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Download our free iPhone app today to figure out how much you can afford, what your mortgage payments will be, whether you should go with a fixed or variable rate, how much your CMHC premium will be, and more!

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Time will tell, but it looks like things are still going to get worse before they get better...

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Will interest rates go up again?

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With the recent increase, latest forecasts suggest that it will take 1-2 years to get inflation back in order. As such, it's expected that there will be another rate hike on July 12, 2023.

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What's next? It looks like more rate hikes will come and monetary policy will continue to tighten until such a time when the economy "breaks". Unfortunately, this cycle needs to happen for better long-term economic health.

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Rates Up (Again)!

The Bank of Canada raised rates by 25 bps at today's meeting, which is a direct hit to mortgage holders and the housing market. Why the increase?

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- Persistent inflation
- Stronger than expected housing market
- Tight labour market
- Relatively solid consumer spending

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Check out our latest blog article to learn everything you need to know about this incredible program and start your journey to homeownership today: https://t.co/pg2rKzckcd

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Dreaming of owning your first home? The First Home Savings Account (FHSA) is here to make it a reality! Save up to $40,000 tax-free for your down payment and invest in various vehicles to grow your savings...

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Stay informed on the latest updates!

#BankofCanada #InterestRates #Economy #BOC

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Bank of Canada keeps key rate unchanged at 4.5%

The Bank of Canada is holding its benchmark interest rate steady at 4.5%, with the expectation that inflation will decrease in the coming months.

Here are some key takeaways:

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- The fight against inflation still has a long way to go, but progress is being made.

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Our thoughts: Today's move, or lack thereof, comes at the expense of the Canadian dollar and may prompt even more inflation leading to a higher chance of more rate hikes in the coming months.

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Bank of Canada Give Borrowers a Break!
The Bank of Canada made no change to the overnight rate at today's meeting, which provides some much needed relief to variable rate borrowers.

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The next meeting is in April and the BOC will be keeping a close eye on the labor market, inflation, and the US monetary policy (amongst other things) to determine its next move.

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Feel free to reach out if you'd like to know more about how this impacts you specifically.

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Bank of Canada Hikes Another 1/4 Point.

Here's what you need to know:

- the prime rate will likely push to a 20 yr high of 6.7% (which impacts variable mortgage payments)

- the expectation is to pause further rate hikes (albeit, conditionally)

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- house prices will likely fall further (some forecasts suggest that 2023 could be the slowest year for sales since 2001)

- qualifying for a mortgage will become harder