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I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the Premiere who can help you get the right financing, from the right lender, at the right rate.
Premiere Makes Profit 500 List
Premiere named mortgage firm of year, makes Profit top 500 list
Don MacVicar, president of Premiere Mortgages. (TIM KROCHAK / Staff)
Accolades just keep coming in forPremiere Mortgage Centre Inc.in Halifax.
The locally owned and managed mortgage brokerage firm was recently named Mortgage Brokerage of the Year by the national publication Canadian Mortgage Professional.
Just last week, Profit Magazine put Premiere Mortgage on its list of the top 500 fastest-growing companies in Canada at 69th place, with growth of 1,018 per cent over the past five years.
“It feels pretty good to get back-to-back recognition like this,” company president Don MacVicar said Monday.
“The competition is pretty aggressive in some of the other markets.”
MacVicar, a Halifax native, and some partners set up Premiere Mortgage about seven years ago after he returned to Nova Scotia with his family following a career in the banking business in Toronto.
Growth to date has far exceeded anything he had in mind, he said.
“I thought I was coming back to the Maritimes to get in a little of that more relaxed pace of life everybody was talking about.”
MacVicar said the brokerage firm plans to maintain an aggressive growth rate in Atlantic Canada and Ontario in coming years.
The company has 60 mortgage agents and originated $600 million in new mortgages in 2012, with a forecast of $700 million for 2013.
Canada’s big banks are expected to follow theRoyal Bank of Canadaand increase mortgage rates in the coming days. MacVicar said this may be good for the real estate industry.
RBC raised the rate on one-year mortgages 14 basis points to 3.14 per cent on Monday. A hundred basis points are equal to one per cent.
Two- and three-year mortgages went up 10 basis points to 3.14 and 3.65 per cent, respectively.
MacVicar said independent brokerages like Premiere can sometimes offer consumers a buffer from interest rate hikes, but he said some upward movement in rates is inevitable across the board.
“Even with these modest increases of 10 to 14 basis points, rates are at historic lows,” he said.
“The upward movement in rates might be good for the real estate industry as it may encourage consumers who’ve been sitting on the fence with rate guarantees to make a move.”
Other Nova Scotia companies on the Profit magazine list of fastest-growing companies includedMercer’s Best Built Structures Inc.of Dartmouth,Terra Beata Farms Ltd.of Heckmans Island, Lunenburg County, andJewelPop Inc.of Dartmouth.
Bank of Canada increases overnight rate target to 3/4 per cent
The Bank of Canada is raising its target for the overnight rate to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. Recent data have bolstered the Banks confidence in its outlook for above-potential growth and the absorption of excess capacity in the economy. The Bank acknowledges recent softness in inflation but judges this to be temporary. Recognizing the lag between monetary policy actions and future inflation, Governing Council considers it appropriate to raise its overnight rate target at this time.
The global economy continues to strengthen and growth is broadening across countries and regions. The US economy was tepid in the first quarter of 2017 but is now growing at a solid pace, underpinned by a robust labour market and stronger investment. Above-potential growth is becoming more widespread in the euro area. However, elevated geopolitical uncertainty still clouds the global outlook, particularly for trade and investment. Meanwhile, world oil prices have softened as markets work toward a new supply/demand balance.
Canadas economy has been robust, fuelled by household spending. As a result, a significant amount of economic slack has been absorbed. The very strong growth of the first quarter is expected to moderate over the balance of the year, but remain above potential. Growth is broadening across industries and regions and therefore becoming more sustainable. As the adjustment to lower oil prices is largely complete, both the goods and services sectors are expanding. Household spending will likely remain solid in the months ahead, supported by rising employment and wages, but its pace is expected to slow over the projection horizon. At the same time, exports should make an increasing contribution to GDP growth. Business investment should also add to growth, a view supported by the most recent Business Outlook Survey.
The Bank estimates real GDP growth will moderate further over the projection horizon, from 2.8 per cent in 2017 to 2.0 per cent in 2018 and 1.6 per cent in 2019. The output gap is now projected to close around the end of 2017, earlier than the Bank anticipated in its April Monetary Policy Report (MPR).
CPI inflation has eased in recent months and the Banks three measures of core inflation all remain below 2 per cent. The factors behind soft inflation appear to be mostly temporary, including heightened food price competition, electricity rebates in Ontario, and changes in automobile pricing. As the effects of these relative price movements fade and excess capacity is absorbed, the Bank expects inflation to return to close to 2 per cent by the middle of 2018. The Bank will continue to analyze short-term inflation fluctuations to determine the extent to which it remains appropriate to look through them.
Governing Council judges that the current outlook warrants todays withdrawal of some of the monetary policy stimulus in the economy. Future adjustments to the target for the overnight rate will be guided by incoming data as they inform the Banks inflation outlook, keeping in mind continued uncertainty and financial system vulnerabilities.
The next scheduled date for announcing the overnight rate target is September 6, 2017. The next full update of the Banks outlook for the economy and inflation, including risks to the projection, will be published in the MPR on October 25, 2017.
This is an opportunity to gather in our communities, from coast to coast to coast, and to proudly celebrate all we have in common. It is an opportunity to celebrate our achievements, which were born in the audacious vision and shared values of our ancestors, and which are voiced in nearly all of the languages of the world through the contribution of New Canadians.
Canada Dayis a time to celebrate the heritage passed down to us through the works of our authors, poets, artists and performers. It is a time to rejoice in the discoveries of our scientific researchers, in the success of our entrepreneurs, and to commemorate our history a history in which each new chapter reveals itself to be more touching, more fascinating than the last.
In this momentous year marking the 150th anniversary of Confederation, our Canada Day celebrations will be bigger than ever! There will be major celebrations in 19 Canadian cities in addition to the many festivities set to take place in various communities from coast to coast. A full weekend of activities is also on the agenda in Canadas Capital Region to celebrate Canada Day and our countrys anniversary in a spectacular way.
As we look ahead, we have every reason to show our pride in being Canadian and to face the future with confidence and enthusiasm.
Activities across Canada
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