This last Bank of Canada rate announcement of 2024 gives us another 0.50% cut to the central bank rate bringing it to 3.25% which is at the top-end of a neutral rate. Most mortgage lenders will now have a Prime lending rate of 5.45%. It is important to note that while we see 3.25% in […]

Bank of Canada Has Cut 1.25% in 2024 and More to Come We hopeed for it and it happened! This morning, the Bank of Canada’s first ‘oversized’ interest rate cut of -0.50% occurred. This is because the Canadian economy is weaker than they predicted and this signals that they believe inflation is under control. The […]

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%. […]