, “I’m relatively optimistic…compared with what the talk is.” His more positive assessment comes just
While Canadian lenders stepped forward with unprecedented measures to assist those affected by the COVID-19 pandemic, there were still some homeowners unable to make their mortgage payments over the past month.
Nearly 600,000 Canadians have so far taken advantage of some form of mortgage deferral assistance due to the COVID-19 crisis, according to the Canadian Bankers Association (CBA). With the average mortgage payment amounting to $1,326, this has freed up roughly $778 million per month, according to the Canada Mortgage and Housing Corporation.
Mortgage refinancing in Canada is the latest domino to topple in the wake of the COVID-19 pandemic’s impact on our economy.
In a recent panel discussion series hosted by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders provided updates on how COVID-19 has impacted their operations and shaped their outlook.
I saw a great meme this week. It said, “For years, I thought my housework wasn’t getting done because I didn’t have the time. Turns out, that wasn’t the problem.”
It’s official, Canada’s prime rate will fall to 2.45% following the Bank of Canada’s emergency rate cut on Friday.
Banks and other mortgage lenders have been frantically raising rates since last week due to liquidity concerns and heightened credit risk. The increases continued over the weekend and are expected to persist throughout the week.
Bank of Canada Governor Stephen Poloz attempted to ease concerns yesterday that lower interest rates will further stoke overheated housing markets.
East Coast Mortgage Brokers is Atlantic Canada’s premier mortgage company. Founded in 2010, we work with Canada’s top lenders to ensure our clients get the best deal for their mortgage.
