In the News Archives - The Personal Mortgage Group

Financial Tune Up, First Time Home Buyer, In the News

Rate Update – May 2020

With all of the economic upheaval in the last 2 months, we have seen the Bank of Canada drop their overnight rate down to 0.25%. It is projected to stay there for the foreseeable future. Any hope of an economic recovery is tied to a potential vaccine and until we have one, we can expect the recovery to be slow. A slow recovery means a long recessionary period or best case low GDP growth. You can expect the Bank of Canada to leave its rate where it is until 2022. Meanwhile, the fixed-rate market has started to fall back down to earth. We are seeing rates in the mid-2% range, so some people will be tempted to ditch their variable rate mortgage in favour of a long-term fixed rate. It’s...

Rate Update

The Bank of Canada dropped its overnight rate down by 0.50% as a response to the global economic slowdown resulting from the Covid-19 crisis Bank Prime was at 3.95% and will be dropping to 3.45%.For variable rate clients, you can expect to see your rate drop at the...

Expanding Real Estate Portfolio, Financial Tune Up, First Time Home Buyer, In the News

How does this new “Stress Test” Affect Me?

From the day I started here at Personal Mortgage Group 8 years ago, I have been talking about the “stress test”. It is an integral part of the mortgage formula and something that decides the fate of so many buyers looking to get into the real estate market. What...

Expanding Real Estate Portfolio, Financial Tune Up, First Time Home Buyer, In the Community, In the News

Residential Housing Market Update: It’s a Seller’s market no matter where you go.

Greater Hamilton-Burlington Area According to data released March 3 by the Realtors Association of Hamilton-Burlington, year over year sales activity from February 2019 to February 2020 has increased on average by 25%. Prices also following this trend with year over...

In the Community, In the News

Suzanne is Officially Retiring

After nearly thirty years at the helm of The Personal Mortgage Group, Suzanne is “retiring”. I put the term retiring in quotes because, as any of you who have worked with Suzanne would know, she’s not the type to slow down. Suzanne is kicking off her “retirement” by...