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The Bank of Canada held its interest rate

The Bank of Canada met for the first time in 2022 and held its target interest rate at .25% and the bank rate at .50%, with the deposit rate at .25%. Overnight rate – This is the interest rate that the banks lend funds to each other at the end of the day.  This rate […]

What to expect from Canada’s housing market in 2022

What to expect from Canada’s housing market in 2022 The unanticipated extent of Canada’s 2021 housing market performance ended the year with both home sales and average prices up over 20%.  Comparing this to the previous year, it was driven largely by historically tight housing supply and low interest rates. So, what can homeowners and […]

The Bank of Canada updated its Economic Outlook

The Bank of Canada and updated its economic outlook in its meeting for the last time in 2021.  They made no change to its projection that its rate will rise in the middle of 2022.  It said that they are watching the inflation issues closely and they would hold the benchmark rate at .25% until […]

A Look at the Federal Government’s Housing Commitments

With the 2021 Federal election behind us, its a good time to take a look at the government’s housing commitments. Not much changed following last month’s federal election. However, the governing Liberals now have an opportunity to deliver a fresh slate of housing policies designed to create stability and assist first-time homebuyers in the marketplace. […]

Barrie housing market is showing signs of overheating.

The City of Barrie’s housing market is showing signs of overheating, again! This could be good news for home sellers who may not be immediately buying another home or those buying in a lower priced location. It may not be favourable for those who are planning to stay within the city or First Time Buyers. […]

What to do if you are going to miss a mortgage payment.

Don’t fret if you are going to miss a mortgage payment.  Life happens and your mortgage company can be sympathetic. For the majority of mortgage borrowers, missing a single mortgage payment is not a concern. But have you ever wondered what would happen if, for some reason, you couldn’t make your payment? Below I’m going […]

The Bank of Canada interest rate was held today.

The Bank of Canada made an interest rate announcement today.  They said that it will hold its target overnight interest rate at .25% for deposit rates and .5% for bank rates.  It stands by its projection that interest rates are likely to begin to rise in the second half of 2022. The Bank is also […]

Canada Greener Homes Grant

The federal government of Canada announced the Canada Greener Homes Grant.  This grant helps home owners make their homes more energy efficient, save on utility bills and contribute to the fight against climate change. Our homes account for 18% of Canada’s greenhouse gas emissions. If we’re going to meet the goals set out in climate […]

Increase to the mortgage stress test rate for insured mortgages.

On May 20, 2021, as expected, the Department of Finance extended the increase to the mortgage stress test rate to insured mortgages.  This change is no longer proposed, but will come into affect June 1st. The rate goes from 4.79% to 5.25%, to match the already announced change to uninsured mortgages.  This is the rate […]

Proposed increase to the mortgage stress test

Shopping for a Mortgage? A Stricter Stress Test is Likely on the Way The government has introduced an increase to the mortgage stress test.  If you’re in the market for a mortgage over the next several months, you’ll want to read on. Several new mortgage changes are coming down the pipeline that could affect your ability […]

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