Will Fixed Mortgage Rates Drop with Bank of Canada Cuts? Insights from a Former TD Economist
The Bank of Canada (BoC) has been reducing its overnight rate, dropping by 125 basis points since May. While this typically impacts variable-rate mortgages, fixed mortgage rates may not follow the same trend. According to Don Drummond, a former chief economist at TD Bank, fixed rates could stay steady despite these cuts. Here’s what you […]
Do You Feel Lucky? What the Latest Bank of Canada Rate Cut Means for Your Mortgage
The Bank of Canada recently slashed interest rates by 50 basis points, bringing variable mortgage rates within 46 points of the lowest fixed rates. This latest rate cut marks a significant shift, but with more rate cuts predicted for 2025, many Canadians are wondering: Should you stick with a fixed rate, or gamble on a […]
Bank of Canada Cuts Key Interest Rate to 3.75%: What It Means for Homebuyers
The Bank of Canada has recently reduced its key interest rate to 3.75%. Here’s what it means for you: What Does the Rate Cut Mean? The lower interest rate means borrowing becomes cheaper. If you’re looking to take out a new mortgage or renew your current one, this cut could result in lower mortgage rates […]
October in Ottawa: Your Ultimate Fall Guide
Fall is officially here, and Ottawa is bursting with activities to help you make the most of the season. Whether you’re looking for spooky thrills, stunning autumn landscapes, or cultural festivals, October in Ottawa has something for everyone. Here’s your guide to the top events happening this month! 1. Pumpkinferno at Upper Canada Village Dates: […]
Exciting New Mortgage Reforms to Help More Canadians Become Homeowners
As housing prices remain high, it’s become increasingly difficult for Millennials and Gen Z to afford homeownership. To address this, the Canadian government has introduced major reforms aimed at making mortgages more accessible. These changes, effective August 1, 2024, include extending 30-year insured mortgage amortizations for first-time homebuyers of newly built homes. Key Changes Announced […]
Canada’s Inflation Rate Drops to 2% in August, Meeting Bank of Canada’s Target
In August 2024, Canada’s inflation rate fell to 2%, reaching the Bank of Canada’s long-awaited target after a prolonged effort to control price growth. This marks the slowest pace of inflation since February 2021, according to Statistics Canada. The Bank of Canada started raising interest rates in April 2022 to combat surging inflation and introduced […]
Bank of Canada Lowers Interest Rate to 4.25% Amid Cooling Inflation
The Bank of Canada has reduced its key interest rate for the third consecutive time, now sitting at 4.25%. This decision comes as inflation continues to ease, with Bank of Canada Governor Tiff Macklem indicating that further rate cuts could be on the horizon if inflation continues to follow expectations. While this gradual approach was […]
The Bank of Canada is Cutting Rates Again – What Does It Mean for You?
Big news, everyone! The Bank of Canada is all set to cut interest rates for the third time in a row, and if you’re a mortgage holder, potential homebuyer, or just someone curious about the economy, this could be a game-changer. So, what’s the scoop? Economists and investors are betting big on a quarter-point reduction, […]
What You Need to Know About the Bank of Canada’s Next Move
Canada’s economy showed some unexpected growth in the second quarter, but signs of weakness over the summer have many experts predicting an interest rate cut by the Bank of Canada next week. Here’s a simple breakdown of what’s going on and what it means for you. What Happened? The economy grew faster than expected earlier […]
Bank of Canada Set to Drop Interest Rates: What It Means for You
Big news! The Bank of Canada is expected to drop interest rates, with the current 4.5% rate potentially falling to 3% by next July. This is great news for homeowners, buyers, and anyone with loans, as borrowing could become more affordable. So, what’s the scoop? Governor Tiff Macklem and the Bank of Canada are likely […]
