By: Laura Grace Tarpley Everything you thought you knew about buying a home has probably flown out the window during the coronavirus pandemic. Yes, interest rates are at historic lows — but they’re also jumping up and down, making it hard to know whether you’re getting the best rate possible. Lenders are changing their criteria for borrowers to avoid lending to people … Read More

By: Geoff Zochodne The economic shock caused by the coronavirus pandemic will have the housing market in flux in 2020, and its lingering effects could lead to lower resale prices when the dust begins to settle, according to economists at the Canadian Imperial Bank of Commerce. “The expected volatility in overall economic activity in the coming quarters will not skip … Read More

By: Steve Huebl While Canadian lenders stepped forward with unprecedented measures to assist those affected by the COVID-19 pandemic, there were still some homeowners unable to make their mortgage payments over the past month. As many as one in 20 homeowners (6%) said they missed their mortgage payment recently due in part or in full to the ongoing pandemic, with another … Read More

by Ephraim Vecina Canadians’ purchasing power will continue deteriorating significantly, with the national unemployment rate most likely to settle at the double digits by year-end. The latest forecast by the federal government’s Parliamentary Budget Officer (PBO) warned that Canada’s unemployment levels are now in the red zone, and will peak during the third quarter of the year. With the rate at … Read More

by Nicola Brown Amid the global financial chaos of the past few weeks, Canada’s major banks have been making some big changes. For the second time in 2 weeks, the Bank of Canada slashed the prime rate by 50 basis points, bringing the total rate cut to a full percentage point lower than before the global COVID-19 pandemic. Like many homeowners, I … Read More