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 […]
Market Update and Economic Insights: Navigating 2024 with Confidence
As we move through 2024, here’s what we’re seeing in the markets and how we’re staying proactive at TopRankinMortgages: Volatility in Markets: The first half of 2024 was calm, but August brought increased volatility, especially in tech-heavy and overseas markets. The S&P 500 remains strong, driven by artificial intelligence (AI), with tech and communication services […]
What Recent Market Movements Could Mean for Your Mortgage Rates
Big changes are happening in the financial world, and they could impact your mortgage. Here’s what you need to know: What’s Happening? The Sahm Rule, a tool used to gauge potential recessions, recently triggered a warning sign. This rule looks at unemployment rates and if they rise significantly from their lowest point, it suggests a […]
Bank of Canada Rate Cut Expected Following Weak U.S. Jobs Data
Recent U.S. job market reports have shown weaker-than-expected results, prompting speculation about interest rate cuts. This has significant implications for Canada, including potential changes from the Bank of Canada (BoC). The U.S. nonfarm payrolls report revealed a modest increase of 114,000 jobs last month, significantly lower than anticipated. This increase, combined with a rising unemployment […]
Top Things to Do in Ottawa in August
August is a vibrant month in Ottawa, filled with exciting events and activities for everyone. Whether you’re a local or just visiting, here’s a roundup of the top things to do in the city this month. 1. Ottawa International Busker Festival Date: August 2-5 Location: Sparks Street Enjoy performances from street performers including clowns, jugglers, […]
