Latest news with #Tran
Yahoo
6 hours ago
- Business
- Yahoo
Why today's Bank of Canada's interest rate decision might not sway a housing market 'frozen' by uncertainty
The Bank of Canada's lengthy streak of interest rate cuts was expected to help stir the country's dormant housing market. But so far this year, the announcements and guidance from Canada's central bank have highlighted uncertainty in the economy — and underlined a deepening housing market paralysis. 'With looming tariffs and a lot of uncertainty in the market, with potential job losses and rising costs in many aspects of life, I think a lot of people are just really scared to take on a lot of debt,' said Victor Tran, a Toronto-based mortgage broker and Ratesdotca mortgage and real estate expert. Interest rates remain too high for many potential buyers, Tran says, with fixed and variable rates mostly above four per cent — "still not low enough for buyers to enter the market.' Compounding this, affordability remains an issue. 'The buyers realize prices should come down,' Ron Butler, a mortgage broker at Butler Mortgage, told Yahoo Finance Canada. 'The sellers don't believe they should come down. So there are 25 to 30-year lows in activity.' The BoC is widely expected to hold its rate steady at 2.75 per cent today. But the housing market would likely remain "frozen" even in the event of an interest rate cut, Butler says — with any cut likely stemming from more weakness in the economy that will keep most potential buyers in a holding pattern. Those few who are buying right now tend to be extremely cautious, says Robert Saunders, co-founder of Ownright, a digital real estate legal services startup. 'What we're seeing from a first-time homebuyer point of view is generally, people are doing a lot more due diligence and bargaining more on the deals that they're doing.' First-time homebuyers 'don't want to catch a falling knife,' given that prices in some markets have dropped considerably, says Tran. In the Toronto condo market, for example, he says 'there's a good chance that by the time they take possession of it, let's say, two months from now, the value can be less than what they bought it for, and that's scary.' Mortgage business is nonetheless up this year, Butler says, largely because of the glut of owners renewing mortgages taken out at extremely low rates during the pandemic. For those renewing, the BoC's decisions still carry weight, with variable mortgage rates generally rising or falling with the Bank's overnight interest rate. Those who do have renewals coming up 'simply must shop,' Butler says. The major lenders waged a 'mortgage rate war' in the early spring, he says, competing for the limited pool of people buying in the near-stagnant spring market. But on renewals, the banks are far less aggressive, he says, knowing they can match another lender's offer to an existing customer — but only if the customer gets another offer. 'If you can't be bothered, you're just accepting the fact you're probably going to pay somewhere between $1,500 and $5,000 more over the course of your renewal period,' Butler said. 'Because if you have no ammunition to go back after your bank, they are never going to give you the best offer the first time.' Many also wait too long, Tran says, and may miss the window to process a transfer application. Most lenders will hold a rate for up to 120 days, he says. 'So start as early as possible, consult a mortgage professional, a mortgage broker, a mortgage specialist with a different bank, lock in a rate, and if the rates go down, that's great.' Starting early also makes sense given the economy's effects on the bond market, which determines fixed mortgage rates. Bond yields 'are profoundly erratic,' Butler says, possibly the most volatile he has seen in 30 years. The 'very big swings' in yields saw insured fixed-rate mortgages as low as 3.59 per cent in early April, Butler says. 'A lot of people locked in, and now we're back up into the fours,' he said, with 'very slim availability' of rates at 3.99.' Butler says rates are likely to come down again, with the BoC keenly aware of growing unemployment issues, especially in Ontario, and closely watching data on Canadians' credit health. But he cautions that there is likely a floor to mortgage relief in the months ahead, calling 'very, very low' odds of a mortgage rate in the high two per cent or low three per cent range. John MacFarlane is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jmacf. Download the Yahoo Finance app, available for Apple and Android.
