Category: Uncategorized
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7 steps to fix Canada’s housing shortage
RBC Economics suggests actions to address Canada's housing shortage, including expanding the labor pool, developing new technologies for faster construction, speeding up approval processes, easing zoning restrictions, reducing government charges, incentivizing purpose-built apartments, and expanding housing stock by reclaiming units and facilitating conversions. Continue to full article
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Slow Mortgage Growth Persists Amid Buyer Uncertainty | Get Your Mortgage for a LilLez!
Mortgage debt growth in Canada remained historically slow, reflecting ongoing market hesitation from homebuyers in 2024.High borrowing costs and elevated home prices kept potential homebuyers sidelined throughout much of 2024.
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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.