Category: Uncategorized
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Is the Bank of Canada Pivoting on Interest Rates? | Get Your Mortgage for a LilLez!
The Bank of Canada reduced its key rate by 50 basis points in Early-Q4. Council members agreed a larger rate cut was justified to counter economic softness and weak growth.
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How to Run a Tenant Background Check: 10 Essential Tips for Smart Landlords
Finding reliable tenants is crucial for landlords, requiring thorough background checks. Tenant screening involves verifying personal information, credit history, rental history, and criminal background. Key components include credit reports, employment verification, and adherence to fair housing laws. Monitoring red flags like low credit scores, criminal records, and eviction history is important. Consistent screening criteria and…
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Market Reactions to BoC’s Rate Cut and Future Outlook | Get Your Mortgage for a LilLez!
Many economists anticipate smaller, 25 bps cuts moving forward, aiming to reach a neutral rate by mid-2025. The market currently anticipates a rate reduction to around 3.19% by the end of January. The rate is expected to decrease further to approximately 3.01%and by June and July, rates are likely to stabilize near 2.75%. By December…
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Will the Bank of Canada Continue Cutting Rates? | Get Your Mortgage for a LilLez!
The Bank of Canada cut its benchmark rate by 50 basis points, marking a significant reduction. Total cuts in 2024 have reached 1.25% by Late-Q3, indicating the central bank's proactive stance in addressing economic conditions.
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It’s worthwhile taking a look at your mortgage each year
Mortgages are often overlooked after signing, yet they represent a significant investment. Canadians should consider an annual mortgage check-up to assess their financial fitness, especially as life circumstances change. Regular reviews can reveal whether your current mortgage still meets your needs and can help you utilize it for various financial goals, such as building wealth…
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How Will the BoC’s Rate Cut Affect the Housing Market? | Get Your Mortgage for a LilLez!
The 50-basis point cut aims to stimulate buying activity in the housing market. Increased buyer interest may lead to rising home prices as demand outpaces supply.
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5 Options if You Can’t Afford Your Mortgage | Get Your Mortgage for a LilLez!
Contact your lender immediately to explore options, such as skipping a payment or renegotiating terms. Extend your amortization to lower monthly payments, but note this increases long-term interest costs.
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Mortgage Broker vs. Bank: Which Is Better for You? | Get Your Mortgage for a LilLez!
Mortgage brokers are licensed intermediaries matching borrowers with lenders, while banks are direct lenders setting their own rates.Brokers provide access to multiple lenders, while banks limit options to their own mortgage products.
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Are New Mortgage Changes Boosting Home Accessibility? | Get Your Mortgage for a LilLez!
New mortgage rules in Canada take effect December 15, 2024, marking a significant policy shift. The price cap for insured mortgages increases from $1M to $1.5M, enhancing accessibility.
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Toronto’s Mortgage Delinquencies Could Hit Historic Highs | Get Your Mortgage for a LilLez!
Toronto's low sales-to-new-listings ratio signals rising mortgage arrears, with levels approaching 2012 highs. Buyers’ market conditions in Toronto limit distressed homeowners' ability to sell amid increasing non-mortgage arrears.