Thinking of buying a home? Unsure about higher interest rates?
2022 has already been tough on Canadians’ wallets, and recent economic data shows the pain is unlikely to end soon. Inflation continues to run hot, and on October 26 the Bank of Canada further raised its benchmark interest rate to try to bring it under control. The latest hike of 0.5% was the Bank’s sixth consecutive increase, and it will be passed onto variable-rate mortgage holders and Canadians looking to get a loan in the near future.
Bourbon Spice Cake with Orange Salted Caramel Bourbon Buttercream - Melanie’s favourite Fall cake
We’ve all read food blogs that take 100 years to get to the recipe… so let’s change that! Here is Melanie’s favourite Fall cake. Bourbon Spice Cake with Orange Salted Caramel Bourbon Buttercream
5 Fall Maintenance Tips
For most residents of Vancouver Island, the Fall season is a favourite. Crisp clear skies, gorgeous colourful trees, cozy sweaters, and fun activities. However, for many homeowners, it is a new season that adds far too many items to their To-Do list. It can feel like never ending jobs to do around the house before the wet and cold winter hits.
A look at how rate increases impact different mortgage types
With inflation at its highest level in almost 40 years, the Bank of Canada continues to take drastic action to cool the economy with the latest of five consecutive rate increases announced on September 7. Rising interest rates impact everyone with a mortgage but how and when you will see the impact depends on the type of mortgage you have. We often classify mortgages as either fixed-rate or variable-rate. What may not be commonly understood is that there are actually two types of variable-rate mortgages – adjustable payment and fixed payment – and the impact of rising rates on these two types is dramatically different. Here's a look at how each mortgage type is affected
Budgeting for Inflation
If you thought the end of the pandemic would bring a return to economic normalcy, 2022 has certainly been surprising. Summer has seen inflation return to the forefront of consumers’ economic worries for the first time in decades. The inflation rate was 8.1% in June 2022, its highest level since 1983. Egged on by spiking fuel and grain prices following the outbreak of war in Ukraine, increasing costs across the board are putting pressure on Canadian families. As a consumer, you can take steps to protect yourself. Here are some tips on how to manage your finances in the face of high inflation during these volatile economic times.
Mortgage Fundamentals for Home Purchases
With interest rates continuing to rise, and housing markets beginning to cool, if you’re considering a home purchase anytime soon, it’s a good idea to revisit some mortgage fundamentals to ensure you’re in the driver’s seat when it’s time to put in an offer. Pre-approvals, home appraisals and financing conditions are three key components to a successful home purchase. So how do they all fit together?
5 Credit Habits To Boost Your Score
Your credit score is essentially your passport to financial opportunities. A low credit score can prevent you from getting the lowest mortgage rate, or even from getting a mortgage at all. But here’s the thing, this important factor in your mortgage negotiation is entirely within your control. That’s why it’s important to know the key credit behaviors that can boost your score or keep it high