With this new announcement, the Bank of Canada has decided not to increase prime interest rates. We expect this pause to continue in the attempt to curb the high inflation rates and further moves will be data-dependent. Prime rate still remains at 6.70% for most banks, with some fixed-rate mortgages having come down off of the peak […]

The Bank of Canada was the first major central bank to hit the pause button on rate hikes in late January. Given the slowdown in inflation in the recently released January CPI, The Bank of Canada will refrain from hiking interest rates this month.  That is welcome news for homeowners with adjustable-rate mortgages whose rate […]

Within the last year, BC’s housing market has undergone numerous changes and adjustments. The image above compares some key figures from a year ago to now. This can be crucial for one looking to buy their first home and what they can expect regarding rates, payments, and what direction the trend in the market is […]

BAD NEWS IS GOOD NEWS FOR THE BANK OF CANADA Statistics Canada released the real gross domestic product (GDP) figure for the final quarter of 2022 this morning, showing a marked slowdown in economic activity. This will undoubtedly keep the central bank on the sidelines when they announce their decision on March 8. The Bank […]

It’s now a little easier to buy your first home in Canada and this is how. Starting April 1st 2023 eligible homebuyers can open a first home savings account make sure you read to the end because there is a super important planning strategy that most don’t know about. You can save up to $8000 […]

Buying a home is the largest purchase most Canadians will make – and as of mid-2022 it became even more expensive, with rising interest rates driving up the cost of borrowing. Canada’s mortgage stress test has played a large role in that as well, by requiring buyers to prove they can manage rates well above what lenders are offering. […]

FURTHER DECLINE IN INFLATION IN JANUARY AFFIRMS BANK OF CANADA PAUSE IN MARCH Canadian inflation decelerated meaningfully in January despite the continued strength in the economy. Labour markets remain very tight, and retail sales continue strong. Nevertheless, the Bank of Canada’s jumbo rate hikes over the past eleven months have tempered inflation from a June […]

The market has rebalanced meaning: You can put less down Have a lower purchase price Have more of the balance paid off There is so much more to look at than the rate, you can always refinance later when rates go down. Rent the rate, not the house 🏡 👍If you are working full time […]

New mortgage data is offering a snapshot of where B.C. homeowners are getting their first foot into homeownership and how recent interest rate hikes are weighing down younger people more than others. “It just tells you that these very, very substantial interest rate increases disproportionately affect the people who are struggling the most to begin […]

We were interviewed by the Steele and Vance show recently to speak on the Coromandel $700 million credit protection development. This was no doubt a result of the current economic climate and a sign of caution moving forward with pre-sale homes and the development of housing in the Lower Mainland as a whole. Here is […]