CategoryMortgage News

Posted July 11, 2024 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.

Posted June 25, 2024 Bank News

Why fixed rates haven’t dropped that much yet

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.

Posted June 5, 2024 Mortgage News

Finally!! The Bank of Canada cuts the rate.

Today, the Bank of Canada cut the Prime rate by 0.25%. Hooray! This will directly affect Variable rate mortgages and indirectly affect Fixed rate mortgages.

It has been 27 months since the Bank of Canada governor, Tiff Macklem, started hiking rates to combat inflation. The last hike was in July 2023. Since then, it’s been a guessing game to see when Macklem would act.. Finally, he cut the rates which is much needed and welcome news to all.

Posted May 24, 2024 Mortgage News

Why Holding Real Estate for at Least 7 Years Matters.. Donald Trump?

I wrote this article in 2015. At the time, Trump wasn’t even on the radar for the Presidential election bid. Wow, how quickly things can change! This isn’t so much about Trump but it’s more about one of his long-time advisors, George Ross. Ross has been successfully investing in real estate for over 50 years. His advice is worth listening to…

Posted April 26, 2024 Mortgage News

Bridge Loans… the what and why!

Bridge loans are short-term loans that bridge the gap between two different closing dates. More commonly used when an existing homeowner sells their home, and buys another home, with two different closing dates. But bridge loans have become a very popular way to take possession of that new home while it’s empty for 2 or 3 weeks to allow for renos. Best of all, it’s really inexpensive!

THE OLD WAY

In the past, most homebuyers would have their selling and buying dates match. It’s always been a bit of a juggling act as you have to pack your moving truck and unpack it, all in less than a day. Somehow, everyone manages to get it done… but talk about one of the most stressful days in your life, moving ranks right up there! Throw in some kids, maybe a dog, and a house full of stuff and you have a real chore on your hands.

THE NEW WAY Continue reading “Bridge Loans… the what and why!”