Yahoo
15 hours ago
- Business
- Yahoo
Former Mass. state sen. pleads guilty to stealing gun from constituent, lying to police
Former Massachusetts State Senator Dean Tran has pleaded guilty to charges connected to stealing a gun from a constituent and lying to police about it, the state attorney general's office announced Tuesday. On Monday, the 49-year-old Fitchburg resident pleaded guilty to larceny of a firearm, misleading law enforcement in a criminal investigation and filing an application for a license to carry containing false information, the attorney general's office said in a press release. Tran is a Republican who served as a Fitchburg city councilor from 2005 to 2017 and represented the Worcester and Middlesex District from 2017 to 2021. In June 2019, Tran 'used his position of trust as a public official to take advantage' of a constituent by convincing her to sell him her late husband's firearm collection in exchange for $1,500, the attorney general's office said. The constituent soon changed her mind about parting with the guns, and Tran returned them to her. But within days, Tran returned to the constituent's home when she was there alone and stole a Colt .45 pistol that was part of the collection, the attorney general's office said. When interviewed by police about the theft, he tried to mislead investigators by giving conflicting stories about what happened. Tran also made false statements on his application to renew his firearms license in May 2019, the attorney general's office said. When Tran was first charged in the case in 2022, he also faced charges of larceny over $250 from a person over 60, obtaining a signature by false pretenses with intent to defraud and stealing by confining or putting a person in fear. These charges were dropped in exchange for a guilty plea, the attorney general's office said. Tran's jury trial on the charges was set to begin Monday. Instead, he was sentenced to six months in state prison on each of the three charges, but this time will be served concurrently with the federal prison sentences he is in the process of serving time for already, the attorney general's office said. In November 2023, Tran was arrested and charged with 25 counts of wire fraud and three counts of filing a false tax return. He was accused of fraudulently applying for pandemic unemployment benefits and hiding more than $50,000 in income from his paid consulting job from tax authorities, among other misdeeds. In September 2024, a federal jury convicted Tran on 23 of the charges against him. In February, a judge sentenced him to a year and a half in prison, two years of supervised release and to pay over $50,000 in restitution and fines, according to the Massachusetts U.S. Attorney's Office. Boston 15-year-old charged in knife assault on MBTA bus driver 2 men arrested in connection with shooting near University Park in Worcester Central Mass. man now facing manslaughter charge in connection with brother's death Mass. grandfather's online pain medication search spiraled into an international drug operation Man in critical condition after shooting near Brockton shopping plaza Read the original article on MassLive.
Boston Globe
a day ago
- Health
- Boston Globe
Dean Tran, former state senator, pleads guilty to gun theft charges
Tran wrote in a letter submitted last month in his open federal case that he is struggling with physical and mental health problems. He said his 'oral hygiene is poor,' the food portions he receives are 'insufficient' at FMC Devens, and that the conditions are 'not sufficient for human life.' 'In these conditions, I cannot mount a defense to the charges against me,' he wrote in a six-page, handwritten affidavit. 'My health is deteriorating. . . . I find difficulty in writing even a short letter. I am in a haze and often can't think straight.' Advertisement A Fitchburg Republican, Tran served in the state Legislature from 2017 to January 2021, and unsuccessfully ran for Congress in 2022 against US Representative Lori Trahan, a Westford Democrat. He's faced a litany of criminal cases since. Tran was indicted on the Advertisement In September, a federal jury found Tran guilty of He also is awaiting trial in a separate federal case where prosecutors In the gun case, prosecutors said a 77-year-old constituent contacted Tran in 2019, while he was a state senator, asking for help with 'personal and paperwork issues' following the death of her husband. Instead, prosecutors said, Tran convinced her to give him at least eight of her late husband's guns, made her sign a document, and paid her $1,500 in cash. When the woman's family and friends demanded Tran return the guns, he did, but only to return early in the morning, when he 'pushed' his way into the