From the stock market to the way we work, nothing is exactly “normal” right now. It’s impossible to look at a dramatic societal shift and not attribute it to the pandemic. But the housing market is a little bit of a different story.
Yes, many Canadians flocked to buy homes as interest rates dropped to record lows. Many chose to buy new homes in response to their new lifestyle, no longer needing to live in certain areas, or needing more space to work. No doubt, these COVID-related factors had a huge impact on the housing market. But they don’t tell the whole story of its explosive growth.
Continue reading “Will the Housing Market Cool Off?”
The Bank of Canada governor, Till Macklem, made no change to interest rates on April 21st, the 3rd of 8 annual meetings dates. This comes as no surprise, though, There wasn’t a chance of an interest rate hike anyway. You can read more on this here .
Continue reading “Interest Rates to Stay As-is for Now. But When Will They Rise Again?”
The real estate market is more active and more competitive than any time in history. The results? Pure chaos.
It used to be normal for people to insert a few conditions when making an offer to purchase a home. The standard conditions used to be along the lines of obtaining satisfactory financing within 5 to 10 business days and obtaining a satisfactory home inspection. The lender would go through an in depth underwriting process, then verify income, down payment, credit, and finally the property would get reviewed and appraised to ensure it meets the lender’s criteria and lending value.
Continue reading “No Conditions with an Offer… Is This the New Normal?”
It happens to many of us from time to time. Either we need to build our credit, or even rebuild it. Well, the good news is there is a card on the market that can help you do just that.
With this card, you put a deposit down to secure a line of financing from Visa. This is ideal for those who need to rebuild credit, perhaps to switch to a new mortgage deal or to get a mortgage in the first place. The card works just like a credit card and can help raise your credit rating as long as your monthly payment is made on time. You can see what all this card entails and apply for it here.
Continue reading “How to build credit with a Home Trust Secured Visa card”
This week even more good news was announced by the Bank of Canada. A press release stated that the overnight rate will stay the same for the time being. This is great news for those with variable rate mortgages.
Only weeks ago, many were speculating on a micro-decrease but that didn’t happen. Now, we saw the media at it again. They were forecasting for a possible Bank of Canada rate increase. Well, this should shut them up.
Continue reading “Bank of Canada will keep its target rate as-is: Good news for those in a variable rate”