General 24 Jul
PUBLISHED JULY 21, 2023 UPDATED JULY 22, 2023 With the Bank of Canada’s latest interest rate hike in July, life keeps getting more expensive for those with a mortgage. Angela Calla, mortgage broker at Dominion Lending Centres in Vancouver, notes that regardless of income level, having to qualify at interest rates that are […]
Read MoreGeneral 19 Jul
For the 2023 and subsequent taxation years, Budget 2022 introduced the Multigenerational Home Renovation Tax Credit (MHRTC), a refundable credit to assist with the cost of renovating an eligible dwelling to establish a secondary unit that enables a qualifying individual (a senior or an adult who is eligible for the disability tax credit) to live […]
Read MoreGeneral 19 Jul
Canadian Inflation Falls Within Bank of Canada’s Target Range; Food and Shelter Costs Remain High June inflation data released today by Statistics Canada showed that the Consumer Price Index (CPI) rose 2.8% year-over-year (y/y), slightly below expectations. This was the lowest CPI reading since February 2022. The decline in inflation was mainly due to lower energy prices, […]
Read MoreGeneral 13 Jul
Interest Rates Will Stay Higher For Longer The Bank of Canada increased the overnight policy rate by 25 basis points this morning to 5.0%, its highest level since March 2001. Never before has a policy action been so widely expected. Still, the Bank’s detailed outlook in the July Monetary Policy Report (MPR) suggests stronger growth and […]
Read MoreGeneral 13 Jul
Its been a stressful week for many with the increase in interest rates. Here is a segment we did with the CBC National that discusses some the strategies that can help you navigate these current times. If you are up for mortgage renewal, or trying to plan for your future in these times. Click here […]
Read MoreGeneral 13 Jul
B.C. Premier David Eby said the Bank of Canada interest rate rise Wednesday is “devastating news” for families that have debt. “They borrowed money for various reasons to get through,” he said at the annual premier’s meeting in Winnipeg. “A lot of businesses in British Columbia borrowed money to get through the pandemic. They’re struggling under the weight of […]
Read MoreGeneral 13 Jul
Are you over 55 and looking to purchase a new home but want to take your time to sell their existing one? This situation is quite common, as many clients prefer to do renovations or settle into their new homes before making the transition. Let me illustrate the benefits of one of our mortgage products […]
Read MoreGeneral 12 Jul
The Bank of Canada (BoC) has made the decision to increase interest rates by 0.25% today. You can view the announcement here: Bank of Canada Announcement Here are a few key points to consider regarding this rate increase: Borrowing Costs: With the rate hike, borrowing costs for individuals and businesses will likely increase. This affects […]
Read MoreGeneral 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 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 […]
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