June 23 2022
Over the month of June, the Bank of Canada (BoC) raised interest rates once again by 50 basis points to 1.5%. For first-time home buyers and current homeowners in Canada, read the latest in the mortgage news to learn more about how this recent hike in interest rates will impact you and your mortgage.
Due to rapid changes in the market, the Canadian Real Estate Association (CREA) has updated its forecast for home sales activity, projecting that sales will considerably decrease by 2023 and the average home price will rise by a modest 3.1%.
Despite having higher rates compared to other mortgages, reverse mortgages are proving to be an increasingly popular retirement planning tool in today’s market.
As the BoC raises its policy interest rate through 2023, experts expect the gap between fixed and variable mortgage rates to shrink. If you’re looking for a mortgage, read more for advice on what to consider.
Our CEO and Co-founder Jesse Abrams discusses what impending rate hikes will mean for homeowners and their current mortgage and why refinancing may be a good option.
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