debt: International investors snap up $1.6-billion in Canadian mortgage bonds - 03/23/10 12:22 AM
Canada Housing Trust, the financing arm of the nation's housing agency, sold 27% of its debt offering this week to investors outside Canada, suggesting growing international appetite for Canadian debt. Canada Housing sold $6-billion of five-year, 2.95% bonds maturing in March 2015 with a price to yield 18 basis points above Canada's 2.5% bonds maturing in June 2015. That's the tightest spread in more than two years, according to Mark Chamie, Canada Mortgage and Housing's treasurer in Ottawa. "Canadian fundamentals are very strong relative to other global economies," said Mr. Chamie, adding that foreign purchases of Canada mortgage bonds averaged 23% … (1 comments)

debt: Great article on Gail Vaz-Oxlade - 03/16/10 03:01 AM
Great story today on Gail Vaz-Oxlade. I love her show and I think she is doing wonders to educate Canadians on debt and knowing their financial situation.
Don't just fall into a debt hole

Roma Luciw
From Monday's Globe and Mail Published on Monday, Mar. 15, 2010 12:00AM EDT Last updated on Monday, Mar. 15, 2010 12:26PM EDT
If you want to make Gail Vaz-Oxlade's blood boil, just mention debt.
"People have no idea how much money they are earning or how much money they are spending. They are clueless. I am stunned at their willingness to just fall … (1 comments)

debt: Interest Rate Expected to Reach Record Low - 01/15/09 05:43 PM
Many economists expect that the Bank of Canada will cut interest rates to a record low next week on January 20th to stimulate the economy. Its expected that the Bank of Canada will cut its rate by 0.50% to a record low of 1.00%. The Canadian Banks are expected to follow with a cut to their prime rates, which are currently sitting at 3.50%.
European Central Bank to cut its trendsetting interest rate to two per cent on Thursday.

Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email:

Each VERICO Broker … (5 comments)

debt: Bank of Canada Hints of Possible Interest Rate Cut - 11/19/08 12:54 PM
Bank of Canada governor Mark Carney said in a speech recently that the Canadian economy has deteriorated more quickly than he had anticipated, hinting strongly he will cut interest rates at the next meeting on December 9.
This is also the first time that the Bank of Canada has conceded that the Canadian economy could be headed for a recession. "Starting from flat growth in the first quarter of 2009 and the second quarter of 2009 ... recession is a possibility for Canada," commented Carney.
The technical definition of a recession is two or more consecutive quarters of negative economic growth. … (2 comments)

debt: Japan Slips into Recession - 11/16/08 11:26 PM
New numbers released by the Japanese government indicate the country has entered a recession.
Japan's economy, the second largest in the world, contracted by 0.1 percent in the third quarter, after shrinking 0.9 percent in the second quarter of the year.
Japan has estimated that its Gross domestic product (GDP) contracted at an annualised rate of 0.4 percent.
The Bank of Japan has also cut its key interest rate for the first time in more than seven years, lowering it to 0.3 per cent, joining central banks around the world in trimming borrowing costs.
Japan joins Germany and Italy on the … (9 comments)

debt: Grand Opening Announcement - Ancaster, Ontario - 11/12/08 05:41 PM
I am pleased to announce that the grand opening of our Ancaster office is scheduled for December 1, 2008.
The new office will be located at 911 Golf Links Road in the Meadowlands area of Ancaster, Ontario.
We are excited about the opening of this new location and are looking forward to serving members of the community and the surrounding areas from this location. I would like to also thank our clients for their ongoing support.
Call today at 1-877-345-6265 to book an appointment to discuss your mortgage needs!

