Hot off the Press after Bank of Canada meeting! First Formal Remarks By Tiff Macklem, Bank of Canada Governor There were no surprises this morning from Governor Macklem’s virtual presentation to the Canadian Clubs of Canada. His opening written statement was quite brief and it was followed up with a Q and A. Here are the key […]

Excellent perspective Dr Cooper!   Opening Statement Before the House of Commons Standing Committee on Finance None of us has any experience in dealing with a medical emergency that has become an economic crisis, and none of us knows how long this will last or how the end game will play out. I think we all […]

Some more GOOD NEWS!  Thank you Dr Cooper 🙂   CANADIAN HOME SALES AND NEW LISTINGS RECOVER ONE-THIRD OF PANDEMIC LOSS IN MAY Record Gains in Canadian Home Sales and Listings in May There was good news today on the housing front. Home sales surged by a record 56.9% in May from April’s unprecedented collapse. […]

This is a relief!   Last week – CMHC announced changes to their approval criteria that reduced a Home Buyers buying power by 12-15%. Other changes eliminated some buyers all together … as the minimum credit score requirement increased.   Today – Genworth (an alternative to CMHC) announced it WILL NOT make any changes to […]

I LOVE positive information!  Thank you Dr Cooper 🙂   More Green Shoots–Employment Rebounds 10.6% in May  The doomsayers have been proven wrong by this employment report and by the high-frequency data that have been pointing to the start of a rebound in Canada’s economic activity. We have been signalling green shoots in the economy […]

RULE UPDATE   HUGE CHANGE COMING FOR BUYERS ….. CMHC has made the below change effective July 1, 2020 .. if you or someone you know is buying with less than 20% down … this will reduce the amount you can borrow.  The average impact will be a 14-15% REDUCTION in maximum purchase price!   […]

Thank you Dr Cooper …. happy to hear some “positive” info for a change 🙂   On the heels of a devastating decline in the Canadian economy, the Bank of Canada suggested today that the worst of the pandemic’s negative impact on the global economy is behind us, conceding, however, that uncertainty remains high. The […]

Bank of Canada maintains target for the overnight rate, scales back some market operations as financial conditions improve FOR IMMEDIATE RELEASE Media Relations 613-782-8782 Ottawa, Ontario June 3, 2020 Available as: PDF The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is […]

Thank you for the insight Dr Cooper.  I personally appreciate her positive view on CMHC’s most recent press release as its does appear the market is bouncing back and that the initial “drops” are not as significant as originally expected …. still drops just the same, but we are a strong and resilient bunch!   […]

Great to see how one of our preferred lenders is managing the new World that COVID19 has presented, keep up the great work First National!   View this email in your browser First National and you: a progress report on what we accomplished together in Q1 As you know, it’s been almost two months since […]