This year, MG&A was nominated in a few categories and we won for: We are so thankful to our big community of clients and business partners who support and encourage us. These awards are a testament to the power of collaboration and hard work, and we are thankful for the opportunity to have such an incredible team working hard to… Read More »
Bank of Canada raises benchmark rate by 0.50%
This week the Bank of Canada (BoC) raised their key lending rate by 0.5%, meaning most banks and consumer lenders will raise their prime rates by the same amount. With most lenders, that means prime rates will increase from 5.45% to 5.95%. The prime rate increase will directly affect all borrowers with variable or adjustable rate mortgages and lines of… Read More »
Fall 2022 Contest Alerts
Reader’s Choice Awards Comox Valley Reader’s Choice Awards voting is open until October 5th.Vote now for your chance to win a Kingfisher Resort staycation package! If you are so inclined, Mackenzie Gartside is nominated in following categories and we’d be honoured by your support:People and Places: Pet Friendly BusinessShops & Services: Community Minded Business and Customer ServiceProfessionals (Individual): Mortgage Professional https://northisland.secondstreetapp.com/Readers-Choice-2022 Are you crazy for… Read More »
Inflation Continues to Cool: What does it mean for my mortgage?
The August inflation data have been released, and it has some good news for anyone with a variable rate mortgage or debt on a Line of Credit; for the second month in a row, the rate of inflation has decreased. August’s inflation rate fell to 7% on an annualized basis, down from 7.6% in July and from the peak of… Read More »
Bank of Canada Raises benchmark rate by 0.75%
In today’s interest rate announcement the Bank of Canada (BoC) raised it’s key benchmark rate by 0.75%, which will cause all the consumer lenders to raise their prime rates by the same amount. With most lenders, that means their prime rate will increase from 4.7% to 5.45%. The prime rate increase will directly affect all borrowers with variable or adjustable… Read More »
Prime Rate Expected to Increase Next Week
The next BOC meeting is next Wednesday, Sept 7th, 2022. We anticipate that they will increase the Prime lending rate by something between 0.50% to 1.00%. In terms of mortgages, this increase only impacts variable/adjustable-rate mortgage holders since the banks and mortgage lenders typically increase their consumer Prime rates in step with the central bank’s Prime rate. If you have a… Read More »
Some Good News for Variable Rate Mortgages
If you have a variable rate mortgage, you’ll be very aware of the Bank of Canada (BoC) Prime Rate increases that have happened in quick succession over the last 4 months. The BoC is fighting a battle against inflation driving up prices and wages across the country. Rocketing inflation was initially started by pandemic supply chain issues causing shortages of… Read More »
Prime Rate Increasing by 1%
Today the Bank of Canada (BoC) announced a Prime rate increase of 1% (most economists were forecasting a rate increase of 0.75%), from the previous rate of 1.5% up to 2.5%. The BoC acknowledged that the increase was aggressive, but indicated they decided that it was appropriate to front-load their interest rate increases (move up the timeline on some of… Read More »
Interest Rates and Inflation Troubles
The Bank of Canada (BoC) is next meeting on Jul 13, 2022 and at the moment it looks likely that it will raise the Prime interest rate by another 0.5% to 0.75%. A 0.75% Prime rate increase will mean that people with variable rate mortgages will see their payments increase by $40/month for every $100,000 of mortgage debt (so a… Read More »
Bank of Canada Rate Announcement – June 2022
On June 1st the Bank of Canada (BoC) increased the Prime Rate 1% to 1.5%, an increase of 0.50% that was widely anticipated by the markets. For consumer banks and mortgage lenders, this means they will be raising their consumer Prime rates from 3.2% up to 3.7% on all variable and adjustable rate mortgages as well as Lines of Credit.… Read More »
