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The BoC cut interest rates for the first time in 4-yr, potentially impacting the summer Real Estate market. This may benefit those with variable-rate mortgages or upcoming renewals (2.2M households in 2024-2025).

Evaluate Options: Decide between selling the house or assuming the existing mortgage yourself post-inheritance.Financial Assessment: Calculate equity and costs like repairs, closing fees, and potential tax implications.

Assess feasibility; check legal constraints like local building codes. Understand budget; renovation costs range from $2K to >$70K.

The Bank of Canada cut the key interest rate for the first time in 4 years by 0.25% to 4.75%.This comes after a period of high inflation and to boost the economy which contracted in Q1.

Mortgage brokers can show you a wider range of mortgages from different lenders, while banks only offer their own mortgages.Mortgage brokers represent your interests during the application process, while you deal directly with the lender at a bank.

Boost your credit score: Aim for a high credit score, and improve it by: – Being on the electoral register – Paying bills on time. Prepare your bank statements: Show steady income, on-time bill payments, and enough savings for a home purchase.

The Bank of Canada is predicted to reduce interest rates three times this year due to economic slowdown.If interest rates drop, variable-rate loans could reduce costs more than fixed-rate loans.

Review the contract carefully to ensure you are getting the agreed-upon interest rate and understand any lender fees. Be aware of your prepayment privilege and any prepayment penalties associated with paying off your mortgage early.