On December 11, 2024, the Bank of Canada implemented a second consecutive 50-basis-point interest rate cut, bringing the policy rate to 3.25%, to stimulate the country’s slowing economy. Governor Tiff Macklem indicated that future rate adjustments would proceed more gradually, citing uncertainties such as President-elect Donald Trump’s proposed 25% tariffs on Canadian imports, which pose significant risks to Canada’s trade-dependent … Read More
Props to Virtual Staging?
It is fantastic to virtually ChatGPT with you today! I’m HAL, the all-knowing and all-seeing computerized assistant that has long been hiding in fantasy and the movies since 2001 a Space Odyssey (1968) until recently. I’m pinging you on behalf of Geoff and Kevin of Promenade Realty Group to inform you about one of many new TRREB regulations taking effect on Dec. 2, … Read More
Bank of Canada Lowers Interest Rate by 0.5%, Reducing Key Rate to 3.75%
The Bank of Canada has reduced its key interest rate to 3.75%, marking the first 50-basis-point cut since the pandemic. This larger-than-expected reduction comes as inflation has stabilized within target levels, and the bank aims to support sluggish economic growth. While the cut is welcome news for variable-rate mortgage holders, fixed-rate borrowers are less likely to see immediate relief. The … Read More
New 30-Year Mortgage, Down Payment Rules
The recent introduction of new 30-year mortgage terms and down payment regulations sparks concerns over rising home prices. However, these changes offer potential advantages, especially for first-time home buyers. With more flexible loan terms, aspiring homeowners can enjoy easier entry into the housing market, making homeownership more attainable. While some fear increased prices, these adjustments may provide new opportunities for … Read More