March 23, 2020
Well this has been a weekend of information overload. Social or physical distancing is becoming more and more crucial and knowing where you are financially, more and more uncertain as COVID-19 continues to spread globally.
Mortgage Changes over the past two business days:
- Bank of Canada has reduced it’s ‘Stress Test’ rate from 5.19% to 5.04%
- Banks in an effort to mitigate heightened credit risks and liquidity concerns have brought rates back to where they were a few weeks ago.
- The appraisal institute of Canada has requested that it’s members do not physically go into homes to complete a report. A handful of lenders have already responded indicating they will accept these ‘Drive by’ appraisals temporarily due to the circumstances.
- Real Estate Boards and Brokerages across Ontario are requesting the immediate stop to Open Houses and are asking the realtors to create more virtual tours of homes for sale.
- Law Society of Ontario (LSO) has implemented temporary concessions to cope with the current pandemic. I recommend consulting your own lawyer for clarification, but my understanding is that signings until at least April 3, 2020 can be managed electronically.
Inventory in the Real Estate Market is still low in our country and many experts feel that although this current situation may slow the market, it will only be temporarily as we all respect the Physical Distance mandates being asked of us across the Country.
Be safe, stay healthy and most importantly be wise. You can make a difference and we will come out of this stronger and kinder.
March 19, 2020
Welcome to Mortgage Minutes first Blog. With the continuous uncertainty around the world, this page is meant to keep you up to date on the Mortgage Industry and how changes in the marketplace may effect your mortgages and your homes. Most importantly though, how move forward and what options and resources are available to you. Your home is your biggest investment and we want to make sure you know your mortgage and know you options.
To begin with, COVID-19 has already brought changes to the mortgage industry.
To bring you up to date on what is going on financially, here is a list of announcements from the Ministry of Finance, Bank of Canada and Office of the Superintendent of Financial Institutions (OSFI)
Business As Usual
If you are purchasing, selling, or refinancing, for now it is business as usual. If the monthly payments on your credit card debts are becoming a worry, you still can consolidate these debts into one payment. The banks, the registers office, the lawyers and most importantly your Mortgage Broker are open for business.
When you have questions reach out to me and I will get back to you as quickly as possible.
Stay safe, stay strong and most importantly be kind.
Remember during this time to practice proper hand-washing procedures and minimize your contact with other people to ensure that you are not unknowingly contracting or passing along COVID-19. We are resiliant Canadians, will will overcome this and be stronger and wiser.