Rate - Blog - The Westlake Team

Bank of Canada Rate Cut: A Positive Step for Canadians

By Scott WestlakeJune 6, 20240 comments

#rate #boc #bankofcanada #interestrates #variablerate #economy

Today, the Bank of Canada announced a reduction in its overnight policy interest rate by 0.25% to 4.75%. While this may seem like a small change, it is a positive step for consumer sentiment, especially in an expensive country and province where many of our clients reside. Although ...Read more...

April's Strong Job Gains Likely Postpone Rate Cuts Until July

By Scott WestlakeMay 13, 20240 comments

#bankofcanada #interestrate #boc #variablemortgage #mortgagerates #economicupdate

Today's StatsCanada Labour Force Survey for April blindsided economists by coming in much more robust than expected. Employment in Canada rose a whopping 90,400 in April, the most ...Read more...

Great News On The Inflation Front

By Scott WestlakeMarch 19, 20240 comments

#inflation #bankofcanada #boc #rates #mortgagerate

The Consumer Price Index (CPI) rose 2.8% year-over-year in February, down from the 2.9% January pace and much slower than the 3.1% ...Read more...

Canadian Inflation Falls to 2.9% in January, Boosting Rate Cut Prospects

By Scott WestlakeFebruary 20, 20240 comments

#inflation #bankofcanada #boc #rates #mortgagerate

The Consumer Price Index (CPI) rose 2.9% year-over-year in January, down sharply from December's 3.4% reading. The most significant ...Read more...

The Bank of Canada Holds Rates Steady And Expects Rate Cuts Later This Year

By Scott WestlakeJanuary 24, 20240 comments

#bankofcanada #interestrate #boc #variablemortgage #mortgagerates #homesales

Today, The Bank of Canada held the overnight rate at 5% for the fourth consecutive meeting but provided an outlook suggesting that monetary easing will begin by mid-year. The Bank ...Read more...

Inflation Update

By Scott WestlakeDecember 20, 20230 comments

#inflation #bankofcanada #boc #rates #mortgagerate

Inflation Held Steady In November Today's inflation report was stronger than expected, unchanged from October's ...Read more...

Home Sales Dipped Once Again Last Month In The Wake of Two Consecutive BoC Rate Hikes

By Scott WestlakeSeptember 15, 20230 comments

#bankofcanada #interestrate #boc #variablemortgage #mortgagerates #homesales

Not surprisingly, buyers moved to the sidelines last month as the central bank took the overnight policy rate up to 5.0%. Home sales posted a 4.1% decline between July and August, ...Read more...

Rate Is Not Everything

By Scott WestlakeNovember 21, 20220 comments

#interestrate #whenhigherrateisbetter

When it comes to getting a mortgage, there is a common misperception that a low rate is the most important factor. However, while your rate does matter for your mortgage, it is not the only component to consider. If you’re looking to get a mortgage, these are some other important ...Read more...

The Bank of Canada Slowed the Pace of Monetary Tightening

By Scott WestlakeOctober 26, 20220 comments

#BoC #interestrate #variablerate #bankofcanada #mortgagerate

The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 50 basis points today to 3.75% and signalled that the policy rate would rise further. The ...Read more...

A Super-Sized Rate Hike, Signalling More To Come

By Scott WestlakeJuly 15, 20220 comments

#economicupdate #sherrycooper #rateupdate #boc #variablerate #SW #TWT #DLC

The Governing Council of the Bank of Canada raised its target for the overnight policy rate by a full percentage point to 2-1/2%. The Bank is also continuing its policy of quantitative ...Read more...

Another Jumbo Rate Hike, Signalling More To Come

By Scott WestlakeJune 2, 20220 comments

#BoC #bankofcanada #variablerate #increasedrate #ratechange

The Governing Council of the Bank of Canada raised the overnight policy rate by a full 50 basis points once again today, marking the third rate hike this year. The two back-to-back ...Read more...

The Rate Debate

By Scott WestlakeMay 16, 20220 comments

#ratedebate #mortgagerate #fixedvsvariable

The Rate Debate. One of the first questions that potential buyers want answered is: “What is your interest rate?” It is easy to think that this is the most important question, but there is a lot more to your mortgage contract than just the rate. And so, the rate debate ...Read more...

Recently Funded - $1.553M Mortgage - Residential Purchase - Pre Approved for NO COF - P - 1.25%

By Scott WestlakeMy PortfolioApril 23, 20220 comments

#portfolio #recentlyfunded #SW #TWT #DLC #purchase #variablerate

TWT Recently Funded a $1.55M Mortgage for a client of ours purchasing a new home. Client referred by realtor during a very hot market with limited supply and needed feedback on viability of no financing condition. TWT fully underwrites pre approvals ...Read more...

Bank of Canada Hikes Rates by 50 BPs, Signalling More To Come

By Scott WestlakeApril 13, 20220 comments

#mortgagerates #mortgagerate #boc #variablerate

The Governing Council of the Bank of Canada raised the overnight policy rate by a full 50 basis points for the first time in 22 years. This was a widely telegraphed action that will ...Read more...

Understanding Your Mortgage Rate.

By Scott WestlakeApril 5, 20220 comments

#interestrate #mortgagerates

When it comes to mortgages, one of the most important influencers is interest rate but do you know how this rate is determined? It might surprise you to find out that there are 10 major factors that affect the interest you will pay on your home loan! Knowing these factors will not ...Read more...

