Boc Delivers a Jumbo 50bps Rate Cut
BoC delivers a 50bps rate cut just in time for the holidays. This morning, all eyes were on the Bank of Canada as they announced their final interest rate decision for the year. 👉 Click here to read the full Bank of Canada press release. The lead-up to today’s announcement was anything but predictable. ...
Defining Who’s a First-time Home Buyers (fthbs)
Exciting changes are coming for first-time home buyers (FTHBs) in Canada! Starting December 15, 2024, new rules will allow first-time homebuyers to extend their amortization to 30 years. This applies to those who put down less than 20%, making it easier for many Canadians to own homes. It lowers their monthly payments and helps ...
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 ...