Just a few months ago, all anyone could talk about was the red hot housing market. Sky high property values. Historically low interest rates. It’s amazing how quickly the conversation can change. As expected, the market has cooled. And while we’re not necessarily in a buyer’s market just yet, things are certainly trending that way. If you’re looking to purchase an additional property, or you’re a first time homebuyer, this could pose an opportunity.Continue reading “The Tide Turns for the Canadian Housing Market￼”
The federal government dropped the 2022 budget a couple of weeks ago. Immediately after, articles came pouring out about how it will impact different people, different businesses, different industries. A lot of it is difficult to decipher. Even more difficult is understanding what tangible impact it will have on your day-to-day life.
That’s why I thought a post like this was important. If you own real estate, are thinking of owning real estate, or you’re in the real estate industry, here are the parts of the budget you should know about.Continue reading “The Federal Budget: Here Are the Parts That Could Affect You”
Yesterday was Wednesday the 13th – but for some, it might have felt like Friday the 13th. That’s because the Bank of Canada announced they’re upping their rate by a whopping 0.50%. This rate hike means that the prime rate will increase from 2.7% to 3.2%, a fairly sizable jump relative to what we’ve seen in the last couple of years.
All of this might seem terrifying. But let me assure you: there’s no need to panic.Continue reading “Bank of Canada Raises Benchmark Interest Rate”
Buying a home in Canada just got a lot more stressful. Recently, the OSFI’s stress test has become substantially more challenging to pass – and hardly anyone noticed. The qualifying rate is now as high as 6.00%. If it wasn’t hard enough to purchase a home in Canada, now it’s even harder. And if rates keep going up as they’re predicted to, it’s not going to get any easier.Continue reading “Can Canadians Stand Up to a Tougher Stress Test?”
As predicted, the Bank of Canada raised their benchmark rate a few days ago. No surprises here. And yet, the media will make you feel like this was out of left field. Even worse, they’ll spew fear mongering dribble that the train is off then rail. That every single BoC meeting for the rest of the year will result in a rate pump. That we’re heading for a market crash of epic proportions. So is it time to worry yet?
I’m here to tell you this: turn off the television and take a deep breath. There’s nothing to fear.Continue reading “Bank of Canada Raises Rate by 0.25% – Is it Time to Worry Yet?”