TagMortgage Rates

Posted October 1, 2024 Bank News

The Great Mortgage Reset

A FOUR PART SPECIAL EDITION… PART 3 of 4

Canada’s mortgage lending rules and policies are broken. They just don’t work. And the more our Federal government tries to help, the worse it gets. This is a 4 part series of what our government can do to make home ownership affordable.

KNOWING THE PAST WILL HELP OUR FUTURE.

I’m going to list some of the changes that have handicapped Canadians from buying and renting. There are over 30 changes over the last 18 years but I’m just going to list the ones that have had the greatest impact. Notice the pattern of ever tightening government lending rules that increase a homeowner’s

Posted September 26, 2024 Bank News

The Great Mortgage Reset

A FOUR PART SPECIAL EDITION… PART 2 of 4

IDENTIFY THE PROBLEMS.

1. QUALIFYING IS TOUGHER THAN EVER BEFORE

Canadians can’t afford to buy or rent a home due to the high monthly cost. Home prices and rental rates have exploded! No surprise there.

Simple math.. Even a below average home, let’s use a $500,000 mortgage @ 4.69% will cost you $2,820/mth. Add in property taxes, home insurance and

Posted September 24, 2024 Bank News

The Great Mortgage Reset

A FOUR PART SPECIAL EDITION… PART 1 of 4

Canada’s mortgage lending rules and policies are broken. They just don’t work. And the more our Federal government tries to help, the worse it gets. Message to the government… STOP TRYING TO HELP!.. CAUSE YOU AREN’T!

And if you think the interest rate cuts will solve all of this, guess again. There’s a lot more to it.

Posted September 20, 2024 Bank News

10 up and 3 down, unintended consequences!

LOTS OF MOVEMENT IN MORTGAGE RATES

Sounds like a football play. But I’m not talking about football even though the NFL season just started and my Buffalo Bills won their first two games. I’m referring to how many times the Bank of Canada’s (BoC) Governor, Tiff Macklem, has changed the Overnight rate since March 2022.

Did you know we saw 10 rate hikes totaling 4.75% in just 16 months from March 2022 to July 2023? That’s never happened before. And most of those rate hikes

Posted July 25, 20241 Comment 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.