Mortgage update

January 9, 2019 | Posted by: Patrick Mulhern

 

January 9th, 2019

 

Happy New Year: we hope you & your family enjoyed the holiday season and wish you the very best in the new year.

ADVANCE PROPERTY TAX NOTICE: Deadline is February 4th. If your property is in the City of Vancouver then you should have received your advance property tax notice. If your lender is collecting & paying then you do not have to do anything. If you are responsible then you need to pay as per your statement. Note they do penalize if you do not pay on time. For this payment you do not have to sign a home owner's grant.

BC ASSESSMENT NOTICE:  Appeal deadline is January 31st.  You should have received this notice by now.  If you do not agree with the value and wish to appeal you must submit this by the end of January.  You assessment notice will show you how.

EMPTY HOME TAX DECLARATION:  Deadline is February 4th.   Please check your BC assessment notice as it will have information on this tax and how to make your declaration. 

RRSP: Deadline is March 1.  If you need assistance to come up with the funds for your RRSP this year please contact us to discuss options. Good investment strategy is to make your RRSP contribution & once you receive your tax refund, make a lump sum payment against your mortgage.

ANNUAL MORTGAGE STATEMENT:    By the end of this month you should receive your annual mortgage statement from your current lender.  You will need this for your 2018 income tax return if you write off any mortgage interest.

 

RATES:  Here is an update on the rates:

  1. Bank of Canada: After 5  increases since July 2017 the BoC has held rates steady again today sighting economic slowdown in Canada & worldwide trade tensions.  Based on current numbers, economists have revised their prediction over the past month on continued rate increases by the BoC. 
  2. Variable Rates:  all variable rate mortgage terms remain the same over the last 12 weeks after an increase in prime rate from .75% to  1.25%Irfan Khanbhai & Patrick Mulhern  The discount below prime has remained constant over the same period.
  3. Fixed Rates: Fixed rates increased over all over the last 2 months but in the last 2 weeks as the capital markets remain volatile we are seeing some long term fixed rates declining.    

Please touch base with us on any financial/mortgage related questions you may have. We have over 28 years worth of experience to share.

We hope you have a happy and healthy year. 

Pat

 

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