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Newsletter December 2019

Happy Holidays!

We wish you good health, happiness and prosperity in career and personal life!!!

  1. Prime Rate has remained unchanged for over a year now. What happens next – will the Prime Rate decrease or increase?
  2. Forecast for Real Estate Prices for 2020.
  3. Manulife Bank offers 3% annual interest on new contributions to TFSA and RRSP.
  4. 3.3% annual interest on savings account, can be opened starting January 2020.
  5. Our office holiday schedule.

In details:

1. Prime Rate has remained unchanged for over a year now. What happens next – will the Prime Rate decrease or increase?

In December, Central Bank of Canada has kept the overnight lending rate unchanged so the Prime Rate has now also remained unchanged for over a year. Let’s see, what can happen next, what are the experts saying?
“Analysts see rates steady through 2020” – an article with this title was published in Financial Post on November 28th, 2019.
“BoC distinct in its restrain. Has held rates as rest of world awash in stimulus” – Financial Post on December 5th, 2019.
Experts believe that in 2020 Prime Rate will likely remain the same with a possibility of maybe a one-time decrease.
Fixed rate started off fairly high at the beginning of the year but saw a significant drop (became more attractive than the variable rate). Through the year, the fixed rate has fluctuated both ways – higher in the summer, lower towards the fall, increase, decrease again towards December, only to increase again now.
Since we never really know what to expect in the future, I would like to remind you again about the “Manage Your Mortgage” program. You can find more information at the following link: https://www.totrov.com/en/mortgage-en/manage-your-mortgage/. This program will provide assurance that you have done everything possible to get the best rate at the time of refinancing.
We highly recommend that you register for this program at our website, we will help you save money.

2. Forecast for Real Estate Prices for 2020.

On December 13th, 2019, Financial Post published the following article “Royal LePage predicts uptick in home prices”.
“Housing prices to fall in real terms” – Financial Post, December 18th, 2019.
In the first article, “Royal LePage” brokerage predicts that the Canadian Real Estate will grow on average 3.2% in 2020, with highest growth in Montreal, Ottawa and Toronto areas. They believe that Toronto area will see an increase of 4.5% as there is inventory shortage and the population continues to grow.
In the second article, Fitch Rating agency is expecting Real Estate in the country to grow by 1%, which will mean decrease in real value with 2% inflation.
Let’s just wait and see who was right. The important part here is that nobody is predicting a decrease and that is GOOD!!!

3.Manulife Bank offers 3% annual interest on new contributions to TFSA and RRSP.

Manulife Bank offers 3% annual interest on new contributions to TFSA and RRSP. This is an absolutely open account, the funds are not locked in. As usually, this increased rate will only be valid for limited time. The account can be opened without coming to our office, we can e-mail the application.
We are always ready to analyze your situation and help understand, which option is more beneficial for you – RRSP or TFSA.

4. 3.3% annual interest on savings account, can be opened starting January 2020.

We are in final stages of completing an agreement that will allow us to open savings accounts with very high interest rate – 3.3% annually. We will be able to open such accounts in January and will send out an e-mail describing how it can be done.
Interest on this savings account is 3.3%, checking account with the same bank will pay 1.1% on regular transactions. Registered accounts RRSP and TFSA cannot be opened with the bank. I am writing this in advance, so there is no expectation, that in January you would be able to transfer your savings to a higher interest account, this bank will not accept transfers for TFSA and RRSP.

5. Our office holiday schedule.

December 24th – open until 3 p.m.
December 25th and 26th – CLOSED
December 27th and 28th – regular business hours
December 29th – CLOSED
December 30th – open until 2 p.m.
December 31st, January 1st and 2nd, 2020 – CLOSED

Starting January 3rd, office will be open during regular business hours.
If there is an urgent question and it cannot wait until the office is open, you can always call me on my mobile at 416-456-7706.

