Canada's inflation rate has dropped to 2.5%, signaling a potential easing of economic pressures. While this is encouraging, housing costs remain high, with mortgage interest costs rising 21% and rental prices increasing significantly in various provinces. The Bank of Canada may cut rates soon, which could eventually lead to lower mortgage rates, but the impactRead more
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Compare mortgage rates among three to five lenders to maximize potential savings. Consider different mortgage types to find the best rate for your credit and financial situation.Read more
Canada's $2.1T mortgage market is set for growth following the Bank of Canada’s rate cut. The Bank of Canada cut its benchmark interest rate by 25 basis points.Read more
Interest rates in Canada are decreasing, but many homeowners face higher payments upon mortgage renewal in the coming years. Brokers are challenged to help clients navigate this situation. Despite recent rate cuts, the gap between fixed and variable rates remains significant. Economic data suggests potential for further rate reductions, which could ease the renewal process.Read more
Canada unexpectedly lost jobs in June, signaling an economic slowdown. Government of Canada bond yields fell in response to the weak employment data, suggesting a possible BoC rate cut.Read more
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
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