home, intimidated the woman into giving him the key to his husband's gun safe, and stole a Colt .45 handgun while the woman hid in her bedroom, prosecutors said. The gun was returned at a later date. Tran then allegedly misled State Police investigators, claiming that the guns were actually his, and that the woman should write him an apology letter and a 'letter to the editor thanking him for helping her recover a sentimental item.' Advertisement When he was charged, Tran called the allegations 'categorically false' and accused then-attorney general Maura Healey of 'partisan corruption' for pursuing the case while she ran for governor. Healey ultimately won the governor's office that fall. Matt Stout can be reached at
Yahoo
a day ago
- Business
- Yahoo
Uncertainty, volatility to continue to drive the housing market as Bank of Canada's June rate decision looms
The Bank of Canada's lengthy streak of interest rate cuts was expected to help stir the country's dormant housing market. But so far this year, the announcements and guidance from Canada's central bank have highlighted uncertainty in the economy — and underlined a deepening housing market paralysis. 'With looming tariffs and a lot of uncertainty in the market, with potential job losses and rising costs in many aspects of life, I think a lot of people are just really scared to take on a lot of debt,' said Victor Tran, a Toronto-based mortgage broker and Ratesdotca mortgage and real estate expert. Interest rates remain too high for many potential buyers, Tran says, "with fixed and variable rates mostly above four per cent — "still not low enough for buyers to enter the market.' Compounding this, affordability remains an issue. 'The buyers realize prices should come down,' Ron Butler, a mortgage broker at Butler Mortgage, told Yahoo Finance Canada. 'The sellers don't believe they should come down. So there are 25 to 30-year lows in activity.' The BoC is widely expected to hold its rate steady at 2.75 per cent Wednesday. But the housing market would likely remain "frozen" even in the event of an interest rate cut, Butler says — with any cut likely stemming from more weakness in the economy that will keep most potential buyers in a holding pattern. Those few who are buying right now tend to be extremely cautious, says Robert Saunders, founder of Ownright, a digital real estate legal services startup. 'What we're seeing from a first-time homebuyer point of view is generally, people are doing a lot more due diligence and bargaining more on the deals that they're doing.' First-time homebuyers 'don't want to catch a falling knife,' given that prices in some markets have dropped considerably, says Tran. In the Toronto condo market, for example, he says 'there's a good chance that by the time they take possession of it, let's say, two months from now, the value can be less than what they bought it for, and that's scary.' Mortgage business is nonetheless up this year, Butler says, largely because of the glut of owners renewing mortgages taken out at extremely low rates during the pandemic. For those renewing, the BoC's decisions still carry weight, with variable mortgage rates generally rising or falling with the Bank's overnight interest rate. Those who do have renewals coming up 'simply must shop,' Butler says. The major lenders waged a 'mortgage rate war' in the early spring, he says, competing for the limited pool of people buying in the near-stagnant spring market. But on renewals, the banks are far less aggressive, he says, knowing they can match another lender's offer to an existing customer — but only if the customer gets another offer. 'If you can't be bothered, you're just accepting the fact you're probably going to pay somewhere between $1,500 and $5,000 more over the course of your renewal period,' Butler said. 'Because if you have no ammunition to go back after your bank, they are never going to give you the best offer the first time.' Many also wait too long, Tran says, and may miss the window to process a transfer application. Most lenders will hold a rate for up to 120 days, he says. 'So start as early as possible, consult a mortgage professional, a mortgage broker, a mortgage specialist with a different bank, lock in a rate, and if the rates go down, that's great.' Starting early also makes sense given the economy's effects on the bond market, which determines fixed mortgage rates. Bond yields 'are profoundly erratic,' Butler says, possibly the most volatile he has seen in 30 years. The 'very big swings' in yields saw insured fixed-rate mortgages as low as 3.59 per cent in early April, Butler says. 'A lot of people locked in, and now we're back up into the fours,' he said, with 'very slim availability' of rates at 3.99.' Butler says rates are likely to come down again, with the BoC keenly aware of growing unemployment issues, especially in Ontario, and closely watching data on Canadians' credit health. But he cautions that there is likely a floor to mortgage relief in the months ahead, calling 'very, very low' odds of a mortgage rate in the high two per cent or low three per cent range. John MacFarlane is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jmacf. Download the Yahoo Finance app, available for Apple and Android. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
