Last week, I came across an article with this headline:
“Bank Of Canada Will Raise Rates 500% This Year, To Start Within Weeks.”
Pretty scary headline right? The article claimed that there will be five rate hikes of 0.25% this year. Even worse, these hikes will start almost immediately – meaning the first hike will happen at the first Bank of Canada announcement of the year.
That announcement happened yesterday. No rate hike.
Continue reading “Don’t Fear the Rate Hikes”
Well, here we are again. Right back where we were last year. Provinces across the country have reintroduced restrictions that will no doubt leave a lasting impact on our economy. The housing market of course is no exception.
In my estimation, there will be quite a few similarities between our current situation and the one we faced last winter. However, there are some ways in which this lockdown could prove slightly different.
Continue reading “Will Lockdowns Have an Impact on the Housing Market?”
Spoiler alert: this isn’t one of those pro-renting articles that seem to be so in-vogue these days. You’ve probably seen the type. They purport that contrary to popular belief, if you look deeply into the long term economics of homeownership, you’ll find that it actually makes much more sense to rent. Some even tout the psychological benefits of foregoing homeownership (based on… not all that much).
Continue reading “Is It Better to Rent or Buy Your Home?”
For months we’ve been warned by “experts” that rates are sure to shoot up. That the Bank of Canada will change their tune based on the state of the economy. That by year’s end, we’ll be well on our way to pre-pandemic rates that will make anyone with a variable rate mortgage regret ever buying a home.
It’s December. None of that has happened.
Continue reading “Surprise, Surprise: No Rate Hike From Bank of Canada”
My father keeps the news on constantly. It’s like an addiction, and CP24 is his drug of choice. It hurls bad news all day and all night. Not because it’s helpful, or even that interesting – but because it keeps his eyeballs on the screen. My father isn’t alone. CP24 and other 24-hour news sources are tattooed onto screens across the country.
Unfortunately, a lot of that bad news has to do with the housing market. It seems as though there’s a constant parade of “experts” telling you that we’re in a bubble. To sell now and rent until the market corrects itself. To avoid “risk” and go with a fixed rate mortgage.
This last myth in particular has gone viral and needs to be dispelled.
Continue reading “What Nobody Is Telling You About Fixed Rate Mortgages”