Thinking of buying while interest rates are still low? Follow these tips to ensure that your finances are ready for a long-term investment.
Buyers Showing Caution, Bank Keeps Rates Low
The Bank of Canada held its ground today, leaving the overnight lending rate unchanged at 1 percent. While the move was expected (the rate has been locked at this near-historic rate since September of 2010), the tone of the announcement was far less confident than previous press conferences. The Bank’s release explained how a global economic slowdown is impacting Canada’s … Read More
Deciding on Debt: How the New Rules Will Impact Your Mortgage Hunt
Two things are clear about the current Canadian housing market. First, interest rates are going to go up. The Bank of Canada governor, Mark Carney, Finance Minister Jim Flaherty, and pretty much anyone involved in the banking industry has been warning of a hike, if not several, potentially before the end of the year. Second, the nation’s major banks have … Read More
Ottawa Drops the Hammer on Mortgage Rules
Back in April, Finance Minister Mark Carney remarked that “in exceptional circumstances, if there are issues that threaten financial stability, such as household debt… the bank could use monetary policy for that purpose.” Just three months later, those exceptional circumstances have become reality. On Wednesday, the Federal Government made their move to further tighten mortgage rules, addressing concerns over high Canadian household … Read More
The Ripple Effect: How the European Financial Crisis Will Impact Canadians
News of increased financial strain in Spain today has caused the Bank of Canada to brace for a ripple effect on the other side of the ocean. Any spillover from the increasingly vulnerable European market is expected to carry over to North American, rocking the fragile U.S. banking sector before it lands on the doorstep of Canadian homeowners. Households with … Read More