by Boris Mahovac | Blog, Mortgage news, Mortgages
On October 23, 2024, the Bank of Canada made a big move, cutting its key interest rate by 0.5%, which dropped the overnight rate to 3.75%. Now, the Bank Rate sits at 4%, and the deposit rate is aligned with the overnight rate too. This decision is all about giving the...
by Boris Mahovac | Blog, Mortgage news, Mortgages
The Deputy Prime Minister and Minister of Finance, Chrystia Freeland, announced significant changes to mortgage rules. Many of these changes reflect MPC’s persistent advocacy on behalf of our industry and Canadian homebuyers. Among the new measures are several key...
by Boris Mahovac | Financial Advice, Mortgages
Every time you apply for a home mortgage, a car purchase and nearly all other types of loans, lenders will use your credit score to determine if you qualify. Creditors need to know how much of a risk you are—in other words, how likely you are to repay the money they...
by Boris Mahovac | Financial Advice, Market, Mortgages
The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. The global economic expansion is moderating largely as expected, but signs are emerging that trade...
by Boris Mahovac | Market, Mortgages
The following is an excerpt from the VERICO Economic Report written by Michael Campbell What did we get for the government’s efforts to slow the market? So what does a new trade agreement between Canada, the US and Mexico mean for Canadians? In a nutshell, higher...
by Boris Mahovac | Blog, Market, Mortgages, Refinancing
The Bank of Canada today increased its target for the overnight rate to 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. [Variable rate mortgages are immediately affected as chartered banks and other lenders raised their...
