Bank of Canada Cuts Rates to 1.25% Amid Coronavirus Concerns with Chamberlain Real Estate Group

Posted by Jared Chamberlain on March 4th, 2020

Bank of Canada Cuts Rates to 1.25% Amid Coronavirus Concerns with Chamberlain Real Estate Group

Effective this morning the Bank of Canada has decreased its overnight lending rate by 50 basis points or .5%.  Although many expected a rate drop in late 2020, this was certainly a more substantial drop than anticipated.  This drop comes on the back of general weakness in the global economy due to the Coronavirus or COVID-19 outbreak and the .50% drop by the Federal Reserve yesterday, March 3rd 2020.

Before today, the last move in the Bank Prime Rate was in October of 2018.

This is a great announcement for both buyers and sellers in Calgary as the market hasn't been kind over the past 5 years. As we mentioned in our March Calgary Real Estate Market…

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New Mortgage Rules for 2020 with Chamberlain Real Estate Group

Posted by Jared Chamberlain on February 29th, 2020

New Mortgage Rules for 2020 with Chamberlain Real Estate Group

There is finally some good news in the real estate world when it comes to your financing and qualifications! As of April 2020 there are some new mortgage rules you need to be aware of!

If you are planning on purchasing a home, you could easily qualify for more. If you have been turned down by the banks or the amount you were qualified for just wasn't enough, it could be your time to finally make that jump. 

We were talking with Lindsay Labrecque with Spire Mortgage Team from MMG Mortgages and here is the low down.

Buyers with less than 20% down will qualify at an average interest rate plus 2%, instead of the current Benchmark rate of 5.19%. Based on assumptions, this is a -0.50%…

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