BRITISH COLUMBIA – The British Columbia Real Estate Association (BCREA) reports that a total of 8,214 residential unit sales were recorded by the Multiple Listing Service (MLS) in May 2022, a decrease of 35.1 per cent from May 2021. The average MLS residential price in BC was $1 million, a 9.3 per cent increase from […]

There is a growing sentiment among market watchers that the Bank of Canada’s current fight against inflation is putting home prices in the crosshairs. In the release of the Bank’s annual Financial System Review, Governor Tiff Macklem mentioned a desire for “moderation” in the housing market several times.  But he made the Bank’s priority clear. […]

A few simple steps to healthy credit… Just like you should have a physical every year to make sure you’re healthy, you should do the same for your credit report and score. Don’t wait until you go to buy something and you are turned down. And don’t worry… chequing your own credit does not affect […]

Did you know, approximately 60 percent of people break their mortgage before their mortgage term matures? While this is not necessarily avoidable, most homeowners are blissfully unaware of the penalties that can be incurred when you break your mortgage contract – and sometimes, these penalties can be painfully expensive. Below are some of the most […]

Canada’s housing market is cooling down but it is still hotter than the long-term average and will likely stay that way for the next couple of years. The latest Housing Market Outlook from Canada Mortgage and Housing Corporation looks ahead to 2024 and sees moderating price growth, sales and housing starts.  However, this moderation is […]

One of the first questions that potential buyers want answered is: “What is your interest rate?” It is easy to think that this is the most important question, but there is a lot more to your mortgage contract than just the rate. And so, the rate debate continues! The rate debate is a hot topic […]

With the Canadian economy showing strong signs of recovery the way is clear for another half-a-percentage point increase in the Bank of Canada rate. Statistics Canada figures for February show that gross domestic product (GDP) grew by another 1.1%, with just about all sectors of the economy showing improvement. Preliminary data for March indicate a […]

Documents Required to Qualify for a Mortgage Mortgages can sometimes feel like endless stacks of paperwork, but being prepared in advance can save you time and stress! Getting your mortgage pre-approved is part of this prep-process, and will make things easy in the long run. In order to get pre-approved, the lender must have taken […]

The Governing Council of the Bank of Canada raised the overnight policy rate by a full 50 basis points for the first time in 22 years. This was a widely telegraphed action that will be followed by the US Federal Reserve next month. While the BoC was the first G-7 central bank to take such […]

Statistics Canada released the March Labour Force Survey this morning, reporting a 72,500 jobs gain from the whopping 337,000 surge in February. Employment increased in both the goods- and services-producing sectors. Gains were concentrated in Ontario and Quebec. The unemployment rate fell to 5.3%, its lowest monthly rate since the data series was released in […]