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 ...
Time to Rethink a Variable Rate Mortgage?
With the Bank of Canada expected to start cutting interest rates in the later half of 2024 is it time to revisit variable rate mortgages? TD Bank introduces a deeply discounted 5 year variable of Prime minus 1.01% (6.19%) Arguments for and against a variable rate mortgage right now Unusual Trend in 2021 ...
Osfi Mortgage Rule Changes 2025: What Homebuyers Need to Know
In the ever-evolving landscape of real estate, prospective homebuyers are often met with a myriad of factors to consider before making one of the most significant financial decisions of their lives. Among these considerations are mortgage rules, which play a crucial role in shaping the accessibility and affordability of homeownership. As we look ahead ...