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 »
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 »
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 »
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 »
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 »
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 »
