Canada Ends 2024 on a High Note: Job Market Surges Ahead!
Canada closed out 2024 on a high note, with the economy adding an impressive 91,000 jobs in December—nearly four times what experts had forecast. This unexpected growth helped lower the national unemployment rate to 6.7%, down from 6.8% in November. Where the Jobs Came From According to Statistics Canada, job gains were seen across different […]
How Much Will the Bank of Canada Cut Rates in 2025?
After slashing rates five times in 2024, the Bank of Canada is expected to ease further in 2025, but at a slower pace. The central bank’s key overnight rate currently sits at 3.25%, down from its 5.00% peak. Analysts predict additional cuts to support economic growth, with most expecting the rate to settle between 2% […]
What the Bank of Canada’s Rate Cut Means for Your Mortgage”
The Bank of Canada recently lowered its key interest rate by 0.50 percentage points to 3.25%, aiming to stimulate the economy amid signs of weakening growth and a softening labor market. The Wall Street Journal How It Affects Mortgages Variable-Rate Mortgages: If you have a variable-rate mortgage, your interest rate is likely to decrease as […]
Holiday Savings Unwrapped: Everything You Need to Know About Canada’s GST/HST Tax Break
The Canadian government has introduced a temporary GST/HST tax break to provide financial relief during the holiday season. From December 14, 2024, to February 15, 2025, select items will be exempt from these taxes, offering Canadians savings on essential purchases. Key Details: Duration: December 14, 2024, to February 15, 2025. Eligible Items: Food and Beverages: […]
What the Latest Jobs Data Could Mean for Your Mortgage
Canada’s job market has just sent a shockwave through financial markets, increasing the likelihood of a significant interest rate cut by the Bank of Canada (BoC). Let’s break down what this could mean for your mortgage. What Happened? A surprising rise in unemployment to 6.8%—a near-eight-year high outside of the pandemic—has traders predicting that the […]
Six Reasons to Work with an Expert on Your Mortgage Renewal
When it comes to renewing your mortgage, many homeowners make the mistake of going on autopilot. After all, it’s easy to sign the renewal letter your lender sends you and move on. But this convenience could cost you. Your lender’s goal is to secure your repeat business with minimal effort on your part. However, what […]
Making Life More Affordable: What Trudeau’s Temporary Tax Relief Means for You
What Trudeau’s Temporary Tax Relief Means for You” To help Canadians manage rising costs, the federal government is rolling out temporary tax relief. From December 14, 2024, to February 15, 2025, certain purchases will be GST/HST-free, and eligible Canadians will receive a $250 rebate. Here’s what you need to know. GST/HST Holiday: What’s Covered? 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 […]
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 […]
