Right now in the Comox Valley, it’s really challenging to find decent rental housing and it’s also tough to get into the market for aspiring First Time buyers. In these challenging times, people look for any sort of in-road or advantage to help and one topic that comes up more often is the rent-to-own contract. The idea behind a rent-to-own… Read More »
Prime Rate now expected to increase aggressively through 2022. Should I lock in?
The Bank of Canada (BoC) will be meeting next on Wednesday April 13, 2022, and in the last couple of weeks its senior officials have been giving speeches indicating that we should brace for faster and larger Prime Rate increases than they predicted earlier this year. Inflation numbers are coming in stronger than expected and the BoC is going to… Read More »
Prime Rate is Increasing Soon. What should I do?
The Bank of Canada (BoC) will be meeting next Wednesday (March 2, 2022), and most economists and forecasters expect that it will raise the Prime lending rate by 0.25%. This will be the first rate increase we’ve seen since the BoC slashed rates at the start of the pandemic in early 2020. Why is Prime Increasing? The BoC is expected… Read More »
Will the new mortgage down payment rules affect my purchase plan?
In December the Finance Minister announced a small change to the down payment requirement for CMHC insured purchases between $500,000 and $1,000,000. Currently the minimum required down payment is 5% of the purchase price for any owner occupied property or second home, but starting February 15th, the minimum down payment will be 5% on the first $500,000 and then 10%… Read More »
My New Year’s resolution: stop renting and become a home owner. Any advice?
Buying a property isn’t a simple process, but with some planning and forethought it does not have to be a stressful one! Most often, home buying stress come from the unknown (“I missed the deadline? What deadline? How much money do I need for a down payment? When should I take it out of my RRSP?”). To make your home… Read More »