Mortgages Blog

Reflections And Insights From The Other Side Of The Desk.

When it comes to shopping for your perfect home, it can be hard to find the exact one ready to go! In fact, most homes come with flaws of a sort whether it is old paint or flooring, outdated fixtures or perhaps more extensive repairs are needed. While some buyers have no issues dealing with these deficiencies in a home or perhaps do not consider them dealbreakers, other house hunters might.
The announcement today by the bank of Canada is that they will increase the overnight target rate by 0.50%, bringing it to 1.00%. This is the first 0.50% rate hike since 2000, and is out of the usual, as typically we’ve only seen 0.25% increases.
Refinancing your mortgage refers to the process of renegotiating your current mortgage agreement for a variety of reasons. Essentially, allowing you to pay off your existing loan and replace it with a new one that better suits your needs.
Spring is just around the corner! Some of you might be anxious to buy or sell this season, so let’s take a look at the trends for the upcoming Spring market!
As has been expected, the Bank of Canada has increased it’s overnight rate from 0.25% to 0.50%. This increase has been coming, albeit sooner than originally predicted when COVID started.