On Wednesday, September 6th at their regular policy meeting, the Bank of Canada (BoC) decided to keep their Policy Rate steady at 5%. This means that most banks will hold their consumer Prime Rate steady at 7.20%, and there will be no changes to the payment amounts for Variable rate mortgage holders. This was expected by most banks and economists,… Read More »
Start Preparing Now for Your Next Mortgage Term: A cold winter is coming; don’t be a grasshopper, be an ant
If your mortgage term matures in the next 2 years, you should act now to find out what you should expect for your next term’s monthly payment amount. It is probably going to be much higher than you expect and you should begin preparing now. – The future is coming. Part of me feels ridiculous writing that, but when I… Read More »
Inflation is higher. What does it mean for me?
Statistics Canada released it’s July inflation report yesterday, and the CPI headline inflation rate rose from 2.8% in June to 3.3% for July. To put it bluntly, that’s not good news for mortgage rates. However, a closer look at the data shows that mortgage interest, energy and grocery prices are the 3 culprits in pushing headline inflation up. If you… Read More »
Rate Update – July 2023
For the second time in a row, the Bank of Canada (BoC) announced it is increasing it’s Policy Interest rate by 0.25% (up to 5%). This means that most banks will immediately increase their consumer Prime Rate from 6.95% to 7.20% – the highest the Policy Interest rate has been in 22 years (since April 2001). In its announcement, the… Read More »
Property Taxes and BC Home Owner Grant Claims due July 4
By this time, you should have received your property tax notice in the mail. Payment is due by Tuesday July 4th to your municipality (if you live in Courtenay, Comox, or Cumberland) or to the BC Government if you’re in the regional district. There’s typically a 5% penalty for late payment, so don’t miss the deadline! For property taxes, you… Read More »
Floatie Fridays are Back!
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 »
