It has been a long time since we brought on this subject, and now with 2022 well on the way, we thought we’d share some advice! But before we move forward with all the tips, let’s go back to some quick basics… What happens when you purchase a home? A down payment is typically applied…
Since the pandemic lockdowns dragged interest rates to historic lows in 2020, Canadians have been diving into the real estate market with unprecedented motivation. During a time of extraordinary financial disruption, more than 551,000 properties sold last year — a new annual record, according to the Canadian Real Estate Association. Those sales provided a desperately…
The Bank of Canada has started the new year announcing that it has left its target overnight benchmark rate unchanged at 0.25%. As a result, the Bank Rate stays at 0.5% and the knock-on effect is that borrowing costs for Canadians will remain low for the foreseeable future. Prior to the announcement, there was…
2020 hasn’t been very kind to us, has it? And we’re not just talking about public health, but also from an economic perspective. That is because recently, we’ve had another major problem; global oil prices. They fell around 30% on Monday amid production disagreements between Saudi Arabia and Russia. It’s a new, unwelcome problem for the global…
Last week’s article covered some latest news about the Bank of Canada’s decision to increase the interest rate for mortgages and how it may affect homebuyers. One of the short interviews that was included in the text briefly discussed the difference between fixed rate and variable rate mortgage, but now, you can read more extensively…
After an off-topic blog about mental and physical wellness last time around, we are back discussing a very important topic regarding the economy and banking’s effect on our real estate market. There are some more news coming out about the stress-test regulations this year. Sadly, it’s going to be even more difficult for younger people…
Record Low Interest Rates, Record-High House Prices We now have mortgage trends that make it an ideal time to buy your dream home. We have reached ultra-low interest rates. It has never been easier or cheaper to pay off the interest rates on your mortgage. The five year fixed rate mortgage is tempting to first-time…
