News

15 Jul 2015

Bank of Canada Cuts Rates 25 bps…Canadian Dollar Plunges

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Bank of Canada cut its overnight rate target by 25 basis points to an historically low 0.5 percent today. The loonie immediately plunged to 77.5 cents U.S., down a full cent. The disparity between monetary policy in Canada and the U.S. is especially evident today as Janet Yellen, Chair of the Fed, is testifying Read More

14 Jul 2015

Renovation Financing

Posted by: Pam Pikkert

Dominion Lending Centres - Accredited Mortgage Professional

So you have found a great house.  The neighborhood is wonderful.  Mature trees, lower property taxes, schools within walking distance and easy access to a variety of amenities.  But the house is, how do I put it, retro at best.  You wonder how you will tolerate the bright pink carpets and the vast array of energy Read More

13 Jul 2015

Your Mortgage Penalty Was How Much??

Posted by: Daniel Lewczuk

Dominion Lending Centres - Accredited Mortgage Professional

Someone recently asked if I could describe the various penalties associated with breaking a mortgage prior to the maturity date. Generally speaking, lenders usually use a 3 month interest penalty, or an Interest Rate Differential penalty (IRD). The penalty for breaking a fixed rate mortgage is usually the greater of 3 months interest, or the Read More

10 Jul 2015

Canadian Jobs Data Weak As Expected

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Economists had expected a weak employment report for June on the heels of the larger-than-expected gain in May. Canadian employment fell by 6,400 last month as the biggest decline in part-time work in more than four years dwarfed gains in full-time positions. The unemployment rate remained at 6.8 percent for the fifth month in a Read More

10 Jul 2015

Navigating Mortgage Insurance

Posted by: Alim Charania

Dominion Lending Centres - Accredited Mortgage Professional

There are various types of insurance you may be required to purchase or greatly consider when establishing your first mortgage agreement. Here are the four main types you may encounter. 1. MORTGAGE DEFAULT INSURANCE Mortgage default insurance is usually for those who put down less than 20% of the purchase price on a new home.  Read More

9 Jul 2015

Vancouver Real Estate – How I learned to stop worrying and Love the Bubble. Part 2

Posted by: Dustan Woodhouse

Dominion Lending Centres - Accredited Mortgage Professional

Are Vancouver real estate values sustainable? Short Version Yes. Easily. Long Version No doubt that question may seem laughable to some. The thing is, depending upon one’s age, this questions has seemed laughable to many since the 80s, 90s, etc. Perhaps the question worth asking is not ‘what if insert negative thing here happens’, but Read More

8 Jul 2015

Are First Time Home Buyers a Risky Bunch?

Posted by: Michael Hallett

Dominion Lending Centres - Accredited Mortgage Professional

  Not really. Actually not at all. According to the most recent Genworth survey, first time home buyers are “financially fit, well informed and eager to get into their first homes.”  Taking it a step further… “The survey shows that today’s first-time home buyers have their eyes wide open, their hands firmly on their pocketbook Read More

7 Jul 2015

Greece Grabs Headlines But China Is Far More Important

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

  China has more than 120 times the population of Greece and is the second largest economy in the world, dominating demand for natural resources. Oil prices have fallen sharply once again in recent weeks, driving the Canadian dollar down sharply yesterday. Adding to the loonie’s rout was the news that business spending plans for nonresidential construction, Read More

6 Jul 2015

New vs Old Condo Purchase

Posted by: Kris Grasty

Dominion Lending Centres - Accredited Mortgage Professional

Weighing the Pros and Cons of Buying a New vs Old Condo The desire to own something new is always there however in the Vancouver market (and all throughout Canada) there are often some great older homes and condos that are renovated with lots of character. The debate on purchasing New vs Old is often Read More

3 Jul 2015

Which repayment option should you choose?

Posted by: Michelle Gosal-Campbell

Dominion Lending Centres - Accredited Mortgage Professional

You’ve been approved for your mortgage and now you have yet another choice – how often do you want to make your mortgage payments? Your mortgage broker has advised you that your options are monthly, semi-monthly, bi-weekly and accelerated bi-weekly. We are all familiar with monthly payments but what do these other options mean? What’s Read More

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