Real estate experts indicate that the Bank of Canada's third consecutive interest rate cut is positive for those with variable-rate mortgages, but it may take time for lower borrowing costs to significantly impact sales. While the key lending rate is now 4.25%, many potential homebuyers find mortgage rates still unaffordable. Experts suggest that even aRead more
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The unemployment rate three-month moving avg rose, indicating a potential recession. S&P 500 dropped 3%, VIX index spiked, and US 10-year yield plunged 9.8%.Read more
Starting August 1, 2024, first-time buyers of new homes can access 30-yr amortizations for insured mortgages.To qualify, buyers need a minimum 5% down payment for homes up to $500K.Read more
Rate Drop Forecast: BoC rate could dip to 3.75% by late 2024. Historical Trends: Past rate cuts did not always boost home prices; it often led to declines.Read more
Mortgage professionals in Ontario should note that the Homeowner Protection Act, effective June 6, 2024, has rendered Notices of Security Interest (NOSIs) for consumer goods, such as water heaters, expired. FSRA advises mortgage agents and brokers to inform clients about these expired NOSIs to prevent unnecessary payments and financial stress. Homeowners with NOSIs registered beforeRead more
Canadian mortgage rates are expected to decline as inflation cools, with the latest figures showing a drop to 2.5%. However, high shelter costs continue to pressure inflation, complicating the Bank of Canada's interest rate decisions. The US Federal Reserve's anticipated rate cuts may influence Canadian rates, as they are closely linked. Despite a decrease inRead more
Assess Financial Health: Understand your budget, credit score, and debts before starting your home search.Get Mortgage Pre-Approval: Secure pre-approval to define your budget and show sellers you're serious.Read more
By end of 2024, the policy interest rate is forecasted to be 3.75%, down from 5%. Further 0.25% cuts expected on September 4, October 23, and December 11, 2024.Read more
Deciding between a 3-yr or 5-yr mortgage rate can greatly impact your financial situation. Fixed-rate mortgages offer consistent payments, while variable-rate mortgages fluctuate with lender prime rates.Read more
Mortgage delinquency rates in Ontario are the highest in Canada, with over 3,000 mortgages in severe delinquency, totaling over $1 billion—an increase of about 66% from last year. While inflation stabilizes and interest rates decrease, rising unemployment contributes to financial stress. Consequently, many young Canadians are delaying homeownership, with nearly 30% of households nationwide, andRead more
