Our March 2023 Foreclosure List
  
Abbotsford attached
Abbottsford Detached
Burnaby Attached
Burnaby Detached
Langley Attached
Langley Detached
Maple Ridge, Pitt Meadows Attached
Maple Ridge, Pitt Meadows Detached
Mission Attached
Mission Detached
New Westminster Attached
North Vancouver West Vancouver Attached
North Vancouver West Vancouver Detached
Port Coquitlam, Coquitlam, Port Moody Attached
Port Coquitlam, Coquitlam, Port Moody Detached
Richmond Attached
Surrey, North Delta, Cloverdale Attached
Tsawwassen, Ladner Attached
Tsawwassen, Ladner Detached
Vancouver East Attached
Vancouver East Detached
Vancouver West Attached
Vancouver West Detached
Richmond Detached
Surrey Delta Cloverdale Detached
Bank of Canada cuts interest rate to 2.75% as country faces 'new crisis' from tariffs
by Jenna Benchetrit · CBC News · Posted: Mar 12, 2025 6:47 AM PDT
The Bank of Canada has cut its overnight lending rate by 25 basis points to 2.75 per cent, it announced on Wednesday, as an ongoing trade war with the U.S. begins to strain the Canadian economy.
Explaining the decision in his opening remarks, Bank of Canada governor Tiff Macklem said the economy started the year strong, with solid GDP growth and inflation within its two per cent target.
But tariff uncertainty caused by the on-again, off-again trade war between Canada and the U.S. has weighed on business spending and hiring, and shaken consumer confidence, he said. Manufacturing businesses in particular have lowered their sales outlooks.
It's "against this backdrop" that the central bank decided to cut the rate by a quarter point, according to Macklem, though he added that a surge in exports ahead of the tariffs might offset a slowdown in growth.
"While it is still too early to see much impact of new tariffs on economic activity, our surveys suggest that threats of new tariffs and uncertainty about the Canada-U.S. trade relationship are already having a big impact on business and consumer intentions," he said during his Wednesday news conference.
It's the seventh consecutive cut the Bank has made since it started bringing rates down in June 2024.
Continue reading here....
Insured Mortgages Up To $1.5 Million and 30 Year Amortizations
Did you know that the government recently changed mortgage lending guidelines to allow first time home buyers as well as all applicants buying newly built homes to qualify for home purchases using a 30 year amortization?
This measure will apply to applicants requiring high-ratio mortgage insurance (required when purchasing with a down payment less than 20 per cent and loan-to-value greater than 80%), that are either:
*All first-time homebuyers OR
*All other buyers purchasing a newly constructed home.
A First Time Homebuyer is defined by meeting one of the following criteria:
*The borrower has never purchased a home before; OR
* In the last 4 years, the borrower has not occupied a home as a principal place of residence that either they themselves or their current spouse or common-law partner owned; OR
* The borrower recently experienced the breakdown of a marriage or common-law partnership.
The price cap of $1 million for insured mortgages has risen to $1.5 million.
This measure will apply to all applicants requiring high-ratio mortgage insurance (required when purchasing with a down payment less than 20 per cent and loan-to-value greater than 80%), and must satisfy the following requirements:
The value of the eligible residential property against which the loan is secured must be less than $1.5 million; and, the down payment requirements for the loan are as follows:
*5 per cent on the portion of a purchase price up to $500,000.
*10 per cent on the portion of a purchase price between $500,000 and under $1.5 million.
Call us today for more information!
|
