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 [...]

The Bank of Canada is expected to start cutting their rate as soon as April 10th of this year. While it’s not certain, it sounds promising. The big six banks are all forecasting cuts between 1.00% and 1.75% by the end of this year, followed by further cuts in 2025.   When it becomes more apparent [...]

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 [...]