As many of you may be aware the Bank of Canada met on Wednesday October 24th, 2018 and decided to raise the overnight lending rate by 0.25%, resulting in a rate of 1.75% – with banks expected to follow suit in raising the prime rate to 3.95% for all major institutions and non bank lenders,
The Bank of Canada met this week to determine whether to increase the Bank of Canada Overnight Lending Rate (which dictates the Prime Rate) or maintain it’s current overnight rate at 1.25% currently. This week The Bank of Canada maintained its target for the overnight rate at 1.25%, which the prime rate is currently set
Bank of Canada Rates Rising Interest Rates: Fixed vs. Variable The banks are jumping on the bandwagon raising the Benchmarks Rate to 5.14% combined with Strengthening Bond Yields & Record Low Unemployment Rates. An inside look at your options and whether fixed or variable is right for you. Tax Season is Coming Up! A Must
The Office of the Superintendent of Financial Institutions released its finalized B-20 Update to the mortgage industry, last week the news regarding the upcoming mortgage rule changes for conventional buyers, to put the brakes on borrowing and ensure we will be able to handle a rising rate environment. Don’t panic, there is always a solution
Most people’s first question when looking at buying a house is, “how much will we qualify for?”. Qualification, and affordability, are two very different things. Household debt rose to 2.08 Trillion in the 2nd Quarter of 2017 in Canada, with Mortgage debt contributing to 1.36 Trillion and Consumer Credit equating to 609.6 Billion (Statistics Canada).
This week I want you to try these three simple steps. Send me an email, text, or give me a call and tell me your results. I am truly interested and will be following them as well to see the results. The 3 Steps are as Follows : Learn the art of saying “No” or
The Art of Saving = Spend Less than you Earn. The Benefits of Delayed Gratification.
We have all spent moments thinking… Why did I buy that? Should I make dinner or go out? Should I get the new iPhone? The new car? The new jacket? Our biggest internal conflict is “I don’t need it, but I WANT it.” Our wants often outweigh our needs resulting in increased consumer spending &
It seems that the goal of owning a piece of property in British Columbia is becoming more and more unattainable each time we read a news story. The headlines emphasize the growing number of barriers that are preventing individuals from investing in the real estate market, including the lack of affordable new housing, competition from