On Wednesday December 6th at their regular policy meeting, the Bank of Canada (BoC) once more decided to keep their Policy Rate steady at 5 per cent. This means that most lenders will hold their consumer Prime Rate steady at 7.20 per cent and there will be no changes to the payment amounts for variable rate mortgages. It’s the third… Read More »
Christmas Parade 2023
Did you see us in the Christmas Parade this year? That’s right, our team were the ones in the gingerbread and christmas tree costumes! We had a great time seeing all the smiling kiddos and giving out bracelets. Happy Holidays!
Economic Forecast: Upcoming Mortgage Renewals Will Slow the Economy
Last week, the CMHC published their fall 2023 edition of the Residential Mortgage Industry Reporthttps://www.cmhc-schl.gc.ca/blog/2023/rising-rates-homeowners-greatest-shocks-lie-ahead In it, the author Tania Bourassa-Ochoa draws from the CMHC’s national mortgage data to put specific figures to the coming wave of mortgage renewals in 2024 and 2025. In the first half of 2023 about 290,000 mortgages were renewed into the higher rates of today,… Read More »
2023 Reader’s Choice Awards
A Heartfelt Thank You! We want to express our sincere gratitude to each and every one of you who took the time to cast your votes in this year’s Comox Valley Record Reader’s Choice Awards. Your support means the world to us, and we’re truly honored to be a part of this incredible community. This year, we were winner’s in… Read More »
Rate Update and Analysis – October 2023
On Wednesday October 25th at their regular policy meeting, the Bank of Canada (BoC) again decided to keep their Policy Rate steady at 5 per cent. This means that most banks will hold their consumer Prime Rate steady at 7.20 per cent, and there will be no changes to the payment amounts for Variable rate mortgage holders. This is the… Read More »
Rate Update and Analysis – September 2023
On Wednesday, September 6th at their regular policy meeting, the Bank of Canada (BoC) decided to keep their Policy Rate steady at 5%. This means that most banks will hold their consumer Prime Rate steady at 7.20%, and there will be no changes to the payment amounts for Variable rate mortgage holders. This was expected by most banks and economists,… Read More »
Start Preparing Now for Your Next Mortgage Term: A cold winter is coming; don’t be a grasshopper, be an ant
If your mortgage term matures in the next 2 years, you should act now to find out what you should expect for your next term’s monthly payment amount. It is probably going to be much higher than you expect and you should begin preparing now. – The future is coming. Part of me feels ridiculous writing that, but when I… Read More »
Inflation is higher. What does it mean for me?
Statistics Canada released it’s July inflation report yesterday, and the CPI headline inflation rate rose from 2.8% in June to 3.3% for July. To put it bluntly, that’s not good news for mortgage rates. However, a closer look at the data shows that mortgage interest, energy and grocery prices are the 3 culprits in pushing headline inflation up. If you… Read More »
Rate Update – July 2023
For the second time in a row, the Bank of Canada (BoC) announced it is increasing it’s Policy Interest rate by 0.25% (up to 5%). This means that most banks will immediately increase their consumer Prime Rate from 6.95% to 7.20% – the highest the Policy Interest rate has been in 22 years (since April 2001). In its announcement, the… Read More »
Property Taxes and BC Home Owner Grant Claims due July 4
By this time, you should have received your property tax notice in the mail. Payment is due by Tuesday July 4th to your municipality (if you live in Courtenay, Comox, or Cumberland) or to the BC Government if you’re in the regional district. There’s typically a 5% penalty for late payment, so don’t miss the deadline! For property taxes, you… Read More »
