Big News for First-time Homebuyers: What the New 30-year Amortization Means for You
If you’re a first-time homebuyer, mark December 15th on your calendar because a major change is coming that could boost your budget and make homeownership more affordable. Starting on that date, qualified first-time buyers will be able to purchase a home with less than 20% down and spread their mortgage payments over 30 years. ...
Canada’s Economy in August: Flat As Interest Rates Weigh on Growth
In August, Canada’s economy didn’t see much movement, remaining flat as high interest rates continued to place pressure on consumers and businesses. Statistics Canada’s recent GDP report reveals that while services-producing industries experienced some growth, this was counterbalanced by a slowdown in goods-producing industries. Sectors Feeling the Squeeze The manufacturing sector ...
August 2024 Inflation Update: a Milestone Towards Lower Rates
This morning, we got another encouraging mile marker on our journey towards lower interest rates. Stats Canada just released the August 2024 inflation figures, and guess what? Headline inflation came in at a spot-on 2%. That’s the magic number the Bank of Canada has been striving for, and it’s finally here! Now, you might ...
Bank of Canada Delivers 25bps Rate Cut September 2024
The BOC announces a third consecutive 0.25% rate cut. The overnight lending rate fell to 4.25% (Lowest since December 2022) The retail prime rate (what you and I pay) will drop to 6.45%. The 25bps rate drop will lower your monthly variable rate payment by approximately $15/mth per $100,000 of principal balance. This ...
Breaking Down the Bank of Canada’s Interest Rate Cut and Its Impact on Mortgages
Bank of Canada Cuts Interest Rates: What This Means for You Great news this morning! The Bank of Canada has cut interest rates by 25 basis points. While it was a close call with only a 50% chance leading up to the announcement, the Bank decided to provide some early relief to Canadians. This ...
3 Mortgage Red Flags to Avoid when Mortgage Shopping
I’m Chris Molder, a second-generation mortgage broker based in Toronto, also known as the Son of a Broker (SOB). With over 40 years of combined experience in the mortgage industry, I’ve seen firsthand how crucial it is to navigate the mortgage landscape carefully. In today’s post, I’ll share three red flags to watch out ...