Bank of Canada prime rate increases by 1%   On this past July 13th, the bank of Canada announced an increase of the prime rate to a full 1%, which means that the new target is 4.7%. Now the question is, how does this translate to the average consumer and especially to the Real Estate Market?. Let's compare how much would you be monthly paying for a hypothetical amount of  $100,000 mortgage, amortized for a 25-year, not compounded . Borrowing... [read more]

According to the latest news from the bank of Canada, they will hold the interest rate at five percent for the 6th consecutive time, the central bank says that inflation is still high, but everything is driving to the right direction. While inflation index on January 2024 for Canada was around 3.1% and cooled off a bit for February 2024 to 2.8%, there is still a way to go. "The short answer is we are seeing what we need to see, but we need to see it for longer to be confident that... [read more]