CategoryMortgage News

When Will Variable Rates Stop Climbing?

For millions of Canadians, the Bank of Canada meetings are a major cause of anxiety. Will rates go up? By how much? Will I continue to be able to meet my monthly mortgage payments? It’s only natural to ask these questions. Recent hikes have been dramatic to say the least. And to make matters worse, the media has a way of making everyone feel like these hikes are in a perpetual uphill climb.

But in my opinion, a plateau is coming sooner than expected.

Posted 3 weeks ago Bank News

Variable Rates Go Up, Fixed Rates Come Down

If you’re reading this, you probably know by now: the Bank of Canada has been raising their benchmark rate aggressively to battle inflation. And I mean aggressively. Their rate has gone up by 2.25% in 6 months which is absolutely – wait for it – unprecedented.

As a result, variable rates have shot up. Everyone expected fixed rates to follow suit – but interestingly enough, the opposite has happened. They’ve actually gone down. Yup, you read that right: while variable rates are going up, fixed rates are going down.

Posted 1 month ago Bank News

The Right Time To Buy Is Right Now

Yesterday, the Bank of Canada raised their rate by a whopping 1%. It’s the biggest rate hike in a long time, and it’s got a lot of people talking. Mostly negatively (surprise surprise) but I for one have no interest in talking about what you can’t control. Instead, I want to talk about what you can control. There’s a way you can capitalize on a rare opportunity to grow your net worth over time, and it runs contrary to everything you’re hearing on the news:

Buy real estate.

Posted 2 months ago Bank News

Death, Taxes, and Interest Payments: Part 2

There are some things in life you can’t avoid, but only two things you can’t avoid paying for: taxes and interest payments. In Part 1 of this series, we looked at owning a rental property as a great way to build your net worth while reducing your taxes. Now, in Part 2, we’ll be turning to interest payments.

Interest payments are a pain to deal with but a necessary evil nonetheless. Here are a few ways to make them a little less painful.

Posted 2 months ago1 Comment Bank News

Beware of “Friendly” Calls From Your Bank

For better or worse, Canadians have a lot of trust. In each other, in their government, in the places they eat, in the places they shop – and apparently in the places they bank. A 2020 survey found that seven out of 10 Canadians believe their banks have their best interest in mind when offering advice. Well, if you’re one of those seven out of 10 people, I hate to burst your bubble… but I have reason to believe otherwise.