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About Mortgage LogicFinding the right mortgage for your circumstances is important to us. As Accredited Mortgage Professionals (AMP) we offer the highest level of integrity, customer service and industry knowledge.
- Today the Bank of Canada has announced that it will leave their Key (overnight lending) rate alone at 0.5%. The BoC has also changed their growth projections for the Canadian economy. The last time that the BoC changed the Key overnight rate was July 15, 2015. The US economy continues to regain momentum, the same can't be said for the Canadian economy. The Canadian economy is dragging primarily due to: lower exports and an aging population. The BoC predicts Canada's real… Read More
- The Office of the Superintendent of Financial Institutions (OSFI) issued a letter this morning to all federally regulated financial institutions (FRFI). The letter expresses concern about the rising levels of household debt in Canada and serves to remind FRFIs of their obligations under Guidelines B-20 and B-21 to assess and underwrite mortgage loans and mortgage insurance in a prudent manner. The letter states: Given the current economic environment in Canada, with record levels of household indebtedness and growing risks and vulnerabilities in… Read More
- The Bank of Canada (BoC) today announced that it will be doing nothing with their key overnight lending rate, thus leaving the Prime lending rate at major FI's the same. The Prime lending rate will remain at 2.7% which is the base rate for virtually all variable/floating or adjustable rate lending in Canada. WIld new things are happening in the world economy: Oil prices remain lower Interest rates have turned negative in Europe & Japan There is a chronic shortage of demand for goods… Read More