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New Mortgage Rule Changes!

Mon, 16 Sep 2024 11:38:19 -0700

The federal government announced two new mortgage rule changes today in an effort to make is easier for people to buy homes. These new guidelines will come into effect on December 15th of this year.First, purchasers will now be able to buy homes up...

Interest Rate Update ~ September 2024

Fri, 06 Sep 2024 05:40:39 -0700

As widely speculated, the Bank of Canada lowered their overnight rate to 4.25% on Wednesday, and all of the retail banks dropped their Prime Rate to 6.45% in response. This is good news for Canadian borrowers as variable mortgage rates and home...

Bank of Canada Rate Drop - What it Means to You

Tue, 11 Jun 2024 10:25:16 -0700

The Bank of Canada lowered it’s Overnight Rate last week by .25%, which has lead the retail banks to drop their ‘Prime Rate’ to 6.95%. How does this affect you? If you are on an adjustable rate mortgage where your payments fluctuate with any...

Economic Update - April 2024

Thu, 11 Apr 2024 11:28:12 -0700

The Bank of Canada released their overnight interest rate decision earlier today and as expected, they have left it unchanged at 5.00%, which means that the majority of banks in Canada have their mortgage prime rate at 7.20%. The good news for...

Update ~ March 2024

Thu, 07 Mar 2024 07:15:12 -0800

Yesterday The Bank of Canada held the overnight rate (which affects variable rate mortgages) at the current level, but there are clear signals that the two-year run of higher interest rates is nearing its end. Inflation figures have been receding to...

Economic Update ~ March 2023

Wed, 08 Mar 2023 12:59:31 -0800

Today, the Bank of Canada followed through on their January promise to keep the Overnight Rate (and therefore the Prime Rate) unchanged for a period of time to give the last eight consecutive increases time to work their way through the economy. Most...

Economic Update ~ December 2022

Wed, 07 Dec 2022 10:10:30 -0800

It is no secret to anyone reading this: The Bank of Canada is acting far more aggressively than anyone expected. Several unpredictable issues are at play: the war in Ukraine, supply chain issues worldwide, and good old corporate greed. Back on...

Ontario Housing Market Update

Tue, 08 Nov 2022 09:10:27 -0800

Let me know if you would like me to send you the link for any other province. https://files.constantcontact.com/849ebb2e701/6a6f1a69-53ea-44af-bff0-fcbabea58d22.pdf �...

MORTGAGE UPDATE – JULY 14, 2022

Thu, 14 Jul 2022 10:29:01 -0700

As of 10AM EST on July 13th, the Bank of Canada has increased their Overnight Rate by 1.00% to 2.50%. As you know, your variable rate mortgage, line of credit and/or student loans are all based on the Prime Rate and therefore those payments will be...

Team Duggan News!

Wed, 15 Jun 2022 10:59:45 -0700

Team Duggan Mortgage Inc. is expanding! We are very pleased to announce that we havea new team member, William Duggan. Will completed the Mortgage Professionals Canada, Ontario Mortgage Agent course last summer and has recently received his...

The Top Five Misconceptions About Reverse Mortgages

Tue, 26 Apr 2022 13:04:03 -0700

We have received more and more inquiries about reverse mortgages over the past several months and we have been able to use this product in a number of ways to make some life changing improvements to the financial well being of a number of our clients...

2022 Federal Budget ~ Housing Affordability Improvements

Fri, 08 Apr 2022 13:28:10 -0700

I received an article from RBC Wealth Management that does a great job of explaining the 2022 Federal Budget and it’s measures to improve housing affordability. As always, please feel free to call or email at any time if you would like to discuss...

Interest Rate Update ~ March 2022

Mon, 07 Mar 2022 06:32:20 -0800

As predicted by almost everyone, the Bank of Canada raised their ‘overnight’ rate by .25% last week, which has led to all of the banks to increase their ‘prime’ rate to 2.70% from 2.45%. A variable rate mortgage of $350,000 with a 25 year...

Interest Rate Update ~ January 2022

Fri, 28 Jan 2022 08:27:41 -0800

The Bank of Canada announced this week that they will be leaving their key interest rate at .25%, meaning that the Bank Prime Rate remains 2.45% for now, but not for long. The Bank reiterated its position that the rate would need to go up soon from...

Interest Rate Update ~ December 2021

Thu, 09 Dec 2021 03:58:12 -0800

The Bank of Canada announced today that they are leaving the overnight rate, which influences the bank’s prime rate for variable rate mortgages, at its current level for now. However, with inflation increasing there is a strong possibility that the...

First Responder Mortgage Program

Tue, 29 Jun 2021 13:53:54 -0700

Please feel free to pass this along to all of your First Responder friends, family and colleagues who might benefit from our new program.As a valued First Responder, I wanted to personally say THANK YOU for all that you do to help Canadians in your...

What’s behind your mortgage rate

Tue, 09 Feb 2021 06:09:45 -0800

Click here to read more about what determines the interest rate on your mortgage—and why that rate can go up and down. #dollarsandsense #interestrates ...

The pandemic housing craze is fuelling another boom: reverse mortgages

Tue, 02 Feb 2021 04:56:28 -0800

With record low mortgage rates and increased levels of savings, our clients are using a reverse mortgage in 2 ways: To help their kids/grandkids purchase a home (gift for down payment)To help their kids purchase a rental property (they then split...

Always Ask an Expert!

Fri, 22 Jan 2021 06:19:07 -0800

Yesterday, our local newspaper, The Milton Champion, printed an article titled ‘Dangers of Your House Mortgage’ by Peter Watson. Having been in the mortgage industry for over 20 years I couldn’t help but read the piece.https://www...

Canadian Real Estate Update for 2021

Fri, 08 Jan 2021 10:30:17 -0800

Happy New Year! We hope everyone is keeping well and staying safe. We feel very privileged to have provided mortgage solutions to so many clients in such a challenging year and look forward to continuing to serve you in 2021.The link below has some...

Economic Update – November 2020: Interest Rates

Mon, 02 Nov 2020 05:36:26 -0800

Last week, the Bank of Canada left its overnight benchmark rate unchanged at what it describes as its “lower bound” of ¼ percent. As a result, the Bank Prime Rate remains at 2.45%.This decision was expected and is therefore not newsworthy. What...

Happy Thanksgiving!

Tue, 06 Oct 2020 13:23:51 -0700

My family and I would like to take this opportunity to wish everyone a very Happy Thanksgiving whatever that looks like for you this year. We are glad to have all of our boys home and safe during this crazy pandemic and will be celebrating with a...

Five Reasons Why Canadians Have Little Reason To Fear A Housing Crash

Wed, 23 Sep 2020 10:53:06 -0700

One of the questions I get asked the most is: ‘what is going to happen with the real estate market?’I’m an optimist at heart, so I have always tuned out the doomsday predictions that the market is going to crash hard at some point. Below is a...

Team Duggan Mortgage Update - September 10, 2020

Thu, 10 Sep 2020 08:14:06 -0700

***this is an update of an article I wrote several years ago that is now more relevant than ever due to the current interest rate environment. If you only have time to read a bit of it – skip down to the paragraph called ‘UNFAIR PENALTIES’.�...

Interest Rate Update - August 2020

Tue, 04 Aug 2020 17:46:58 -0700

We are now in the sixth month of the global COVID-19 pandemic, and while there are still so many uncertainties that lie ahead, one thing you do not need to worry about is rising interest rates.During March, the Bank of Canada slashed the overnight...

Team Duggan Mortgage Update - July 29, 2020

Thu, 30 Jul 2020 09:45:29 -0700

Click here for my latest update.