Our Floatie Friday giveaways are happening from now through August! If you want to get in on the fun, head to our Facebook page or our Instagram page, like/follow the page and then like/comment on the post to enter that week’s prize draw. Every Monday we’ll post a new Floatie Prize Pack, and every Friday we’ll draw the winner! No purchase necessary to enter. Winner’s will be announced… Read More »
Rate Update – June 2023
After announcing a “pause” back in January and 2 consecutive meetings where rates held steady, the Bank of Canada (BoC) today announced it is increasing it’s Policy Interest rate by 0.25% (up to 4.75%). This means that most banks will immediately increase their consumer Prime Rate from 6.7% to 6.95%. In its announcement, the BoC indicated that “excess demand in… Read More »
Prime Rate Predictions for Summer
The data in the last couple of weeks has not been great regarding the fight against inflation. In the U.S., the PCE (Personal Consumption Expenditures) index rose slightly from March to April and services inflation jumped substantially as month over month. It’s looking very likely the Fed is going to have to continue raising this summer, with an expected 0.25%… Read More »
Major Mortgage Regulatory Changes since 2006
Is the mortgage approval process different now than it was ‘back in the day’? Yes, definitely yes. Here is a list of some of the key regulatory changes that have occurred in the Canadian mortgage industry since 2006. 2006 Introduction of the first set of guidelines for federally regulated financial institutions, known as the “Guideline B-20,” by the Office of… Read More »
Rate Update – April 2023
For the second meeting in a row, the Bank of Canada (BoC) announced it is holding the overnight Prime lending rate unchanged for the next 6 weeks. The BoC’s overnight lending rate is currently at 4.5%, which means that most banks are calculating their consumer Prime Rate as 6.70%. In its announcement, the BoC indicated that they continue to assess… Read More »
The Mortgage Centre Achievement Awards 2022
This year we were honoured to receive the Mortgage Centre Ambassador’s Club Diamond Status Award (funding over $100 million in mortgage volume) as well as the Top Agent Award for all of Canada.
A Buyer’s Journey
The home-buying process is more complicated now than it ever has been, and unfortunatley that trend doesn’t look to be going away anytime soon. Every year, our industry regulators and the provincial and federal governments seem to add extra rules to mortgage qualification and the process of purchasing or selling property, and even experienced property buyers who have bought and… Read More »
New Anti-Flipping Rules from the Federal Government
New anti-house-flipping federal tax rules came into effect this year (Jan 1, 2023) aimed to reduce speculation and encourage long-term home ownership. These rules will now tax the profits from the sale of residential property as business income if the seller owned the property for fewer than 12 months. This means the sale of the property held for less than… Read More »
Rate Update – March 2023
Today the Bank of Canada (BoC) announced that it would keep the overnight Prime lending rate unchanged for the next 6 weeks. The BoC’s overnight lending rate is currently at 4.5%. You can find our best mortgage rates here. Variable Rate Analysis It was largely expected for the BoC to leave Prime unchanged at this meeting, after the BoC indicated… Read More »
International Women’s Day 2023
This year we’re proud sponsors of the Comox Valley International Women’s Day event put on by the Comox Valley Record and hosted at 40 Knot Winery. Part of the lunch proceeds go to funding the Inspired Women’s Award at North Island College, and the event speakers are 3 women who are leaders in our community. Being a majority women-owned and… Read More »
