If you’re gainfully employed and in a fixed rate mortgage, especially one taken at under 2%, you may well be saying, what pain? If you’re in a variable rate mortgage with a static payment, you may also be asking; what pain? We are after all a nation at, or near, full employment. […]
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The Bank of Canada raised its key lending rate by 0.75% today. This means most lenders will raise their prime rate to 5.45%. Watch the video below to learn how this will affect your mortgage. If you are in a fixed rate mortgage, nothing changes for you. For Variable Rate […]
The fact is there’re more questions being created by daily twists and turns in all areas of our lives than there are answers. What we each do is we try to make the best decision we can with the information at hand at that moment in time. And if we […]
Yes, the Bank of Canada raised its key lending rate by 1.00% today, as expected. This means most lenders will likely increase their prime rate to 4.70%. With every big rate move, this increase comes with a lot of questions from homeowners about how they’ll be affected. Watch this video […]
Let me ask you the same question worded differently; Will your mortgage interest rate triple? If rates triple, then payments increase 45%. Let’s go deeper, using 2% as a starting rate, because that’s who the BOC is worried about – you 2%’ers. If rates double, to 4%, the payment rises […]
As expected, the Bank of Canada raised prime rate by 0.50% on June 1st. Watch this short video on what it means for you and your mortgage: Variable Rates: Variable rate mortgages or variable home equity lines of credits (HELOC’s), may or may not see a monthly payment increase. Your […]
Life can sometimes become overwhelming and in today’s world it seems life is hectic and stressful. There is the rising cost of living, keeping your social circle active as well as running a home and all while working. Not to mention stress we get from listening to the news. Sometimes […]
As many of you may have already heard, today the bank of Canada increased its rates again by half a percentage point to one percent, in its latest move to rein in high inflation. It’s the biggest one-time increase in central bank’s rate since 2000. Economists were expecting the move, […]
I get it – it’s hard to save money. The same applies to some of our routines and changes that we want to make. If it’s too daunting, then we just ignore it or avoid it. So when I read a newsletter about a 1% change, I thought – that’s […]
As predicted, the Bank of Canada raised its benchmark interest rate yesterday for the first time since 2018. Prime has increased from 2.45% to 2.7%. Positive Highlights from today’s announcement: Economies are emerging from Omicron quicker than anticipated Household spending remains consistent and should continue to increase COVID restrictions have […]
