The changed scenario in the housing market of Canada can be pretty exciting and overwhelming for first-time homebuyers. Just recently, it has become possible to stretch mortgage terms up to 30 years. Although this can provide some flexibility in the management of the monthly payments, there is still a careful weighing of the advantages and...
On September 16, 2024, the Canadian government issued a significant remark that may have an impact on the housing market. New mortgage guidelines aim to make it easier for Canadians, particularly Millennials and Generation Z, to buy a home. These measures, hailed as the most significant in decades, will benefit first-time homebuyers while also spurring...
In its latest announcement regarding mortgages for First Time Home Buyer, Federal government raised the insured mortgage cap to $1.5M for a down payment of 20%. Also, the amortization period has been increased from 25 to 30 years, bringing a sigh of relief on home buyers worried about huge monthly payment. With the expected inflation...
Want to refinance your existing mortgage? With the interest rates witnessing constant rate cuts, now is the best time to refinance a mortgage in Abbotsford. You may choose to refinance your mortgage to secure better loan terms, lower your monthly payments, or tap into your home equity. The refinancing process is quite similar to applying...
The Bank of Canada (BoC) recently reduced its borrowing rate by 25 basis points, following previous cuts in June and July. As a result, Canada’s overnight lending rate fell to 4.25%. The overnight rate serves as the foundation for lenders’ prime rates and, consequently, variable mortgage rates. This is the lowest rate the BoC has...