Serguei Totrov
Financial Advisor, CFP, CLU, EPC
Mortgage Broker, AMP
TOP – 75 Broker in Canada
in 2015, 2016, 2017, 2018
416-222-0533
www.totrov.com

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    • Instructions to filling out Mortgage Application
    • Check List - Mortgage, Pre-approval
    • Land Transfer Tax. Price from $100,000 to $264,000
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    • RESP – Registered Educational Savings Plan
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    • Additional Deductible Options and Resulting Higher Discounts
    • Testimonials
    • Land Transfer Tax. Price from $529,000 to $648,000
    • Land Transfer Tax. Price from $649,000 to $768,000
    • Land Transfer Tax. Price from $769,000 to $888,000
    • Land Transfer Tax. Price from $889,000 to $1,008,000
    • Land Transfer Tax. Price from $1,009,000 to $1,039,000
    • Medical Services Pricing in the USA
    • History of Mortgage Rules Changes in Canada
    • Advantage Account with 2.6% Interest Rate
    • Financial News 2018-2019
    • Home
    • Newsletter December 2019
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    • Newsletter April 2019 (2)
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    • Glossary
    • Penalties for breaking mortgage – how much do we know about it and how do they get so high?
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    • Newsletter December 2018
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    • What are some ways to increase your pension?
    • Tell a Friend
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  • Investment Funds
    • Basics of Investing
    • Investor Profile Questionnaire
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  • RESP
    • Advantage Account with 2.6% Interest Rate
    • Mortgage and Buying Property
    • All about Insurance
    • Pension and RRSP
    • Investment Funds
    • Tax-Free Savings Account - TFSA
    • Calculators
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    • Homepage
    • Contact Us
    • Your Right to Privacy by Law
    • General Disclaimers
    • Dear friends, this might be of interest to you!
    • Trip Cancellation & Interruption Insurance
    • Group Benefits
    • Three Night Cottage Vacation
    • Instructions to filling out Mortgage Application
    • Check List - Mortgage, Pre-approval
    • Land Transfer Tax. Price from $100,000 to $264,000
    • Land Transfer Tax. Price from $265,000 to $384,000
    • Land Transfer Tax. Price from $385,000 to $528,000
    • List of Services, Covered with Travel Insurance Plan
    • Table
    • Will/Power of Attorney
    • Site www.TotrovRESP.com is under construction. Please check back soon!
    • RESP – Registered Educational Savings Plan
    • Automotive, property, home and business liability insurance!
    • Additional Deductible Options and Resulting Higher Discounts
    • Testimonials
    • Land Transfer Tax. Price from $529,000 to $648,000
    • Land Transfer Tax. Price from $649,000 to $768,000
    • Land Transfer Tax. Price from $769,000 to $888,000
    • Land Transfer Tax. Price from $889,000 to $1,008,000
    • Land Transfer Tax. Price from $1,009,000 to $1,039,000
    • Medical Services Pricing in the USA
    • History of Mortgage Rules Changes in Canada
    • Advantage Account with 2.6% Interest Rate
    • Financial News 2018-2019
    • Home
    • Newsletter December 2019
    • Newsletter November 2019
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    • Glossary
    • Penalties for breaking mortgage – how much do we know about it and how do they get so high?
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    • Newsletter December 2018
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    • What are some ways to increase your pension?
    • Tell a Friend
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    • General Disclaimers
    • Dear friends, this might be of interest to you!
    • Trip Cancellation & Interruption Insurance
    • Group Benefits
    • Three Night Cottage Vacation
    • Instructions to filling out Mortgage Application
    • Check List - Mortgage, Pre-approval
    • Land Transfer Tax. Price from $100,000 to $264,000
    • Land Transfer Tax. Price from $265,000 to $384,000
    • Land Transfer Tax. Price from $385,000 to $528,000
    • List of Services, Covered with Travel Insurance Plan
    • Table
    • Will/Power of Attorney
    • Site www.TotrovRESP.com is under construction. Please check back soon!
    • RESP – Registered Educational Savings Plan
    • Automotive, property, home and business liability insurance!
    • Additional Deductible Options and Resulting Higher Discounts
    • Testimonials
    • Land Transfer Tax. Price from $529,000 to $648,000
    • Land Transfer Tax. Price from $649,000 to $768,000
    • Land Transfer Tax. Price from $769,000 to $888,000
    • Land Transfer Tax. Price from $889,000 to $1,008,000
    • Land Transfer Tax. Price from $1,009,000 to $1,039,000
    • Medical Services Pricing in the USA
    • History of Mortgage Rules Changes in Canada
    • Advantage Account with 2.6% Interest Rate
    • Financial News 2018-2019
    • Home
    • Newsletter December 2019
    • Newsletter November 2019
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    • Newsletter July 2019
    • Newsletter April 2019 (2)
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    • Glossary
    • Penalties for breaking mortgage – how much do we know about it and how do they get so high?
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    • What are some ways to increase your pension?
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