905-791-1100 The Bank of Canada has raised the Prime rate 7 times since March 2022, that is a whopping 4% in 9 months. The next BoC meeting is scheduled for next week January 25th. The good news is that inflation appears to be heading downward here and in the US but it may not be enough [...]
There has been an uptick in the need for private mortgage financing lately especially for new construction homes. When a new construction property is completed, the new homeowners are often required to close on the property with minimal final notice. Our office has seen deals where buyers are only receiving 2 weeks notice to arrange [...]
This past week in early November 2022 it was announced that Canada’s annual inflation rate held firm in October, likely keeping the BoC on track to press ahead with interest rate hikes. Remember that bank Prime is up to 5.95% today. The BoC meets on Dec 7th where they likely move Prime upwards by a [...]
The next Bank of Canada rate announcement is Wednesday, October 26th and there will certainly be an increase. The prediction is between 0.5% and 0.75%. Existing variable rate mortgage clients either have variable payments that change every time prime changes or they have fixed payments where the allocation of principal and interest changes with every [...]
Buying a home is one of the largest long-term financial commitments that you can make in your life. The mortgage approval process that comes with buying a home can make you feel like you have to jump through hoops to gain approval, however, it doesn't have to be like that if you are prepared before [...]
