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Brent Richardson
Principal Mortgage Broker, Certified Financial Planner (CFP®), President of Altrua Financial Inc.
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BoC rate cut sentiment for June is diverging into two camps:
(1) The market is now indicating a 74% likelihood for a June cut, while
(2) Tiff and Co, and some top economists are indicating more time is needed
Who's right? The market, the economists or neither?
In the mortgage industry we definitely see ultra diligence from banks, with multiple application scrubs/background checks even after 100% financing confirmed
If a bank is not comfortable with an application at any point, they will drop it like its hot
The penalty is for five violations during a review between March 2022 and March 2023: Fintrac
www.advisor.caTiff Macklem, in testimony to the Senate Banking Committee yesterday said:
"We are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained"
This probably means no June cut
Canadian manufacturing continues to suffer in April... not a big surprise, unfortunately...
Yet another flick at the BoC to cut rates this summer
Canadian manufacturing activity slowed in April, extending a lengthy period of contraction for the sector, as output and new orders fell at an...
ca.finance.yahoo.com
Fixed mortgage rate spreads (lender profits) are much smaller than variable rate spreads these days
This leaves more room for VRM 'prime minus' lender discounting, as we recently see with TD Bank slashing their VRM to 6.19% (p-1.01) for an uninsured rate
Src: ...@MtgLogicNews
I sold my rentals last year.
I was expecting a big tax bill due to the capital gains.
But I ended up with a $4,500 refund.
How?
Partially because of the +1 in the calculation of the principal residence exemption (PRE):
👇
Canadian GDP per capita has shrunk for 7 quarters or almost 2 years. This puts downward pressure on mortgage rates.
After a temporary uptick in January, GDP growth in Canada continues to slow in Feb and March resulting in a 7th consecutive Quarterly per-capita decline
That's almost 2 years of negative growth in Canada!
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