What is a Mortgage Renewal? Mortgage renewal involves renegotiating terms at the end of each mortgage term until fully paid. Key Considerations: Renewals allow adjustments in payment frequency, interest rates, and potentially changing lenders in Canada.Read more
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Economists forecast further rate cuts in 2025. Real GDP growth projected at 1.2% for 2024.Read more
Recent market drops have influenced mortgage rates, particularly fixed mortgages, which are linked to bond yields. As Canadian five-year government bond yields fell to 2.9%, fixed mortgage rates are anticipated to decrease as well. Currently, the lowest insured five-year fixed mortgage rate is 4.29%, the lowest since last May. With further reductions expected, mortgage shoppersRead more
Experts compare the rate cut to bringing a "butter knife to a gunfight," suggesting it offers minimal homebuying power improvement.Canadian homebuyers need more than the recent 0.25% rate cut from the BoC.Read more
Mortgage renewals in Canada could pose a risk to the economy as interest rates rise. BoC cut rates slightly but it may not be enough to ease the burden on borrowers.Read more
The federal government is simplifying the process for first-time homebuyers by permitting 30-year amortizations for insured mortgages on new builds from August 1. This policy is designed to assist young Canadians in qualifying for mortgages and purchasing their first homes by reducing monthly payments. However, it may lead to higher interest payments over 30 yearsRead more
The Bank of Canada is easing its policy stance as the economy shows signs of recovery. After lowering the interest rate to 4.75% in June, another cut is expected this fall.Read more
Predictions point to further interest rate cuts in 2025 to bolster economic recovery efforts.Read more
After a period of economic upheaval, Canada's economy is starting to stabilize, but challenges remain. No further interest rate cuts are expected until fall 2024.Read more
The Bank of Canada is likely to cut rates due to falling inflation, primarily driven by increasing shelter costs. This move is expected to alleviate mortgage interest costs and stabilize real estate markets. Amidst consumer and business pessimism, further economic slowdown is anticipated, possibly leading the Bank to lower its policy rate to 2.5%-3%. Variable-rateRead more
