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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 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.

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