The Bank of Canada raised interest rates aggressively for the sixth time in a row, while hinting that it may pause its rate hike cycle. The prime rate rises to 6.45% as a result. A homeowner with a variable-rate mortgage can expect to pay approximately $28 more per month per
The Bank of Canada delivered another supersized hike on Wednesday, raising the policy interest rate by 75 basis points to 3.25 per cent, the highest rate since the global financial crisis. The Bank also signalled it was continuing its quantitative tightening policy and more rate hikes would follow in an
The Bank of Canada on Wednesday increased its target for the overnight rate to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.5%. Quantitative tightening (QT) continues with no end in sight. In its statement, the BoC said, “With the economy clearly in excess demand, inflation
Mortgage brokers are an interesting bunch. In theory, they complete some of the most client-facing roles in the financial services industry. It’s also a role in which they get to interact with the customer in some of the most important times of their lives. Yet, most people never think of
Coaching variable-rate mortgage clients is what I have done for over a decade. I’m an advocate of the floating-rate product and its benefits, and over the years, hundreds of my clients have saved tens of thousands of dollars in interest costs and cut years off their amortization—the length of time
Did you know that just over 6 million Canadians currently have a mortgage? Yet the process of getting one is not easy and can be confusing for many. So do you know how a mortgage broker can help? When looking for a mortgage in Milton, the use of one could
Today, in its third scheduled policy decision of 2022, the Bank of Canada took direct aim at inflation by increasing its overnight benchmark rate to 1% from 0.50% in March. As a result, the Bank Rate rises to 1.25% from 0.75% and borrowing costs for Canadians will rise again. This decision was not
In the United States, there were about 1,782,500 first-time homebuyers. While buying a home is an exciting prospect, it can be easy to make mistakes during the home-buying process. Learning more about these mistakes can help you avoid them to ensure a smoother transition to homeownership. Do you want to
Just a quick note on today’s Bank of Canada Announcement. The Bank of Canada increased the key rate from 0.25% to 0.5%. Some lenders are starting to change their prime rates by 0.25%, to 2.7%. We will monitor the amount of the increase to Prime and how it will impact mortgage
Those living in Canada under the age of 35 are less likely to own property than those above the age of 35. If you’re under 35 years old and living in Canada, does that mean you shouldn’t invest in a home? It’s confusing to know exactly when to buy a home
