Powered By DLC-The Mortgage SourceUnlocking the door to your dream home begins with understanding the power of your credit score. Often overlooked until the mortgage process begins, your credit score is one of the most vital elements in securing a mortgage with the best rates and maximum buying power. In Canada, credit scores range from 300 to 900, and the higher, the better. For those putting down less than 20%, aiming for a […]
The Bank of Canada’s initial rate cuts this summer didn’t boost housing activity as much as expected. However, with the additional cut of .25% earlier this month, and more potential cuts this year, we could still see an impact on the housing market. Even though there’s not a substantial change in affordability, potential buyers are starting to see the light at the end of the tunnel. This will attract […]
Even in a sellers’ market, there are some ways you can increase your chances of receiving more offers and selling your home for the best value. Check out these expert tips for staging your home to help make the best first impression possible: Clean and Declutter: Clean, clean, and clean some more! While you might not be able to stage each room in your home, ensuring that each space is […]
As the Bank of Canada cuts interest rates, housing activity has remained relatively weak. Existing home sales were well below historical averages in July, while new listings edged upward. Prices have plateaued, and residential mortgage originations are tepid. Mortgage balances grew by 3% annually in Q2, the second slowest quarterly pace since 2000. This portends a further dip in household debt-to-income ratios—welcome news, as elevated leverage drives household financial vulnerability. […]
With the recent rate cuts from the Bank of Canada, there’s been some more optimism about purchasing a home in Ontario over the last few weeks. However, we have yet to see a huge cluster of buyers emerge from the sidelines, as many are still playing the wait-and-see game. What is different is the questions that I’m being asked. Many believe we will soon see a reduction in interest rates, […]
In the last decade, climate change and energy efficiency have come to the forefront of many Canadians’ minds. From wanting to do our part by recycling to making our home as energy efficient as possible, there are many benefits to being environmentally and energy conscious. If you are looking to cut costs or want to reduce your eco-footprint, here are some great ways to cut your energy costs: 1. Get […]
All eyes were on The Bank of Canada last month as they cut interest rates by 25 basis points again during their July 24th meeting, thereby taking the overnight policy rate down to 4.5%. We believe that owing to a sustained deceleration in inflation, the central bank will continue its monetary easing at the September and December meetings and well into next year. The policy rate will likely fall to […]
With the first Bank of Canada rate drop having occurred in June, many individuals are looking at the housing market with renewed vigor and an expectation that rates will continue to come down to a more sustainable level. If you are someone who is considering entering the housing market this summer, there are a few things you should keep in mind: With the first Bank of Canada rate drop […]
The Bank of Canada finally began an easing cycle on June 5, taking their overnight policy rate down 25 bps to 4.75%–the first major central bank to do so. The housing market has languished over the past year with extremely weak affordability. The Multiple-Listing Service Home Price Index fell again in May and is now down 2.4% year-over-year and is off 14.4% from the early 2022 peak when the overnight […]
With the summer in full swing, we haven’t seen the increase in home sales that many predicted. Places like Toronto were down over 16% in comparison to 2023, while Ottawa managed to outperform 2023 by .1%. While the Bank of Canada’s rate reduction in June did spark some optimism, most people are remaining on the sidelines, waiting to see if it continues. The interesting part is that home prices […]
