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Author: tmp_editor
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How the Bank of Canada’s Latest Rate Cut Impacts Your Mortgage and Savings: What Borrowers Need to Know
Oct 23rd, 2024: In a significant move, the Bank of Canada recently slashed its key interest rate by 50 basis points, marking one of the most impactful rate cuts in recent years. This decision, aimed at stimulating economic activity, has raised numerous questions about how it will affect Canadian borrowers, particularly those holding mortgages, credit…
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September Jobs Surge: Strong Employment Growth and What It Means for Rate Cuts
Oct 15th, 2024: Statistics Canada’s latest report shows a positive shift in employment for September 2024. The country added 46,700 jobs, leading to the first decline in the unemployment rate this year, now at 6.5%. This uptick in job growth includes a notable increase of 112,000 full-time positions. Despite the gains, the employment rate fell…
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Unlocking New Housing Opportunities: Federal Actions on Secondary Suites and Vacant Land Development
Oct 8th, 2024: The Canadian government has introduced new initiatives to tackle the housing crisis by expanding opportunities for homeowners and developers. A key part of this announcement is the support for homeowners to build secondary suites and the use of vacant land for housing development. Building Secondary Suites: Transforming Underused Spaces Starting January 15,…
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OSFI’s Decision to End the Stress Test for Uninsured Mortgage Switches: What It Means for Borrowers
Sept 26th, 2024: The Office of the Superintendent of Financial Institutions (OSFI) is set to eliminate the stress test requirement for uninsured mortgage switches, starting November 21, 2024. This change, which has drawn attention from both mortgage professionals and borrowers alike, applies to those looking to switch lenders at the end of their mortgage term.…
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Federal Government Increases CMHC Mortgage Cap to $1.5M and Extends 30-Year Amortizations
Sept 16th, 2024: The federal government has unveiled major reforms to Canada’s mortgage landscape. Key measures include raising the CMHC-insured mortgage cap from $1 million to $1.5 million, which aims to improve access for Canadians in high-priced markets. Additionally, all first-time homebuyers will now have access to 30-year amortization periods, helping reduce monthly payments and…
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Unlock the Power of Your Home’s Equity to Achieve Financial Freedom
Sept 9th, 2024: For many homeowners, the idea of equity can seem abstract, but it’s a powerful financial tool that could improve your financial well-being. If you have debt and equity in your home, you may be sitting on an opportunity to consolidate debt, fund investments, or simply gain more financial flexibility. At The Mortgage…
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Good News for BC Homeowners: What the Recent Rate Cut Means for You
Sept 4th, 2024: Exciting news for homeowners and potential buyers in British Columbia! The Bank of Canada has just announced another interest rate cut, lowering its key overnight rate from 4.5% to 4.25%. This follows two previous cuts in June and July, and there could be more on the way. But what does this mean…
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The Bank of Canada’s Path Toward Rate Cuts Amid Cooling Inflation
August 20th, 2024: In recent months, the Canadian economy has been marked by a significant cooling in inflation, which has led to widespread anticipation of further monetary easing by the Bank of Canada (BoC). As inflation continues to decelerate, the central bank is expected to cut its overnight policy rate by 25 basis points (bps)…
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Canadian Inflation Fell in June, Setting the Stage for Bank of Canada Rate Cut
July 16th, 2024: June brought encouraging news for the Canadian economy as inflation unexpectedly declined by 0.1%. This marked the first decrease in six months and sets the stage for a potential interest rate cut by the Bank of Canada (BoC). In this blog, we will delve into the details of this inflation report, explore…
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U.S. Inflation Eases in June: Positive News for Canadian Mortgage Borrowers
July 12th, 2024: The latest economic data from the U.S. brings promising news for Canadian mortgage borrowers. In June, U.S. inflation eased significantly, reaching its lowest level since May 2020. This development not only impacts the U.S. economy but also carries significant implications for Canadian mortgage rates. U.S. Inflation Trends June witnessed a notable decline…