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Posted 2 Comments on Rates Are On the Up and Up… But For How Much Longer? Bank News

Rates Are On the Up and Up… But For How Much Longer?

You’ve probably seen the headlines: the Bank of Canada has raised their key interest rate. Yet again. And this hike isn’t any less forgiving than the last one. In another unprecedented move (anyone sick of that word yet?) the rate increased by 0.50%, double the normal increase of 0.25%. Yes, it’s a big jump that’s getting a lot of media buzz. But how bad is it really? Is it worth all the alarm? Will rates continue to climb?

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Posted Mortgage News

The Tide Turns for the Canadian Housing Market

Just a few months ago, all anyone could talk about was the red hot housing market. Sky high property values. Historically low interest rates. It’s amazing how quickly the conversation can change. As expected, the market has cooled. And while we’re not necessarily in a buyer’s market just yet, things are certainly trending that way. If you’re looking to purchase an additional property, or you’re a first time homebuyer, this could pose an opportunity. 

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Posted Mortgage News

Can Canadians Stand Up to a Tougher Stress Test?

Buying a home in Canada just got a lot more stressful. Recently, the OSFI’s stress test has become substantially more challenging to pass – and hardly anyone noticed. The qualifying rate is now as high as 6.00%. If it wasn’t hard enough to purchase a home in Canada, now it’s even harder. And if rates keep going up as they’re predicted to, it’s not going to get any easier.

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Posted Mortgage News

Buy Now or Wait for House Prices to Fall?

The following article is reposted from 2014.  Housing bubble, market correction, real estate crash… these words aren’t new. Back in January 2014, I was hearing the same thing. Had you listened to the pessimistic outlook for real estate, where would you be today?  My philosophy stands and I believe my strategy has proven to be correct.  

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Posted Mortgage News

Don’t Fear the Rate Hikes

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.

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