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 »
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 »
How to Lock In Your Variable Rate Mortgage
If you currently have a variable rate mortgage and have decided you want to convert (lock in) to a fixed rate, please read on to find instructions for your specific lender. If you are unsure about whether or not you should lock in, please read our last post on the topic for an in-depth analysis of the pros and cons… Read More »
Should I Rent-to-Own?
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 »
Is it time to lock in your variable rate mortgage?
As your mortgage broker, we feel part of our job is to help you stay informed about what’s happening in the national economy that may soon impact mortgage rates. Please read on to help you decide if now is a good time for you to lock your variable rate into a fixed rate. What’s happening with interest rates? As we (hopefully)… Read More »
First Time Home Buyer?
Are you a first time home buyer? 🏡 There’s a lot of information & incentives that you may qualify for! We offer a customized First Time Buyer consultation appointment where we’ll give you all the key information you need to understand the home buying process and get you pre-approved so you can start your home search with confidence! Book today… Read More »
COVID-19 – Information for Tenants and Landlords
I was recently contacted by one of our wonderful tenants who happens to be self-employed and in an industry that had to shut down quickly due to COVID19 a couple of weeks ago. She was being proactive in explaining her financial situation and anticipating that cash-flow would be a challenge for April. I did some research and proposed a plan… Read More »
