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A rare opportunity from Chief Economist Dr. Sherry Cooper of Dominion Lending Centres, sharing her outlook on inflation, interest rates, world events, and the housing market. Watch the full video 👇
Category: Education and Learning,
It’s really important to note that Canada’s population grew by 3.3%. This is much stronger than every other OECD country. The surge in population growth is primarily from new permanent residents, temporary foreign workers and students. However,...
Canada just came out with three new insurance rule changes. These rule changes all help buyers with affordability (higher purchase prices). All of these changes are in play as of December 15th. Mortgage application submissions for any new insurance...
The Bank of Canada (BoC) decreased their prime lending rate 0.50% at the end of October from 4.25% to 3.75%. This jumbo rate cut was expected and we have now seen 4 consecutive rate cuts since June,...
Summary: Fixed interest rates have been decreasing steadily over the past two months. At the same time, the variable rates have decreased with the prime rate decreasing but the “discounts” off of the prime rate...
Category: Education and Learning,Home Purchase,
Pent Up Demand It’s really important to note that Canada’s population grew by 3.3%. This is much stronger than every other OECD country. The surge in population growth is primarily from new permanent residents, temporary foreign workers...
Category: First Time Buyer,
What This Means For Affordability If someone wanted to get a variable interest rate mortgage, they would have to qualify at their contract rate plus 2.0% (this is called the “stress test”). Let’s take a...
Economic Update The Bank of Canada (BoC) decreased their prime lender rate 0.50% today from 4.25% to 3.75%. This jumbo rate cut was expected and we have now seen 4 consecutive rate cuts since June, although today’s...
Let’s assume a $500,000 mortgage with a rate of 4.79% 3-year fixed versus a rate of 5.65% 5-year variable. Right off the bat, since we’re assuming a 0.5% decrease in October and a .25% decrease in December, we...
There are two new rule changes: First off, neither of these are in effect yet. The mortgage insurance application must be submitted on or after December 15, 2024. This means that in order to qualify for...
So there’s really good news on the inflation front… The Consumer price index only rose 2% year over year in August, the slowest pace since February 2021, down from 2.5% in July 2024. Excluding mortgage interest, inflation...