Bank of Canada Starts Hiking Rates, Signalling More To Come

By Scott WestlakeMarch 2, 20220 comments

#boc #ratechange #variable #rate

The Governing Council of the Bank of Canada raised the overnight policy rate target by a quarter percentage point in a widely expected move and signalled that more hikes would be ...Read more...

Longer-Term Yields are Rising Despite Central Bank Inaction

By Scott WestlakeFebruary 24, 20210 comments

#bond #yields #interestrate #mortgagenews #twt #dlc #scottwestlake

For more information on how this information affects your current or future mortgage, please email scott@thewestlaketeam.com While central banks hold overnight rates ...Read more...

Mortgage Qualifying Rate Reduces to 4.79%

By Scott WestlakeAugust 25, 20200 comments

#qualifyingrate #mortgagerate #twt #dlc

We realized that the recent decrease in mortgage qualifying rate did not post - so here it is! In order to find out how the current rate impacts you, we must first identify if you are an insured or uninsured borrower. Do you have less than 20% down? Securing ...Read more...

Lower Rate = Increased Purchasing Power!

By Scott WestlakeMay 27, 20200 comments

#BoCratechange #lowerrate #twt #dlc

With the recent BoC rate decrease you now qualify for a larger mortgage. For information on how the lowering of the qualifying rate impacts your mortgage pre approval, mortgage for purchase, mortgage refinance or mortgage renewal, contact us today scott@thewestlaketeam.com ...Read more...

State Of The Rate

By Scott WestlakeApril 6, 20200 comments

#stateoftherate #mortgagenews #realestatenews #twt #dlc

The change, which will take effect April 6, 2020, means borrowers with insured mortgages (typically those with less than 20% equity) will need to prove they can afford monthly mortgage payment based on a rate equal to the weekly median 5-year fixed insured mortgage rate plus ...Read more...

HOW TODAYS INTEREST RATES NOSEDIVE IMPACTS YOU AND YOUR CURRENT OR NEXT MORTGAGE

By Scott WestlakeMarch 4, 20200 comments

#bocratecut #ratecut #mortgagerate #mortgagebroker #twt #dlc #oakvillebroker

Our Chief Economist Dr. Sherry Cooper has provided a market update on todays interest rate cut. For the full article click on the link below. In terms of how this interest rate cut impacts our current and future customers depends on many variables. ...Read more...

New Benchmark Rate for Qualifying For Insured Mortgages

By Scott WestlakeFebruary 19, 20200 comments

#breakingnews #qualifyingrate #twt #scottwestlake #oakvillemortgagebroker #gtamortgage

Our Chief Economist Dr. Sherry Cooper shares the recent news on the new qualifying interest rate... Although the net impact, immediately, may only be 30 basis points, this is a strong message that we require a more dynamic solution that can adjust to the market place ...Read more...

Renewal Rate Shock & How To Handle It!

By Scott WestlakeNovember 7, 20190 comments

#mortgagerenewal #mortgagenews #mortgagerate #oakvillemortgagebroker #twt #thewestlaketeam #dlc

Canadian Mortgage Trends posted an article this last week discussing mortgage renewals and the diminishing rate shock at renewal. Basically forecasting that the spread from a current fixed mortgage rate to a renewal rate may only be 10bps compared to the last few years in which ...Read more...

Qualifying Mortgage Rate Falls For First Time Since B-20 Into

By Scott WestlakeJuly 21, 20190 comments

#qualifyingrate #bankofcanada #mortgagerate #oakvillemortgagebroker #oakvillemortgagebrokerage #bestmortgagebroekr #gtamortgage #twt #thewestlaketeam

QUALIFYING MORTGAGE RATE FALLS FOR FIRST TIME SINCE B-20 INTRO The interest rate used by the federally regulated banks in mortgage stress tests has declined for the first time since 2016, making it a bit easier to get a mortgage. This is particularly important for first-time homeowners ...Read more...

How to Get the Best Mortgage!

By Scott WestlakeJuly 4, 20190 comments

#bestmortgage #mortgaegadvise #bestrate #constructionmortgage #selfemployedmortgage #oakvillemortgagebroker #gtamortgage #twt #thewestlaketeam #scottwestlake

Defining BEST Mortgage is difficult as we all have different unique needs and requirements. To a lot of clients the best mortgage involves the best rate, which we can help find and provide to our clients. To others, the best mortgage is one than can get them the approval ...Read more...

How To Get The Best Mortgage Rate

By Scott WestlakeFebruary 6, 20190 comments

#bestmortgagerate #mortgagerate #bestmortgagerateoakville #bestmortgagerategta #bestmortgageratetoronto #twt #thewestlaketeam #scottwestlake #bestmortgage #lowestmortgagerate #lowmortgagerateoakville

Its not a surprise searching for the Best Mortgage Rate is always going to be a popular topic. Its a top search term in google, there are rate sites specifically positioned to promote the lowest rates and to be honest, who doesn't want the best interest rate?! Even though ...Read more...

Mortgage Broker Oakville

By Scott WestlakeJanuary 14, 20190 comments

#mortgagebrokeroakville #mortgageoakville #mortgagebrokeroakvilleontario #thewestlaketeam #scottwestlake #mortgagecalculator #mortgagerate #mortgageteam #realestateoakville #luxuryrealestate

If you are looking for a mortgage in Oakville, we would love to help! We have a terrific pulse on the market as well as any unique qualities that may arise in lending, for example, heritage properties. We work with Banks, Local Credit Unions, Trust Companies, Commercial ...Read more...

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