On Wednesday July 24th at their regular policy meeting, the Bank of Canada (BoC) announced another 0.25 per cent cut to the policy rate, bringing it down to 4.5 per cent. Banks and lenders will quickly pass this rate reduction through to their customers with variable rate mortgages and lines of credit. This is the second rate drop in a… Read More »
Bank of Canada Rate Cut Likely on Wednesday
With a slew of negative economic data coming out recently about the Canadian economy, the chances are rising that the Bank of Canada (BoC) will cut their policy rate by another 0.25 per cent at their next meeting on Wednesday, July 24, 2024. Most recently, Statistics Canada reported that sales fell from April to May by 0.8 per cent, showing… Read More »
U.S. Federal Reserve Rate Announcement – June 2024
On Wednesday June 12th, the Federal Reserve announced that it is keeping its key interest rate unchanged (meaning the target range for the federal funds rate continues to be 5-1/4 to 5-1/2 percent). While it acknowledged that there has been modest further progress towards the target 2% inflation rate in recent months, the U.S. is still experiencing steady economic growth,… Read More »
Rate Update and Analysis – June 2024
On Wednesday June 5th at their regular policy meeting, the Bank of Canada (BoC) has decided to reduce their Policy Rate by 0.25 per cent, making the new policy rate 4.75 per cent. Consumer lenders should quickly pass this rate reduction through to their customers with variable rate mortgages and lines of credit which are based on lender prime rates.… Read More »
2024 Federal Budget: Significant Negative Impact for Rental and Investment Property Owners
Capital Gains Inclusion Rate Increase The 2024 Federal Budget tabled earlier this week includes a lot of new government spending. To fund these new initiatives, the Liberals are proposing raising taxes in several ways and one in particular will affect many people who owns rental or investment properties. As of June 25th, 2024, anyone who sells a rental or investment… Read More »
2024 Federal Budget: Two Changes that affect First Time Home Buyers
1. The 30 year amortization is back The 2024 Federal Budget announced last week is bringing back 30 year amortizations for first time buyers using high ratio mortgages to buy a newly built home or condo, effective August 1, 2024 Given the specificity of the program – only first time buyers, only high ratio mortgages and only for newly built… Read More »
Rate Update and Analysis – April 2024
On Wednesday April 10th at their regular policy meeting, the Bank of Canada (BoC) once more decided to keep their Policy Rate at 5 per cent. This means that lenders will hold their consumer Prime Rate steady at 7.20 per cent and there will be no changes to the payment amounts for variable rate mortgages or Lines of Credit. This… Read More »
Rate Update and Analysis – March 2024
On Wednesday March 6th at their regular policy meeting, the Bank of Canada (BoC) once more decided to keep their Policy Rate at 5 per cent. This means that lenders will hold their consumer Prime Rate steady at 7.20 per cent and there will be no changes to the payment amounts for variable rate mortgages or Lines of Credit. This… Read More »
Monopoly March Contest on Facebook
We’re turning March into a month of fun and games! Every weekday, we’re giving away a different Monopoly game, bringing you 20 chances to win! How to play: Head to our Facebook page: https://www.facebook.com/mackenziegartsideandassociates/ Winners will be announced on the next day’s post! Get ready for a month full of excitement and the chance to bring the classic Monopoly experience to… Read More »
BC Government 2024 Budget – Mortgage and Property Highlights
The BC government released their 2024 Budget which introduced a number of housing-related initiatives, including changes to property transfer tax exemptions and a new provincial property flipping tax. Transfer Tax Exemptions The threshold for property transfer tax exemption for first-time home buyers has been increased for residential properties from $500,000 to $835,000 as of April 1, 2024. The new rules… Read More »
