Effective TODAY, August 1st 2024, First Time Homebuyers (FTHB) purchasing a newly built property and who meet the FTHB criteria, have the option of a 30 year Amortization (AM) for insured mortgages. Previously, the maximum AM was 25 years for insured mortgages. WHAT DOES THIS ACTUALLY MEAN? If you are buying a new construction home […]

As I’m sure you’ve heard by now, the Bank of Canada has lowered the Prime lending rate by another 0.25% last Wednesday, marking the second consecutive decrease since it’s June 5th announcement. Most lender’s Prime rates are now sitting at 6.7%, down from 7.2% since June. The next BoC announcement takes place on September 4th […]

After several months of a status quo, inflated rate environment (hence the pause in updates from me), we finally received some long-awaited, much needed good news from the Bank of Canada last week. As I’m sure you’ve heard, on June 5th they cut the key interest rate by -0.25% bringing it from 5.00% to 4.75%. […]