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My Rates

6 Months 7.85%
1 Year 5.74%
2 Years 5.44%
3 Years 4.84%
4 Years 4.89%
5 Years 4.54%
7 Years 5.90%
10 Years 5.80%
6 Months Open 9.75%
1 Year Open 8.00%
*Rates subject to change and OAC
AGENT LICENSE ID
M08006436
BROKERAGE LICENSE ID
10346
Robert Hooper Manager/Partner

Robert Hooper

Manager/Partner


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1 Hunter Street East, Hamilton & Niagara, Ontario

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                 My name is Robert Hooper, and I am the Managing/Partner at Verico-Fair Mortgage Solutions Inc. We have successfully built a grassroots type business that relies on community involvement, knowing our clients inside and out and what products they may be interested in. I have worked with Equifax and I know everything there is to know about credit. I will help you rebuild credit or maintain a positive cash flow that allows you to have a stress-free financial situation. I am a guide, an advocate, and become very involved and consumed by my business. My clients respect for me, their trust in me is key to my success, I have given people the power to fulfill their desires and together we can make a plan to conquer any daunting obstacle. I have helped people in many different ways and for many different reasons. Anything from a typical first-time home buyer, giving them the knowledge and preparedness for their new responsibility to be a successful endeavor. To managing substantial property tax, and mortgage arrears for clients that have multiple properties and incomes. Each story is different, so let me hear your story and give me the opportunity to help.

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BLOG / NEWS Updates

NBC BoC Policy Monitor: No more quarter pounders… Super-size me!

Rate Statement The rate cutting cycle was turned up a notch as the Bank of Canada lowered its target for the overnight rate by 50 basis points to 3.75%, a decision in line with consensus and market expectations. This fourth cut in as many meetings marks a cumulative rate reduction of 125 basis points and brings the policy rate to its lowest point since December 2022. The move also pushes the BoCs policy rate 125 basis points below the Federal Reserves, though an expected November Fed cut would narrow that gap. Meanwhile, balance sheet normalization will continue as expected. Here are some additional highlights from the communique and the opening statement to the press conference: Driving the decision to cut 50 bps was a desire to support economic growth and to keep inflation close to the middle of the 1% to 3% range. As for forward rate guidance, the Bank says, we expect to reduce the policy rate further if the economy evolves broadly in line with our latest forecast. As always, the timing and pace of further cuts, will be guided by incoming information. Despite recent soft data, the Bank still expects relatively solid GDP growth ahead: GDP growth is forecast to strengthen gradually over the projection horizon, supported by lower interest rates. The Bank appears to be looking the strength of the September jobs report, as the statement simply says the labour market remains soft. Still, they note that wage growth remains elevated relative to productivity growth. The Bank highlights that inflation has declined significantly thanks to excess supply in the economy. The breadth of price increases have normalized, as have inflation expectations. Policymakers now expect inflation to remain close to target over the projection horizon, with the upward and downward pressures roughly balancing out. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/boc-policy-monitor.pdf

Bank of Canada reduces policy rate by 50 basis points to 3¾%

The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 4% and the deposit rate at 3%. The Bank is continuing its policy of balance sheet normalization. The Bank continues to expect the global economy to expand at a rate of about 3% over the next two years. Growth in the United States is now expected to be stronger than previously forecast while the outlook for China remains subdued. Growth in the euro area has been soft but should recover modestly next year. Inflation in advanced economies has declined in recent months, and is now around central bank targets. Global financial conditions have eased since July, in part because of market expectations of lower policy interest rates. Global oil prices are about $10 lower than assumed in the July Monetary Policy Report (MPR). In Canada, the economy grew at around 2% in the first half of the year and we expect growth of 1% in the second half. Consumption has continued to grow but is declining on a per person basis. Exports have been boosted by the opening of the Trans Mountain Expansion pipeline. The labour market remains softthe unemployment rate was at 6.5% in September. Population growth has continued to expand the labour force while hiring has been modest. This has particularly affected young people and newcomers to Canada. Wage growth remains elevated relative to productivity growth. Overall, the economy continues to be in excess supply. GDP growth is forecast to strengthen gradually over the projection horizon, supported by lower interest rates. This forecast largely reflects the net effect of a gradual pick up in consumer spending per person and slower population growth. Residential investment growth is also projected to rise as strong demand for housing lifts sales and spending on renovations. Business investment is expected to strengthen as demand picks up, and exports should remain strong, supported by robust demand from the United States. Overall, the Bank forecasts GDP growth of 1.2% in 2024, 2.1% in 2025, and 2.3% in 2026. As the economy strengthens, excess supply is gradually absorbed. https://www.bankofcanada.ca/2024/10/fad-press-release-2024-10-23/

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