Well, it’s official: the Bank of Canada (BoC) is leaving its overnight interest rate at 1.00% for another six weeks – a position it has held since September 2010. Since any change to the overnight rate would directly impact Prime rate, the announcement that it will remain low is not only good news for variable rate mortgage holders, it’s also good news for every Canadian who has any loan attached to Prime, as well as for those who want to borrow money in the near future. Continue reading
Last week, we launched a new series documenting RateHub’s own Kerri-Lynn’s (KL) experiences with buying her first home. We’ve already shared some of the financial decisions KL and her partner had to make, as well as how they built their team of real estate professionals, which is the foundation of the home buying process. For today’s post, she and I talked about the process of actually going on viewings, figuring out what they liked and how they ended up in a house vs. a condo. Continue reading
Bought a condo recently? Congratulations! If you’re one of the nearly half of Canadians who always uses a budget, chances are you’ve already started to think about how your monthly expenses might change in this new living situation – especially if you had previously been renting or living at home. While in many cases condo living can end up being more affordable than purchasing a house, there are still particular financial considerations to keep in mind when redesigning your new budget.
Here are the main categories to consider adding to your budget, before, during and after the purchase of your condo.
This past summer, a few members of the RateHub.ca team went from being hopeful house hunters to first-time homebuyers. After contributing to the resounding messages of “Congrats!” from the rest of the team, my next thought was: We should share these experiences with our readers. Fortunately, the new homeowners agreed – and one volunteered to share it all!
Every Monday, for the next 5 weeks, Kerri-Lynn (KL) will be here to answer questions and share her experiences with jumping into the Toronto housing market. If you’re not in Toronto, that’s ok – most of these are questions that any potential first-time homebuyer should consider. For our first post, we sat down and talked about how she started the process. In her words: it’s all about laying the foundation… Continue reading
The summer brought little sunshine to Toronto and little in the way of mortgage news, but this fall is turning out healthy doses of both! Not only have mortgage rates been slowly going down, but policymakers are moving forward with some market changes. Read on for a distilled version of the pending changes! (And sorry for the abundance of exclamation points, but, again, we had a very unexciting summer!) Continue reading