Bank Of Canada Announcement

 

As you know, your variable rate mortgage, line of credit and/or student loans are all based on the Prime Rate and at 10:00 am EST, Wednesday July 16th, 2014 the Bank of Canada again did what we expected them to do … they continue to maintain their overnight rate and in fact are not likely to make any change until possibly  2016 now!  What this means to you is that once again the prime rate on your mortgage, line of credit or student loan will not change and remains at 3.00%.  This is fabulous news but are you still making the most of the low payments you have! If you have any high interest credit card debt that you can’t pay off in full each month, it might be a good time for us to chat about a possible debt consolidation into your mortgage to save you some unnecessary interest… get a clear financial outlook void of expensive debt and start your summer off right and debt free!  The Bank of Canada said “the global economy is on a lower growth track than was foreseen”  so  they will continue to wait and see economic growth continue on a more upward direction before increasing rates. Fixed rates haven’t changed much at all since the last announcement and are around 2.99% to 3.09% for a five year fixed term. The next announcement on any change to the prime rate is September 3rd, 2014 at which time I’ll be in touch again. I wonder if I can ask a favour – this is a great time for first time home buyers who are thinking of purchasing to start with a pre-approval plan now to get them on track and save unnecessary interest.  It is advisable to start planning ahead and I would be happy to provide an idea of closing costs and monthly budget payments to start those that you know on the path to home ownership.  Also, if you hear a friend or family member talk about going thru a financially tough time – maybe I can help with some budgeting, credit counselling and debt consolidation options for them.  In either of these cases, would you mind passing my contact information on to them – this is very much appreciated. Regards, Lisette Amalfi Mortgage Broker FSCO Brokerage #10928 1-877-529-1199 (905) 529-1199 lamalfi@mortgagealliance.com http://www.mortgagealliance.com/LisetteAmalfi

 

 

 

 

 

 

 

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Of Prime Interest: Title insurance protects the equity in your home - Kelowna Capital News

Of Prime Interest: Title insurance protects the equity in your home - Kelowna Capital News

Budget Review

TD Economics provides the following highlights of the of the 2014 Ontario Budget

 

Highlights

 

•    The Ontario government expects to post an $11.3 billion deficit (1.6% of GDP) in fiscal 2013-14, slightly lower than the $11.7 billion shortfall projected in last year’s budget.

•    The government has raised its near-term deficit targets. Red ink of $12.5 and $8.9 billion are anticipated over the next two years, respectively, some $1.5-$2.5 billion higher than shown a year ago.

•    Thereafter, stronger economic growth is expected to help the Province ride to a balanced budget by fiscal 2017-18 – identical to last year’s objective.

•    The net debt-to-GDP ratio is projected to reach a high in fiscal 2015-16 at around 41%, then to edge lower beginning in fiscal 2016-17.

•    A $29 billion transportation infrastructure plan, a proposal for a new Ontario pension plan, a new Jobs and Prosperity fund and support for low-income families formed the core of today’s budget. That said, with underlying restraint still the catch phrase, program spending growth is planned to be held to a very lean 1.1% per year on average through fiscal 2017-18.

•    In order to fund initiatives and bring the deficit down, the government announced a string of new revenue measures, including tax hikes on higher-income individuals, tobacco and aviation fuel. Sales of some public assets were also confirmed, which will provide one-time benefits to coffers.