Canadian mortgage holders have an opportunity to reevaluate their options as interest rates begin to decrease. It's important to understand market dynamics and Bank of Canada policies, considering factors such as credit score, market rates, mortgage type, term, penalties, prepayment options, negotiation, and professional advice. Meanwhile, Ontario has introduced a financial literacy test for highRead more
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Over 2M Canadians face mortgage renewals with higher interest rates impacting housing plans. Mortgage experts anticipate a gradual decrease in interest rates starting possibly in June/July 2024.Read more
First Rate Cut in 4-Yr: The Bank of Canada cut its key interest rate for the first time since 2020. This could save Canadians money, but it likely won't be a return to very low rates.Read more
The BoC cut interest rates for the first time in 4-yr, potentially impacting the summer Real Estate market. This may benefit those with variable-rate mortgages or upcoming renewals (2.2M households in 2024-2025).Read more
A new survey reveals that downsizing, upsizing, and relocating are the main reasons homeowners consider selling. Market timing is crucial for achieving desired sale prices, according to 23% of respondents. Financial strain is a less common reason for selling, with only 11% citing unmanageable mortgage payments. Downsizing is the top reason at 37%, followed byRead more
The Bank of Canada cut the key interest rate for the first time in 4 years by 0.25% to 4.75%.This comes after a period of high inflation and to boost the economy which contracted in Q1.Read more
Experts predict a high probability of a rate cut by the BoC before its 4th interest rate announcement of the year. It is predicted that interest rates will bottom out ~3 – 3.75% by 2025Read more
While mortgage payments may ↑, Canada’s low default rates reflect homeowners' strong financial resilience. The BOC’s rate hikes have been met with a robust response from homeowners, thanks to economic growth and prudent savings.Read more
Deloitte Canada predicts more interest rate cuts in 2025, affecting Canadian homeowners with mortgage renewals. Despite a strong start in 2024, GDP growth is forecasted to slow to 2.6% in 2025. The Bank of Canada's benchmark rate is expected to fall to 2.75% by the end of the year. With half of outstanding mortgages yetRead more
The Bank of Canada is predicted to reduce interest rates three times this year due to economic slowdown.If interest rates drop, variable-rate loans could reduce costs more than fixed-rate loans.Read more
