To Lock in or Not to Lock in? That is the Question. Locking into a fixed-rate mortgage has been a hot topic. It’s without a doubt that since the beginning of 2022 the mortgage world has fluctuated and caused quite a stir amongst Banks, Private Lenders, Mortgage Brokers, and Mortgage … Read More
The Latest Bank of Canada Rate Increase and its Effects on Housing Affordability.
The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1.25% and the deposit rate at 1%. Housing affordability has been a long-run Canadian concern. Since its last announcement in March, the Bank continues to set its course for increased Quantitative … Read More
Mortgage Insurance for New To Canada Homebuyers
Whether you’re new to Canada, a permanent resident or a foreign investor, you’ve probably heard of mortgage insurance. The biggest misconception about mortgage insurance is that it benefits the borrower. When in reality, it is used to protect the lender against the risk of the borrower defaulting on their mortgage. … Read More
New to Canada Mortgages
Whether you’re a permanent resident or newly arrived in Canada, finding and financing your future home is one of the most important decisions you can make for yourself and your family.
Top Canadian Banks Are Raising Their Prime Rates
Major banks have decided to raise their prime rates to compensate for the rise in the cost of borrowing money. The top 5 banks, Scotiabank, CIBC, BMO, RBC, and TD have all raised their prime rates to 2.7% from its past 2.45%.
The Bank of Canada (BOC) has raised the overnight rate for the first time since October 2018.
The Bank of Canada today increased its target for the overnight rate to 0.5% from its previous 0.25% where it has been since March 2020. This change will roughly equate to an increase of $12 per every $100,000 borrowed, depending on the Lender. The Bank is continuing its reinvestment phase, keeping … Read More
August 2020- Economic Update by Dr. Sherry Cooper
Canadian Housing Market Very Strong in July Today’s release of July housing data by the Canadian Real Estate Association (CREA) showed a blockbuster July with both sales and new listings hitting their highest levels in 40 years of data. This continues the rebound in housing that began three months ago. … Read More
Don’t Do This When Seeking a Mortgage!
In today’s reality of tougher mortgage qualification rules, it’s even more important to pay attention to the little things that can make or break your chances of qualifying for a mortgage – or hanging on to your approval all the way through to closing. Did you know that it’s getting … Read More
Why Do I Need an Appraisal?
Mortgage lenders request an appraisal for several reasons, but the main two are: 1) When you’re buying a new home; and 2) If you’re dipping into your home equity through a refinance on your existing mortgage. An appraisal is an unbiased expert opinion on the value of your home carried … Read More
Is it Time for a Mortgage Checkup?
With spring only weeks away, now’s the perfect time to consider scheduling your annual mortgage checkup. It’s important to review your options every year to ensure you’re maximizing your savings. Spring’s a popular time for a refresh and it’s also the most common time of year to buy or sell … Read More