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
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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
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
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
