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Posted 1 Comment on Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy Bank News

Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy

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.

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Posted 2 Comments on As expected, rates are beginning to fall Bank News

As expected, rates are beginning to fall

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

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Posted Consumer Debt

Why your groceries, homes and rents cost more. A Critical Analysis

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.   

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Posted 1 Comment on How To Navigate Three Common Mortgage Scenarios Debt

How To Navigate Three Common Mortgage Scenarios

It’s a confusing time to be a homeowner. Rates are up, and everyone has an opinion on what will happen next. It’s easy to get sucked into social media rabbit holes and make decisions motivated by fear. But at times like these, it’s crucial to block out the noise and do what’s right for you.

To that end, here are three common scenarios along with my recommendations on how to save money and hang onto some peace of mind.

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