After last week’s disappointing inflation numbers reported by our neighbors south of the border, Canada’s headline inflation has dropped to 2.9% year over year… right in line with what economists were expecting. This is the first time we’ve seen the number start with a two in almost three years and is exactly what the Bank [...]

In this morning’s scheduled rate announcement, the Bank of Canada left their overnight unchanged for the sixth straight time. This is exactly what was expected and any movement in either direction would have been quite shocking.   Four of the big six banks have been forecasting a cut by the end of the 2nd quarter, which [...]

Everywhere you look, there is news about mortgage rates falling. While this is expected, it may not happen quite as fast as we’re hoping for. It’s also never a straight path down and there can be some bumps along the way.   While it’s possible that we could still see cuts from the Bank of Canada [...]

Your credit score is the first thing that a lender looks at when approving your mortgage. It can mean the difference between qualifying for a mortgage or being flat out declined. It’s common knowledge that your score will drop if you’re late on your payments or if collections are filed against you. However, there are [...]

With expectations set for a significant decrease in mortgage rates over the next few years, the majority of mortgage seekers have been choosing shorter term fixed rate products. However, shorter term rates come at a premium. The shorter the term, the higher the rate.   Your essentially accepting pricier, higher rate mortgage with the anticipation of [...]

I’m sure you’ve seen all the TV commercials on reverse mortgages, which is basically a way to take equity out of your home without any income, and without ever having to make a single mortgage payment. Reverse mortgages are generally available to those aged 55 or older with significant equity in their homes. They can [...]

In today’s eagerly awaited rate announcement from the Bank of Canada, they've decided to maintain their overnight rate. The overnight rate is what mortgage lenders use to set their prime rate, which directly influences those with variable rate mortgages and HELOCs.  Frankly, this morning’s announcement wasn’t a shocker and is exactly what we saw coming.  [...]

Last week's inflation update from the U.S. was a bit of a letdown, casting a shadow over the prospect of a rate cut before the summer's heat sets in. For those cuts to materialize, we're banking on a steady decline in inflation rates. As the Canadian economy is closely tied to our friends to the [...]

Before we can expect to see the ever so desired rate cuts to become realty, inflation has to fall. It was always expected that there would be some bumps along the way, and yesterday, we hit yet another one. The inflation report form the US was released which was up 0.30% in January, higher than [...]

Given the significant increases we have seen to prime rate over the last 23 months, the term 'variable rate mortgage' has been the source of pain for many households. At the start of 2022, it was expected that the prime rate would increase by no more than 1.00% to 1.25%. Instead, we saw a staggering [...]