Salel M Mahajan

09/06/2023

07/12/2023

Bank of Canada interest rate hikes to 7.2%

06/08/2023

Changes in your mortgage payment!

The Bank of Canada hikes rates by 25 bps

The Bank of Canada raised its key lending rate this morning by 25 basis points this morning, bringing it to 4.75%.

This is the Bank’s second rate hike of the year following two pauses in March and April.

In its statement, the Bank said today’s decision reflects its view that “monetary policy was not sufficiently restrictive to bring supply and demand back into balance and return inflation sustainably to the 2% target.”

What happens now?

In the coming days, banks and other financial institutions are expected to follow the Bank of Canada’s lead and hike their prime lending rate, which is used to price variable-rate mortgages and personal and home equity lines of credit (HELOCs).

This announcement will have no impact on fixed-rate mortgage holders.

The Bank’s next announcement will take place July 12.

If you have any questions or concerns about the rise in borrowing costs over the past year, contact your TMG Mortgage Broker to discuss your situation.

05/06/2023

Closing costs is approx 1.5% of your the Purchase value.

04/30/2023

Taking a step closer to your housing dream.
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04/15/2023

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Making moves towards a dream home, one down payment at a time.

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03/26/2023

Checklist that we need to keep in mind while buying a home.

03/21/2023

Are you tired of renting and ready to take the exciting step towards owning your own home?

As a first-time home buyer, you may be feeling overwhelmed by the process, but fear not!

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03/18/2023

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