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Will I Be Able to Afford My Mortgage in Five Years?

As interest rates creep upward, first-time home buyers might wonder if getting into a mortgage is a good idea. What if rates rise during my mortgage term, and how will I make the increased payments? There is a smart way to avoid being faced with an inescapable increase in payments should you have to renew your mortgage at a higher interest rate – and that is to pay down as much of ...

Bank of Canada Raises Overnight Lending Rate

Canada’s central bank raised its key interest rate by 25 basis points to .75 percent today, in response to signs of a strengthening economy in this country.  However, the bank stated that continued instability in world markets could preclude another rate hike on September 8, when it makes its next rate announcement. In its accompanying statement, the Bank of Canada also revised ...

Canadian Employers Optimistic: Survey Shows

The latest Bank of Canada Business Outlook Survey reveals optimism, despite economic turmoil in Europe and a slow recovery in the U.S. The survey was conducted with senior managers of 100 businesses selected in accordance with the composition of Canada's gross domestic product. Survey highlights include: 49 percent of those surveyed say that their firms’ sales volumes ...

Mortgage Rates Drop Again - More Inventory for Home Buyers

Today, benchmark five-year mortgage rates declined to 5.79 percent at the Canadian Imperial Bank of Commerce, Bank of Nova Scotia, Laurentian Bank and Desjardins Group.  They rival recent rate reductions by the Bank of Montreal, Toronto Dominion Bank and Royal Bank of Canada. In housing market news, sales activity in some of Canada’s hottest markets dropped sharply in June. ...

HST On New Homes in Effect in BC and Ontario

Canadians living in B.C. and Ontario woke up on Canada Day to the inevitable reality of the Harmonized Sales Tax (HST). Homebuyers taking out mortgages for new properties now have to factor in HST on purchases over $400,000 in Ontario and $525,000 in B.C.; however, they can still qualify for rebates. If you’re looking for a home with that ‘lived-in’ feel – you’re in luck.  The ...
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