What does Donald Trump’s election win last month mean for Canada?
With Donald Trump’s election win last month, all eyes are on the U.S. and what his policies might mean for the Canadian economy. While his victory may not seem directly connected to your mortgage, the reality is that U.S. policies often have a significant spillover effect on Canada, especially when it comes to interest rates, […]
Bank of Canada delivered its fourth consecutive rate cut
The Bank of Canada delivered its fourth consecutive rate cut. On October 23, the Bank of Canada lowered its policy rate a half percentage point, bringing it down to 3.75%, a reduction of 1.25% from its peak. This is the fourth consecutive rate cut this year, and it could bring a bit of relief if […]
The Federal government announces sweeping changes to Canada’s mortgage rules.
The federal government announced sweeping changes to Canada’s mortgage system in an effort to improve housing affordability and access. For higher priced mortgage markets One of the key changes is the increase in the CMHC-insured mortgage limit from $1 million to $1.5 million. This means buyers can now qualify for a mortgage with less than […]
Understanding the costs of buying, selling, and refinancing a home in Canada
When buying, selling or refinancing a home, closing costs are an inevitable part of the process. These costs can catch you by surprise if you’re not adequately prepared. Let’s demystify the closing costs and give you an idea of the potential costs involved. What are closing costs in a real estate transaction? Closing costs are […]
How the 2024 federal government’s budget might impact you
The federal government made several announcements claiming it will improve access to the housing market for first-time buyers. This is how the federal government’s budget might impact you. The announcements include: Increasing the maximum amortization period to 30 years from 25 for first-time buyers purchasing a new-build property. They must have a down payment of […]
Your mortgage renewal and rising rates: what you should know.
Mortgage renewals is a topic that has garnered a fair bit of media attention recently. And for good reason. Those facing a mortgage renewal in the coming months or even in the next year are rightly concerned about the impact higher rates will have on their monthly payments. However, it’s important to remember that there […]
Canada’s new foreign home buyer ban
The start of the new year saw Canada’s new foreign buyer ban officially come into effect. The two year-ban was originally passed by Parliament in June to help address housing affordability challenges. It will apply to non-Canadian individuals and commercial enterprises. However, the Prohibition on the Purchase of Residential Property by Non-Canadians Act includes a long list […]
Its not just about the interest rate!
Its not just about the interest rate! A common mistake some mortgage shoppers make is focusing entirely on getting the lowest rate. Don’t get me wrong, a low rate is important, of course, and that’s my goal too. But there are also other considerations to keep top of mind when looking at a mortgage product: […]
Understanding what’s needed for your home purchase down payment
For many homebuyers, the down payment is the biggest hurdle along the path to homeownership. Understanding what’s needed for your home purchase down payment is the first key towards home ownership. This is especially true for first-time buyers, who often have to scrimp and save for years to come up with the down payment needed […]
The Bank of Canada raised its key lending rate.
The Bank of Canada raised its key lending rate by 100 basis points this morning, bringing it to 2.50%. The Bank said inflation is “higher and more persistent” than what it had forecast in April, and will likely remain “around 8% in the next few months.” In its statement accompanying the decision, the Bank said, […]