a day ago
- Business
- Associated Press
MEXC to Serve as Major Sponsor at Solana Summit APAC 2025, Reinforcing Commitment to SOL Ecosystem Growth
VICTORIA, Seychelles, June 03, 2025 (GLOBE NEWSWIRE) -- MEXC, a leading global cryptocurrency exchange, will participate as one of the Major Sponsors at the upcoming Solana Summit APAC 2025, taking place June 5-7 in Da Nang, Vietnam. The summit will showcase MEXC's deepening commitment to the Solana ecosystem and introduce innovative community engagement initiatives designed to strengthen partnerships with builders and developers across the region. Building Strategic Partnerships in the SOL Ecosystem MEXC's participation at Solana Summit APAC will reinforce the exchange's position as a trusted partner for Solana builders and innovators. The company's presence at the summit embodies their core message: 'Build on SOL, grow with MEXC.' This strategic positioning will set the stage for an upcoming SOL ecosystem promotion campaign scheduled to launch in late July 2025. The three-day summit will attract developers, founders, venture capitalists, and crypto enthusiasts from across the global Solana ecosystem, providing MEXC with a premier platform to engage with key stakeholders and expand its presence within the developer community. Interactive On-Site Activations and Community Engagement MEXC will launch an innovative Treasure Hunt Activation during the summit, featuring five unique sticker designs incorporating the MEXC logo and QR codes linking to the company's official social media channels. Participants who locate all five stickers hidden throughout the event venue will be eligible to redeem exclusive co-branded merchandise at the MEXC booth. This gamified approach reflects MEXC's commitment to fostering meaningful community interactions and creating memorable experiences for summit attendees while amplifying the company's regional presence. Thought Leadership and Industry Expertise On June 5, Yuky Tran, COO of MEXC Vietnam, will participate in a panel discussion addressing critical industry challenges. The session, scheduled from 11:05-11:35 AM, will explore 'What roles do DEX's or launchpads play in protecting retail investors from scams?' Tran will join industry leaders including representatives from Outlaw, HawkFi, SecondSwap, and Meteora to discuss investor protection strategies and platform responsibilities. Additionally, YY, Head of Listing of MEXC Ventures, will be at the exclusive VC Demo Day on June 7, a curated four-hour event designed to explore Vietnam's emerging role as a launchpad for Decentralized Physical Infrastructure Networks (DePIN). The invite-only gathering will bring together 70-100 attendees, including DePIN builders, Solana ecosystem leaders, venture capitalists, and Web2 companies from AI, IoT, energy, logistics, and XR sectors seeking to integrate real-world DePIN applications. Strengthening the Global Solana Community MEXC's major sponsorship of the Solana Summit APAC demonstrates the exchange's strategic commitment to supporting the broader Solana ecosystem while establishing stronger connections with the developer community across Asia-Pacific markets. The summit participation will serve as a launching pad for expanded regional initiatives and partnerships throughout 2025. The Solana Summit APAC 2025 will bring together the region's most innovative blockchain projects, developers, and industry leaders, making it an ideal venue for MEXC to showcase its dedication to fostering growth within the Solana ecosystem. About MEXC Founded in 2018, MEXC is committed to being 'Your Easiest Way to Crypto.' Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding. MEXC Official Website ｜ X ｜ Telegram ｜ How to Sign Up on MEXC Source Contact: Lucia Hu [email protected] Disclaimer: This is a paid post and is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. 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In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page. Legal Disclaimer: This media platform provides the content of this article on an 'as-is' basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above. A photo accompanying this announcement is available at