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Gina Burgio, … (1 comments)

debt: Canadian Gov't may increase Bank Mortgage Purchases to $75 Billion - 11/12/08 05:07 PM
Finance Minister Jim Flaherty pledged today to triple the amount of mortgages the government can buy from banks to as much as C$75 billion.
The Canadian Gov't, using its crown corporation, the Canadian Mortgage and Housing Corp. (CMHC), purchased $25 billion in mortgages last month.
Allow me to explain in simply terms what the government is in fact doing...
The gov't via CMHC has insured many mortgages for the banks. In other words, CMHC has sold the banks default insurance on mortgages that the banks have provided to their clients, which guarantees that CMHC will cover any shortfall realized by the … (2 comments)

debt: Bank of Canada expected to Lower Interest Rates - 11/12/08 04:31 PM
Bank of Canada has hinted that they may cut interest rates again.
Early today in Toronto, Bank of Canada Senior Deputy Governor Paul Jenkins stated, "Some further monetary stimulus will likely be required to achieve our 2 percent inflation target over the medium term."
The Cdn Central Bank cut its benchmark overnight lending rate to 2.25 percent on Oct. 21.
Some economists expect that the Bank of Canada will cut their overnight rate a half point to 1.75 percent on Dec. 9. This would be the lowest since 1960.

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Gina … (5 comments)

debt: Many Canadian Banks Scheduled to Soon Report Q3 Results - 11/05/08 06:43 PM
Many Canadian banks are scheduled to begin reporting their 3rd quarter results, starting on Nov. 25 with Bank of Montreal.
Some analysts are expecting Canada's six big banks to report an average profit decline of 15 percent for Q3, the biggest drop in 6 years.
The Bank of Canada, the country's central bank, stated on Oct.23 that the Canadian economy, the world's 8th-largest economy, will slow to 0.6 percent this year, the lowest since 1991.
With the country suffering from weak demand in the US and lower prices for commodities, we will soon have the Q3 results from the Big Six … (0 comments)

debt: Europe's Top Central Banks set to Cut Rates - 11/05/08 06:04 PM
Europe's top central banks are expected to cut borrowing costs on Thursday as market focus shifts back to the economic crisis from the excitement of Barack Obama's historic election victory.
Both the European Central Bank and the Bank of England are expected to cut interest rates. Many economists are forecasting the ECB to cut rates by at least half a percentage point, while others are anticipating a cut by as much as 75 basis points.
For the ECB, it is facing the first euro zone-wide recession since its inception in 1999, and a rate cut by 75 basis points would be … (0 comments)

debt: What affects will Obama have on Canada? - 11/05/08 01:58 PM
It has been said in the past, that for Canada, being next to the United States, is like being in bed with an elephant. This statement was in specific reference to the close proximity between Canada and the United States... and the fact that the Canadian economy will most likely always eventually feel the impact of the effects felt by the US economy. Well the present economic crisis has become no exception to this analogy.
Now, with the election of a new President for the United States, and the shift from republican to democratic party policy in the Oval Office, how … (3 comments)

debt: TD Bank 1st to Move to Adjust Rates - 10/29/08 10:59 PM
Three times this month Toronto-Dominion Bank, Canada's second-largest bank, has been first to lower its prime rate following decisions by the Bank of Canada (the central bank) to lower its overnight rate. Toronto-Dominion's biggest rivals followed suit the same day.
For example, on Oct.8, TD Bank was the first to announce a cut that day with a statement at 1 p.m., followed by Canadian Imperial Bank of Commerce (CIBC) 43 minutes later. Royal Bank of Canada, the country's largest bank, was next at 2:32 p.m., followed by Bank of Nova Scotia and Bank of Montreal.
Two days later, the banks reduced … (2 comments)

debt: US Fed Lowers Rate to 1 percent - 10/29/08 07:19 AM
The US Federal Reserve has just matched a half-century low... they have lowered their interest rate by a half-point to 1.0%, in an effort to settle the current economic crisis. The funds rate has not been lower since 1958, when Dwight Eisenhower was president.

The Fed also stated that they would "monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability."
What does all of this mean for the real estate industry? Share your thoughts.

Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: … (3 comments)

debt: Iceland Raises Interest Rates to a record 18 percent - 10/28/08 05:51 PM
Iceland raised interest rates to a record 18 per cent from 12 per cent yesterday as a condition of a proposed $2bn loan from the International Monetary Fund to help rescue the stricken country.
Iceland applied for the emergency loan after its banking system collapsed and is seeking another $4billion from other central banks.
Following the collapse of their banking system, some economists forecast that Iceland's economy unemployment to rise around 8 percent and inflation to hit 20 percent or more.
Despite the ongoing crisis in the US and Canada, things could be worst.... when you look at what's going on … (6 comments)

debt: Homes Sales See Biggest Gain since July 2003 - 10/25/08 01:16 PM
Sales of previously owned U.S. homes rose 5.5 percent last month, the biggest gain since July 2003.
The National Association of Realtors on Friday said that sales of existing home rose to a 5.18 million-unit annual rate from the 4.91 million-unit pace set in August. 
The median national home price declined 9 percent from a year ago to $191,600, the lowest level since April 2004.
Sales jumped 16.8 percent in the West, while rising 4.4 percent in the Midwest and 2.2 percent in the South. In the Northeast, sales fell 1.2 percent.
Sales of single-family homes, which represent the lion's share … (4 comments)

debt: Additional Mortgage Website - 10/24/08 09:03 AM
Additional Website Soon to be launched. Feedback welcome.
Mortgage Broker serving clients throughout Ontario, including Toronto, Mississauga, Milton, Oakville, Hamilton, Ancaster, Brampton, Burlington, Brantford, Stoney Creek, Niagara, Kitchener, Richmond Hill, Guelph, London, Waterloo, Cambridge and surrounding areas.
Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email:

Each VERICO Broker is an independent owner operator.


debt: Cdn Gov't to Purchase up to $7billion of Mortgages - 10/21/08 07:54 AM
The Canadian Gov't announced today that they will, via their CMHC crown corporation, purchase up to $7billion of insured mortgage-based securities maturing in 2013.
The gov't purchased their first round of mortgages worth $5billion last Thursday.
This is forming part of the Cdn gov't $25billion plan to help banks weather the credit crisis and free up cash for lending.
Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email:

Each VERICO Broker is an independent owner operator.


debt: Canadian Banks are Not Expected to Adjust Prime Rate - 10/21/08 07:30 AM
Many economists in Canada are expecting the Canadian Banks to hold their Prime Rates, despite the Bank of Canada decision today to drop the overnight lending rate by a quarter point to 2.25%. 
The Canadian Banks earlier this month followed a similar trend when the Bank of Canada lowered their rate to 2.50% and the Banks did not pass on the full extent of the cut when the Banks lowered their Prime Rates at that time.
Some economists forecast that the Bank of Canada will lower their overnight lending rate to 2.00% by year-end.
Prime Rates are used as a benchmark to set most … (1 comments)

debt: US Fed Granting Up to US$540 billion to Money Market Funds - 10/21/08 07:07 AM
The U.S. Federal Reserve announced Tuesday that it will provide up to US$540 billion in financing to the money market mutual fund industry.  The Fed's new program is called the Money Market Investor Funding Facility.
This Facility will be used to support a private-sector initiative designed to provide liquidity, or cash, to money market investors. The Fed plans to back purchases of short-term debt including certificates of deposit and commercial paper that expire in three months or less from money market mutual funds.
"The short-term debt markets have been under considerable strain in recent weeks as money market mutual funds and other investors … (1 comments)

debt: Bank of Canada cuts rates by 0.25 percent - 10/21/08 04:02 AM
The Canadian Central Bank cut rates today by a quarter point to 2.25%.
This rate cut today by the Bank of Canada was left than the half point cut expected by some economists.  The reaction to this was also seen by the Canadian Dollar... falling to a three-year low following today's announcement.
It will be interesting to see how various Canadian financial institutions react today to the news... in terms of their prime rates and mortgage rates.
The Central Bank commented however that it would likely have to lower rates further to combat the effects of the global financial crisis.  "In line with … (2 comments)

Gina Burgio (VERICO Designer Mortgages Inc.)

Gina Burgio

Ancaster, ON

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