Author Archives: Dan


About Dan

Dan Wowk has over 20 years experience in the financial services industry with a focused expertise in the residential mortgage market. Dan's accomplished career includes an MBA from the Schulich school of business, and roles ranging from vice president of Canada's largest mortgage bank to running an independent brokerage. Dan believes in sharing his expertise with the Canadian consumer to improve their financial well being. Knowledge is Power. Be Powerful!

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CMHC Poised to Increase Mortgage Insurance Premiums

The annoucement made earlier this year by CHMC regarding increases to their mortgage insurance premiums is set to take effect Thursday of next week.  The 2 other mortgage insurers are following suit making this a unilateral price increase in the oligopic mortgage insurance industry. You still have a chance to avoid the increase by getting your mortgage approved by CMHC before the May 1st deadline.  However in order to give … Read More

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Bank of Canada Stands Pat

Yet again, the Bank of Canada decided to stand pat when it comes to interest rates. The Bank announced it would maintain its target for the overnight rate at 1% – a decision that spells good news for variable rate holders.  The primary reason for the decision was low inflation – something that is expected to continue for the remainder of 2014. While consumer energy prices and a low Canadian … Read More

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Increase Your Mortgage Payments

Paying off your mortgage is a common goal for homeowners.  The monthly obligation of mortgage payments is usually a family’s biggest financial burden, and the sooner it’s gone the better.  Getting rid of your mortgage is a little like pulling off a Band-Aid.  You can minimize your mortgage payments today and make your cash flow as comfortable as possible or you can put everything you have towards your mortgage to … Read More

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CMHC Mortgage Premiums Set to Soar

Despite billion dollar profits, stricter lending guidelines and a robust housing market, CMHC is spearheading an increase to mortgage insurance premiums.  These premiums are a necessary evil for home buyers with less than 20% downpayment.  The new premiums take effect May 1st, but don’t impact mortgage applications that have been submitted prior to the May 1 deadline regardless of the actual closing date.  As is standard practice in this oligopoly, … Read More

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My Mortgage Ministry

My business is my mortgage ministry, and the title that best describes my work is Mortgage Minister.  When most people think of the word ministry they think of a preacher or a pastor.  Ministry is actually defined as the act of serving or ministration.  Government departments designed to serve the public also use these terms, as in, the Ministry of Finance, or the Prime Minister. My mortgage ministry is my … Read More

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Fixed Mortgage Rate Forecast – 2014

It appears that an era of consistently low mortgage rates with no significant prospects for increases is about to come to an end.  At least for long term fixed mortgage rates. Mortgage rates are directly tied to the market yield for government bonds of similar duration, and a significant economic stimulus program is beginning to wind down. The US Federal reserve began a bond purchase program in November of 2008 … Read More

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A Look Back at 2013 5 Year Mortgage Rates

Mortgage rates were a hot topic throughout 2013.  Governments intervened in money markets to manipulate mortgage rates in both Canada and the US.  While the US’ quantative easing (QE) program was focused on keeping rates low, Canadian policy makers were busy threatening rate increases and chiding banks for low mortgage rates.  Looking back at 2013 we can see that the US won the rate manipulation game. Quantative easing used the … Read More

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BOC Hints at Rate Decrease

Last week’s Bank of Canada (BOC) rate announcement was a stunning departure from the Bank’s long held position that rates had nowhere to go but up.  Since Stephen Poloz took over as BOC Governor he’s been steadily moving away from his predecessor’s position that a rate hike was imminent, but this recent announcement took many by surprise. Official Bank of Canada announcements are carefully drafted with subtle wording to prepare … Read More

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CMHC Confirms Housing Market Strength

Canada Mortgage and Housing Corporation (CMHC) dropped their provisions for claims by $19 million dollars during the third quarter citing lower expectations for bad loans.  Loan loss provisions which now stand at $895 million are sufficient to withstand a catastrophic market downturn. According to Brian Naish, CMHC’s CFO, “We have seen improvement in the economic indicators that underlie all of that, so for example, unemployment has improved and home price … Read More

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Variable Mortgage Rate Forecast – November 2013

Variable mortgage rates don’t appear to be going anywhere for at least the next 2 years.  And for the first time in 3 years there’s an equal possibility that the next variable rate change will be either up or down.  This change in the forecast for variable rates has more to do with the new Bank of Canada (BOC) governor, Stephen Poloz, than it does with a change in market … Read More

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