The Bank of Canada cut its policy rate to 4.5%, lowering mortgage rates for some Canadians. Variable-rate mortgage holders will see reduced monthly payments, especially those with adjustable-rate mortgages.Read more
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The Bank of Canada is anticipated to continue lowering interest rates in 2024, with the next cut expected at the upcoming meeting on September 4. Economists predict a series of rate reductions at each of the remaining three policy-setting meetings of the year,Read more
The Home Buyers’ Plan (HBP) now allows first-time buyers to withdraw up to $60K from their RRSPs. The HBP repayment grace period has increased to five years for withdrawals made between 2022 and 2025.Read more
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
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
