• Home Purchase/Buying Basics
    Buying a home is a milestone in everyone's life. It symbolizes that you are independent and have achieved the stability of living a relatively comfortable life. Here are a few things
  • This means a couple of things. The most important thing to realize is that the lender will not just fork over a new, lower interest rate. You will be asked to bring in income documentation
Latest Blog Articles

Bank of Canada Raises Interest Rate by 0.25%

Bank of Canada (BOC) announced interest rate increase this morning by 0.25%.

That means the current mortgage prime rate of 3.45% will soon by 3.70% for most of the lenders.

For those of us who have variable rate mortgages, we should expect to receive a letter in early August from lenders to notify us of such changes. 

Bank of Canada Holds Interest Rate Steady

While the anticipations are for the interest rate to go up, Bank of Canada has taken a conservative approach and announced to maintain the overnight lending rate at 1.25%. 

The next interest announcement date is May 30th and we yet to find out whether the rate hike is going to happen.