In today’s economic landscape, inflation is a hot topic that directly affects homeowners and potential buyers. Let’s break down the current trends and what they mean for your mortgage. Current Inflation Trends As of June 2024, the Consumer Price Index (CPI) stands at 2.7%. However, when we remove mortgage interest from this equation, the figure
Mortgage renewal is a critical financial moment for homeowners. With significant numbers of mortgages coming due in the next few years, it’s crucial to be prepared. Here’s your guide to a successful mortgage renewal. The Renewal Landscape Current projections show: • 2024: 250 million dollars in mortgages maturing • 2025: 300 million dollars in mortgages
In our interconnected global economy, the value of the Canadian dollar plays a crucial role in shaping our mortgage landscape. Let’s explore how currency fluctuations impact mortgage rates and what it means for homeowners and potential buyers. Current State of the Canadian Dollar As of our latest data: • The Canadian dollar is currently trading
Bank of Canada Cuts Rates: Your July 2024 Financial Update As we reach the peak of summer, I hope this newsletter finds you well and enjoying the season. I apologize for the slight delay in getting this out to you – with school being out, I’ve been savoring precious family time and soaking in the
Introduction to the Secondary Suite Incentive Program: British Columbia’s housing market faces significant challenges, including affordability and availability. In response, the provincial government has introduced the Secondary Suite Incentive Program (SSIP). This initiative aims to encourage homeowners to create new secondary suites by offering a forgivable loan of up to $40,000. This financial support covers
As we step into Spring 2024, the BC Budget has brought forward some significant changes that promise to reshape the landscape for first-time homebuyers and small business owners alike. At Cultivate + Evolve Financial, we’ve been closely monitoring these developments, eager to explore how they can benefit our cherished clients and community. Empowering First-Time Homebuyers
Happy Friday Everyone! Spring is only a few days away and I wanted to reach out to give you an update on our end & to catch you up on the happenings of the real estate world. Firstly, I want to share some exciting news – our team has grown by two Andrew who has
December Update – 2022 Good afternoon, I am sure many of you heard the latest update from the BOC in relation to the overnight rate hike by an additional 50bps (0.50%) bringing the rate to 4.25% and the corresponding prime rates should move in the days ahead to 6.45% with many lenders and 6.60% with
It’s been an incredible few weeks and wanted to share my latest round of news (as teased a few weeks ago); we are now property owners on the incredibly beautiful Pender Island! I had been thinking about a secondary property for a while and keeping an eye on the market and things in general over
The Bank of Canada met this week to determine whether to increase the Bank of Canada Overnight Lending Rate (which dictates the Prime Rate) or maintain it’s current overnight rate at 1.25% currently. This week The Bank of Canada maintained its target for the overnight rate at 1.25%, which the prime rate is currently set