The Bank of Canada just cut the overnight rate by another 0.25%. For the second consecutive month, they’ve lowered the rate. In total, a 0.50% drop in two months. (not enough, but it’s a start) Great news for anyone in a Variable rate mortgage. It means you will be paying 0.50% less on your mortgage. We can expect further cuts this year and next. Read on for more details.
Continue reading “Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy”
Some good news on mortgage rates…
Mortgage Brokers are receiving good news this week from many financial institutions. Wholesale fixed mortgage rates are falling. Great news for anyone buying, refinancing or renewing their mortgage in the near future.
The news comes as a reaction to lower than expected inflation rates. We saw 2.7% vs the expected 2.9% reported. And the US economy is finally seeing signs
Continue reading “As expected, rates are beginning to fall”
The Bank of Canada put out a report entitled What drives up the price of groceries?
They could have easily simplified the title to say “What Drives Up the Price of Everything”. Their answer is the cost of ENERGY and the cost of labour. I’m going to remind you that this report is from the Bank of Canada.. “a Crown corporation that is separate from the political process” as their website says.
Continue reading “Why your groceries, homes and rents cost more. A Critical Analysis”
Everything is playing out as expected. Fixed rates have begun to fall, slowly. But this isn’t unusual or unexpected. If you’ve followed interest rate hikes and cuts, you’ll see a familiar pattern.
Continue reading “Why fixed rates haven’t dropped that much yet”
It’s really not that complicated. If you really want to resolve the housing crisis you just need to do these FIVE things
- 1. Bring back 35 year amortization periods and increase qualifying home prices to $1,250,000 or higher.
- 2.Remove rent control rules.
- 3.Halt new immigration until we can build up enough support services to handle what we have already. *(exception below)
- 4.Cut back on the municipal, provincial gov’t Red Tape to build any type of residential housing and that includes purpose built rental apartment buildings.
- 5.Create a hiring program to entice and incentivize people to get into skilled trades …and bring over people from outside Canada if you have to (this would be my exception to point 2 above)
- Do this and you’ll soon have more housing units available than you could even dream of. It could be done in 3 to 5 years. It’s just not that complicated.
Continue reading “Housing crisis.. Made in Canada”
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