Innovative Mortgage Solutions

Welcome! We appreciate you taking the time to visit our website. Located in Sherwood Park, mortgages are our specialty. We have compiled some general mortgage information as an introduction to the scope of our company.

The Innovative Mortgage Solutions team’s primary focus is to provide you – our customer – with a unique combination of invaluable choice, and personalized, exemplary service.

In meeting with you on a one-on-one basis to discuss your mortgage in Sherwood Park, we are able to fully comprehend your individual financial position and goals, making us better equipped to negotiate the appropriate mortgage for you.

Our goal is to develop long term relationships with customers and referral partners – relationships that are not limited to a single transaction, but rather those that will remain long after we complete the mortgage process.

Whether you are ready to jump into the application process, or simply want to discuss your mortgage options with a qualified mortgage broker in Sherwood Park, we welcome you to contact the Innovative Mortgage Solutions team today!

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Current Mortgage Rates

 
1 year 2.29%
2 year 2.19%
3 year 2.34%
4 year 2.54%
5 year 2.69%
7 year 3.44%
10 year 3.84%
ARM/Variable 2.35%
HELOC 3.20%

**Rates last updated Feb 3, 2016. On approved credit, rates are subject to change without notice.

Announcements

Bank of Canada Announcement – January 2016
January 21st, 2016

Yesterday, the Bank of Canada announced that they would be keeping its benchmark overnight lending rate at 0.5 per cent.Bank of Canada Governor Stephen Poloz

With the current state of the economy, including oil below $30 a barrel and the loonie sitting at under 70 cents US, many would expect to see a subsequent decrease in mortgage rates. However, despite the weak economy, CIBC Deputy Chief Economist Benjamin Tal expects rates to “remain relatively stable” after the recent rate increase by all major banks. David Madani, an economist with Capital Economics in Toronto, disagrees. According to Madani, Capital Economics “wouldn’t rule out another rate cut in March or April at the latest,” after the upcoming federal budget is released.

Along with yesterday’s rate announcement, the Bank also released the first Monetary Policy Report of 2016. Key findings include that the Bank now expects a 72 cent loonie for the foreseeable future, dropping from the 76 cents that was projected in their last Monetary Policy Report in October 2015. It expects oil prices to hold steady at around $37 US per barrel.

Inflation in Canada is evolving as expected. Total CPI inflation remains near the bottom of the Bank’s target range, although it is projected to rise to about 2 per cent by early 2017. Canada’s economy is expected to grow by about 1.5 per cent in 2016 and 2.5 per cent in 2017.

The Bank is slated to make their next rate announcement on March 9, 2016. For up-to-date information on interest rates and other mortgage news, be sure to follow us on Facebook or Twitter. If you have questions about your mortgage or what this information means for you, please feel free to contact our office and speak to one of our Mortgage Brokers today.

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Bank of Canada Announcement – December 2015
December 2nd, 2015

Today, the Bank of Canada has chosen to hold their key interest rate at 0.5 per cent for the third time in a row after dropping the rate twice in early 2015.

The Bank commented on three main factors aiding Canada’s economy in undergoing “a complex and lengthy adjustment to the decline in Canada’s terms of trade” – including stronger US growth, the benchmark interest rate cuts earlier this year, and the weak Canadian dollar. Core inflation is sitting at about 2 per cent as the impact of the lower loonie and slow economy offset each other, though the bank did not comment on underlying inflation.Bank of Canada Announcement

From an economic standpoint, the third quarter showed promise as Canada’s economy rebounded with GDP growth at an annualized rate of 2.3 per cent – bringing us out of the technical recession that occurred in the first half of the year with two consecutive quarters of shrinking GDP. However, it is important to note that the economy also contracted at a non-annualized rate of 0.5 per cent in September, largely due to declines in the resource sector.

In October, the Bank of Canada projected GDP growth of 2.5 per cent in the third quarter and 1.5 per cent in the fourth. Desjardins senior economist Jimmy Jean believes that although unlikely, a contraction in the fourth quarter could force the Bank to cut its key interest rate in early 2016 – citing that “October will be pivotal” in terms of predicting GDP for the end of 2015.

Interesting to note is that the U.S. Federal Reserve is soon expected to increase its key interest rate for the first time in almost 10 years. Historically, increased rates in the U.S. have been a good indicator of impending rate increases in Canada – however, “Governor Poloz is making it clear that even as the Fed hikes, Canadian rates will stay steady” says TD Economist Leslie Preston. TD Economics expects the Bank to hold rates at their current level until mid-2017.

The BoC is slated to make another announcement on January 20, 2016 when the next Monetary Policy Report will also be published. Be sure to check in with us for a summary of economic activity throughout 2015 and projections for 2016.

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Bank of Canada Announcement
October 21st, 2015
Bank of Canada Governer Stephen Poloz

Bank of Canada Governer Stephen Poloz

Today, the Bank of Canada announced that it will be keeping its overnight lending rate at 0.5%, despite the impact of low oil prices on the Canadian economy.

According to a statement released by the bank, the economic projections set forth in July are unfolding as expected, with growth for 2015 coming in at 1.1%.  “Signs of strength” in industries outside of the resource sector can be attributed to the low Canadian dollar and solid growth in the United States. The bank expects household spending to increase at a “moderate pace.”

Important to note, however, is that the growth in non-resource industries is not expected to completely offset the economic effects of the oil slump. The bank has lowered its expectations for the rest of 2015 as well as 2016 and 2017, citing that it is expected to take years for the economy to adjust to the decreased business investment and resource exports due to low commodity prices. Policy makers expect capital spending by oil and gas firms to fall about 20% in 2016.

The bank projects that the economy will expand by 2% in 2016 and up to 2.5% in 2017. Immediately following the announcement, the Canadian dollar plunged by 0.8 of a cent and continued to decrease throughout the day – ending off at 76.11 cents US.

The Bank of Canada is slated to meet again on December 2, however economists are predicting the overnight lending rate to hold steady at that point as well.

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