With the next Bank of Canada decision approaching, some borrowers question whether to wait for a potential drop in the prime rate before evaluating their mortgage renewal options.  Similarly, those buying properties might also contemplate if they should delay their decision on which rate type to select.  While thinking that a lower prime rate […]

      Last week, the Bank of Canada decreased their rate by 0.25% to 4.5%, resulting in a drop in the Bank Prime Rate from 6.95% to 6.70%. What does this mean for you? If you’re on an adjustable-rate mortgage, your payment will decrease by roughly $15 per $100,000 of your balance. For variable […]

Inflation unexpectedly slipped 0.1% (not seasonally adjusted) in June, following a 0.6% increase in May. This was the first decline in six months. The monthly decrease was driven by lower prices for travel tours (-11.1%) and gasoline (-3.1%). The Consumer Price Index (CPI) rose 2.7% year over year in June, down from a 2.9% gain in May. The deceleration was […]

  Canadian employment data, released today by Statistics Canada, showed a marked slowdown, which historically would have been a harbinger of recession. This cycle, immigration has augmented the growth of the labour force and consumer spending, forestalling a significant economic downturn. Nevertheless, the Bank of Canada will continue to cut interest rates by at least […]

    Refinancing your mortgage can significantly reduce your interest rate, lower monthly payments, or shorten your loan term. However, understanding when and how to refinance is crucial to maximizing the benefits. Moreover, restructuring your mortgage to align with new goals and life changes can bring the biggest value. Refinancing purely to save on interest […]

  Mortgage renewal time provides many opportunities to save and align your mortgage terms with your short and long-term plans.  Leaving yourself enough time is essential to make the most of the options to give yourself the most flexibility possible, and to grow your net worth.   Opportunities at Renewal Time You have many options […]

      The Canadian Real Estate Association (CREA) announced today that national home sales fell 0.6% in May, remaining slightly below the average of the past ten years. Actual (not seasonally adjusted) monthly activity was 5.9% below May 2023. With the Bank of Canada rate cut on June 5, housing activity will likely perk up […]

  The Bank of Canada has cut the overnight rate for the first time in four years, a welcome relief to borrowers nationwide.  The prime rate, which sits at 2.2% above the overnight rate, will subsequently drop from 7.2% to 6.95%.  Variable and adjustable rate borrowers, as well as borrowers with Home Equity Lines of […]

    The Consumer Price Index (CPI) rose 2.7% year-over-year (y/y) in April, down from 2.9% in March. This marks the fourth consecutive decline in core inflation. Food prices, services, and durable goods led to the broad-based deceleration in the headline CPI. The deceleration in the CPI was moderated by gasoline prices, which rose faster in April […]

  Though it’s a great idea to review your mortgage each year, there is never a better time for a mortgage review than in the year leading up to your renewal. Take advantage of this point in your mortgage; your wallet will thank you.  Here’s why: Get a Better Rate: Explore other lenders for preferable […]