On September 7th, the Bank of Canada increased their rate by another 0.75% which was not surprising. Two of the big six banks (CIBC and National Bank) were not anticipating any further increases in 2022, while the other four (RBC, Scotia, TD and BMO) had forecasted another 0.25% increase in the fourth quarter. Where they [...]
The Bank of Canada announced this morning that they will be increasing their overnight rate by another 0.75%. This means that prime rate will rise from 4.70% to 5.45%, which is the highest it has been since 2008. This means that the Bank of Canada has now increased their rate by 3.00% in just six [...]
If you are in a true variable rate mortgage, your payment will remain unchanged for the term. This can give peace of mind to many as it guarantees a predictable cash flow each month. When the rate increases, then a larger portion of that payment will be applied to interest with a smaller portion going [...]
The Bank of Canada has increased their overnight rate by 2.25% since March, and they are not finished yet. Their next scheduled rate announcement is on September 7th where they are expected to increase by another 0.50% to 0.75%. This would mean that prime will increase to 5.20% to 5.45%, which will be the highest [...]
While starting or growing a family can be an exciting time, it represents a big change in your life. It can also bring on new challenges such as additional expenses and reduced income. As income is one of the main components of mortgage qualification, many wonder if going on maternity leave will affect their ability [...]
Contrary to popular belief, lenders are not making hundreds of thousands of dollars off your mortgage. You might think that they are laughing all the way to the bank when they increase their rates, but this is not the case. This is because mortgage lenders don’t make their money on the rate itself. In fact, [...]
With the prime rate increasing by 2.25% since March, it’s only natural that many are worried about how much higher it will go. There is no shortage of doom and gloomers who will make it sound as though the sky is falling. “Rates are going to 20%!” The mere thought of this is enough to [...]
Since October 2021, fixed mortgage rates have been stuck a seemingly never-ending upward trend resulting in increases of more than 3.00%. Fortunately, it looks as though the upward trend has come to an end. This leads to a few questions: Why are they dropping? How much have they dropped? How much lower can we [...]
If you’re like most homebuyers, you got preapproved to find out how much you will qualify for prior to shopping for your new home. Having a solid preapproval in place can give you the reassurance and peace of mind in knowing that you can put in unconditional offers to purchase your new dream home with [...]
It was widely anticipated that the Bank of Canada would increase its key policy rate by as much as 0.75% in this morning’s scheduled announcement. However, they shocked the market by taking it one step further and increased it by a full 1.00%. This is the largest increase we have seen in a single announcement [...]
