As expected, the Bank of Canada maintained their overnight rate in their first scheduled rate announcement of the year. It’s now been six months since the last hike. The BoC remains concerned about inflation risks, however, they are still expecting to reach their inflation goal of 2.00% at some point in 2025. They have stated [...]
Inflation has crept up again, marking an increase for the second consecutive month. Obviously, this is not what anyone wanted to see, particularly, the Bank of Canada. It was disappointing news; however, it was never expected for inflation to fall on a seamless downward path. It was always understood that there would be some bumps [...]
If you've been keeping even a casual eye on the mortgage market, you're likely aware of the chatter about potential rate drops to come at some point this year. Naturally, we all aim for the best deal, seeking to lock in the lowest possible rate. In a market where rates are expected to fall, it's [...]
Happy New Year, and welcome to 2024! Mortgage rates in the last few years have been a roller coaster of unpredictability, full of twists and turns. Predicting mortgage rates has become analogous to a strategic game, challenging even the most seasoned of economists. But if things progress as expected, then we can expect 2024 to [...]
I don’t think anyone could wish for a better holiday gift than falling mortgage rates! Although your kids may disagree. From October 2021 until to October 2023, we saw perhaps the largest displays of rate increasing madness we’ve ever seen. The lowest 5 year fixed rate for an insured mortgage shot from 1.59%, all the [...]
Facing a mortgage renewal at higher rates? You’re not alone. While fixed mortgage rates have come down by as much as 0.50% off their highs, anyone with a fixed rate coming up for renewal won’t just have to accept a higher rate… but the higher payment that comes with it. Given that the payment increase [...]
Today was the Bank of Canada’s final rate announcement of 2023. As expected, they left it unchanged. The pause has now stretched across five consecutive months. With inflation continuing to ease, we get closer to that magical day we have all been waiting for. The day when the rate cuts begin! Many believe that a [...]
Fixed mortgage rates have been steadily increasing for months now, causing concern for potential homebuyers and those with mortgages approaching their renewal date. However, there is finally some light at the end of the tunnel. There has been downward pressure on fixed mortgage rates which has been continuing for almost six weeks! The last time [...]
Whether you're buying a new home, refinancing your current mortgage, or have an upcoming mortgage renewal, your ultimate objective remains the same: securing the lowest possible mortgage rate. Locking in a rate is important as it protects you against rising rates. Once your application has been submitted to the lender for approval, that rate is [...]
Trying to time your entry into the homebuying market is a bit like trying to hop onto a merry-go-round that’s spinning just a tad too fast. You want to get on without getting dizzy, or worse, flung into a nearby bush. With mortgage rates soaring, it’s no surprise that many would-be buyers are hanging back, [...]
