General Angela Calla 11 Jul
The Bank of Canada is widely expected to deliver a second consecutive quarter-point rate hike this Wednesday, which would bring its benchmark lending rate to a 22-year high of 5%. It would also imply a similar increase to the prime rate by week’s end, bringing it to 7.20%. That would have an immediate impact on […]
Read MoreGeneral Angela Calla 7 Jul
Before banks or lending institutions can consider loaning money for a property, they need to know the current market value of that property. The job of an appraiser is to check the general condition of your home and determine a comparable market value based on other homes in your area. This is required for any […]
Read MoreGeneral Angela Calla 7 Jul
Not all insurance products are created equal. It is important to understand all the different insurance products to ensure you have proper coverage. Below are the main insurance product options you will encounter with homeownership, and what they mean: Default Insurance: This insurance is mandatory for homes where the buyer puts less than 20% down. […]
Read MoreGeneral Angela Calla 6 Jul
Owning a home in Vancouver can often feel unattainable for first time buyers. The Real Estate Board of Greater Vancouver (REBGV) is calling on the provincial government to make policy changes to help with affordability. The board met with a provincial legislative committee this week to present a list of changes to help ease the […]
Read MoreGeneral Angela Calla 29 Jun
As Canada Day approaches, we wanted to take a moment to express our heartfelt gratitude and extend our warmest wishes to you, our valued mortgage clients. It is a pleasure to serve you, and we truly appreciate you. Canada Day is a special occasion that allows us to come together as a nation and […]
Read MoreGeneral Angela Calla 28 Jun
Will the May Inflation Decline Thwart Another Rate Hike in July? The May inflation data, released this morning by Statistics Canada, bore no surprises. The year-over-year (y/y) inflation measured by the Consumer Price Index (CPI) at 3.4% was just as expected–down a full percentage point from the April reading. This is the smallest increase since June 2021. Economists […]
Read MoreGeneral Angela Calla 27 Jun
The MNBC Funded Program Supports New Home Down Payment and Closing Costs BRITISH COLUMBIA – Métis Financial Corporation of British Columbia (MFCBC) in partnership with Métis Nation British Columbia (MNBC) has launched a First-Time Home Buyers Program (FTHBP) to support Citizens of the Métis Nation of BC who are ready to purchase their first home. FTHBP is a one-time grant that […]
Read MoreGeneral Angela Calla 9 Jun
MAY’S SOFTER LABOUR MARKET DATA ENDED THE LONGEST RUN OF JOB GAINS SINCE 2017 Ironically, the May Labour Force Survey showed a modest slowdown two days after the Bank of Canada surprised the markets by raising interest rates. Employment was little changed in May, down 17,300, all for youth aged 15 to 24. All other […]
Read MoreGeneral Angela Calla 8 Jun
Holy Smokes, The Bank of Canada Means Business If there were any doubt that the Bank of Canada wanted inflation to fall to 2%, it would be obliterated today. In a relatively surprising move, the Bank hiked the overnight policy rate by 25 bps to 4.75%, and an equivalent hike will follow in the prime […]
Read MoreGeneral Angela Calla 7 Jun
Bank of Canada has increased their overnight rate by 25 basis points, pushing prime to 6.95%. Although this was partly anticipated by the market, it is the Bank’s first-rate hike since January. The highest rate since April 2001. This move impacts variable rate mortgage holders and those with a Line of Credit of approx. 14 dollars […]
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