Mark Carney and Bank of Canada (BoC) has once again elected to leave the key interest rate untouched. The central bank has kept this rate, at 1.00 per cent since September of 2010.

 

The central bank announced the Canadian economy continues to expand, but that housing activity is starting to decline and exports remain weak.  Ultra-low mortgage interest rates artificially inflate long-term affordability and incentivize consumers to borrow money. Unfortunately, Canadians have been taking on household debt to a record 163 per cent debt-to-income ratio. This has caused the Bank of Canada governor to label it as the greatest domestic threat to the economy.

 

Still, the bank said growth will average 2.2 per cent this year, one-tenth more than it had projected in July.

 

 

The next BoC rate meeting is December 4, 2012.

NOTE: while my official website shows a 5 year fixed rate of 3.04%, my brokerage has been able to negotiate a rate of 2.94%  O.A. C. 

Contact me for up to the minute rates. 

my website 

 

My first promotional video

 Everyone these days does video. This is my attempt at doing one. The message is simple. With all the changes to mortgage rules , rates going up and down every day or two, you need a mortgage professional more than ever to help you get the best financing for your particular situation.
 Contact me via my website

Only 2 weeks left to get a Cashback Mortgage

   October 31st is the deadline for getting a cash back mortgage that you can use the proceeds for your down payment. After October 31st, cash backs will be available but you will receive them after possession and can use them for buying drapes , new appliances etc. 
      What do you need to qualify for this type of mortgage? You need a good steady job, very good credit, and you have to be buying a nice property.
      What are the terms of this type of a mortgage? They are the same as a regular mortgage, the difference is that you pay the bank posted rate of 5.24% for the first five years and then get 5.5% back that you can use for a down payment or for other expenses you may have. 
   There is only one lender offering this and they do not deal directly with the public in western Canada. You can only get this deal through a mortgage broker.
Contact me if you want more information on this and to see if this is a product that would be good for you.
David Cooke
Dominion Lending Centres Westcor
Calgary, AB

 WEBSITE
    

Expo 67 and my Career Choice

     45 years ago , on October 29th, Expo 67 closed it's doors for the last time. It is generally accepted that Expo 67 was the most successful worlds fair of the 20th Century. On the third day it was open over 560,000 people went through the turnstiles.
     I was only 10 years old at the time. All our friends and family descended on our home that summer to stay with us and visit Expo. I went over 70 times that summer and fall. At times, I was sent with the visitors to show them around. I knew exactly where to park, how much it cost, where to get the Expo Express train and which pavilions to see first.I enjoyed the look on their faces when they saw the dome of the US pavilion, shown above, or the gondolas in the canals and heard  the steel bands at the Trinidad and Tobago pavilion.
     I think that I changed in 1967. That was the year when I discovered I enjoyed instructing people. As a result, I later became a teacher, I specialized in adult education. 7 years ago, I became a mortgage broker. My Expo 67 experience and my teaching career have served me well in my new career. I still enjoy showing people how they can become home owners sooner. My biggest thrill is telling people that they are approved and now own a home.
      With recent changes to CMHC mortgage rules coming down from the Canadian government it is getting more and more difficult to obtain home financing and even harder to refinance an existing home. Mortgage brokers are getting busier than ever because of these rule changes. Only a mortgage broker can explain the differences and find a way to make your home financing dream possible. Contact me if you have any questions. I'll be happy to help.