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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 2.49%
7 year 3.44%
10 year 3.84%
ARM/Variable 2.35%
HELOC 3.20%

**Rates last updated April 26, 2016. On approved credit, rates are subject to change without notice.

Announcements

Bank of Canada Announcement – April 2016
April 13th, 2016

Today, the Bank of Canada announced that it will maintain its overnight lending rate at 0.5 percent.

Along with the rate announcement, the Bank also released its second Monetary Policy Report of the year today – showing slightly modified projections for Canada’s GDP in 2016 and 2017.

 

Notably, Canada’s GDP growth in the first quarter of 2016 was much stronger than predicted. “It does appear that the positive forces at work in the economy are starting to outweigh those that are negative” the Bank said in its statement today. “First-quarter GDP growth appears to have been unexpectedly strong.” However, the Bank did attribute this unexpected strength in the economy partly towards temporary factors that are likely to reverse in the second quarter.

Despite oil prices currently sitting at higher-than-expected levels, the Bank projects even deeper cuts to investment in Canada’s energy sector in the near future.

The Monetary Policy Report released today was significantly impacted by the federal budget announced just over three weeks ago. Instead of a modest downgrade, the billions of dollars allocated towards infrastructure gave the Bank’s Governor Stephen Poloz no choice but to modify the Bank’s forecast in a positive direction. “The fiscal measures announced in the March federal budget will have a notable positive impact on the GDP” the Bank said.

“With that in mind, this was about as small a forecast upgrade as they could have chosen,” says Avery Shenfeld, CIBC’s Chief Economist.

Inflation in Canada continues to evolve largely as expected, with total CPI inflation just below the 2 percent target rate. The Bank expects inflation to decline slightly before returning to the target rate due to factors such as the low exchange rate and consumer energy prices.

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Bank of Canada Announcement – March 2016
March 10th, 2016

Bank of Canada Announcement

Yesterday, the Bank of Canada announced that they are maintaining their benchmark overnight lending rate at 0.5 percent, with a corresponding prime bank rate of 2.70 percent.

The recent rebound in both oil prices and the Canadian dollar were closely aligned with the levels projected in the Bank’s most recent Monetary Policy Report, published in January of 2016. Short term outlook for the economy remains the same albeit a stronger than expected fourth quarter, and inflation in Canada is evolving as expected.

Important to note is that the federal budget is set to be released in just under two weeks, on March 22, 2016. The Bank has acknowledged the expected federal investments, citing that the impact of these measures would be evaluated in the next Monetary Policy Report in April. Bank of Canada Governor Stephen Poloz stated that the Bank’s decision to hold their key interest rate steady came after careful consideration of the federal government’s promise to allocate billions into Canadian infrastructure.

CIBC’s Chief Economist Avery Shenfeld predicts an increase in Canada’s GDP by up to 1 percent following the Liberal government’s stimulus to the economy, although he does not expect these benefits to be observed until late 2016 or early 2017.

The next overnight lending rate announcement will take place on April 13, 2016 – the same day that the Bank will release its next Monetary Policy Report. Be sure to check our blog for important industry updates that directly affect mortgage holders in Canada. For more information on the latest Bank of Canada announcement or for specific questions regarding your mortgage, feel free to contact one of our certified Mortgage Brokers today!

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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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Blog Articles

  • Bank of Canada Announcement – April 2016
    April 13th, 2016

    Today, the Bank of Canada announced that it will maintain its overnight lending rate at 0.5 percent. Along with the rate announcement, the Bank also released its second Monetary Policy Report of the year today – showing slightly modified projections for Canada’s GDP in 2016 and 2017.   Notably, Canada’s GDP growth in the first […]
  • Bank of Canada Announcement – March 2016
    March 10th, 2016

    Yesterday, the Bank of Canada announced that they are maintaining their benchmark overnight lending rate at 0.5 percent, with a corresponding prime bank rate of 2.70 percent. The recent rebound in both oil prices and the Canadian dollar were closely aligned with the levels projected in the Bank’s most recent Monetary Policy Report, published in […]
  • Factors to Consider when choosing a Mortgage Broker
    February 16th, 2016

    Whether you are shopping for your first mortgage or purchasing a rental property, it may be tempting to choose the Mortgage Broker that advertises the lowest interest rate. However, what the ads often neglect to inform you is that there are often strict criteria that must be met in order to obtain that low interest […]

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