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 »
Fixed Rates on the Rise!
Fixed rates are moving up – if you’re thinking of buying in the spring, you should get pre-approved and lock in a rate hold now. January’s inflation numbers came out for the U.S. today, and while they did show a slight decrease from December on most measures, the decrease was less than many banks and investors were hoping to see.… Read More »
Remember to Claim Your First Time Homebuyers Tax Credit
Did you buy a home last year? As Canadians start to file their 2022 taxes, make sure that you or your friends and family are taking advantage of the First Time Homebuyer tax credit available for qualified ‘first’ home purchases in 2022. Even if you’ve owned a home before, you may be able to claim up to $10,000 for the purchase… Read More »
Bank of Canada raises benchmark rate by 0.25%
Today the Bank of Canada (BoC) raised its key lending rate by 0.25%. This in turn means most banks and consumer lenders will raise their prime rates by the same amount tomorrow. With most lenders, that means their consumer prime rate will increase from 6.45% to 6.70%. This increase directly affects all borrowers with variable or adjustable rate mortgages and… Read More »
Bank of Canada raises benchmark rate by 0.50%
Today the Bank of Canada (BoC) raised its key lending rate by 0.5%, meaning most banks and consumer lenders will raise their prime rates by the same amount tomorrow. With most lenders, that means consumer prime rates will increase from 5.95% to 6.45%. The prime rate increase will directly affect all borrowers with variable or adjustable rate mortgages and lines… Read More »
