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
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
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
The Bank of Canada kept its trendsetting interest rate at rock-bottom levels on Wednesday, holding off on planned increases aimed at controlling surging inflation.The central bank’s overnight rate remains at 0.25%, a rate it adopted in a drastic drop in the early days of the COVID-19 pandemic.The move is in
While the Canadian housing market is showing signs of slowing, they are slight and house sales remain robust. There’s a 15% increase in sales from just a year ago at this time with the average home price selling for $679,051, a whopping 26% higher than a year ago. Buying a
When learning how to apply for a mortgage, there is no difference if you are a first-time homebuyer or preparing to move from an existing property. You have a daunting task, and there are lots of choices available when searching for a mortgage broker in the Milton, Ontario, area. So
In a widely anticipated announcement, the Bank of Canada published its quarterly Monetary Policy Report today containing updated economic growth and inflation projections and made its fifth interest rate decision of the year. The interest rate announcement was a non-event: The Bank of Canada left its target overnight benchmark rate
Starting June 1, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The Office of the Superintendent of Financial Institutions (OSFI) confirmed on Thursday May 20th, 2021 that it will move ahead with its stress test changes first announced last month, which will apply to
Last week, the Bank of Canada made its third interest rate decision of 2021 and presented projections for inflation and growth in the economy. The announcement came just as Statistics Canada reported that the consumer price index was higher by 2.2% year over year in March and as speculation ramped
Canadian home sales soared to their highest rate in March of 2021 ever. While they did slow slightly in April, actually they had a 256% year-over-year gain from last April, which was the worst month in home sales ever. If you’re hoping to be a homebuyer and a part of
