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What is an Appraisal and What Happens if the Value comes up Low?

What is an Appraisal and What Happens if the Value comes up Low?

There are a lot of factors that go into buying a home. It is important to understand what happens when an appraisal value comes up short and how it can affect you. Before we dive into what happens when an appraisal value comes up short, let’s discuss what a bank...

2022 Federal Budget

2022 Federal Budget

The 2022 Federal Budget is the first budget presented since a federal election took place that saw Justin Trudeau form a minority government in the fall of 2021. Since then, the Liberal government has joined in a sort of coalition with the NDP to keep them in power...

Bank of Canada increased its target for overnight rate to 1%

Bank of Canada increased its target for overnight rate to 1%

On April 13th, the Bank of Canada increased its target for the overnight rate to 1%, with the Bank Rate at 1.25% and the deposit rate at 1%. The Bank is also ending reinvestment and will begin quantitative tightening (QT), effective April 25th. Maturing Government of...

Home Price Declines Are Likely

Home Price Declines Are Likely

Home Price Declines Are Likely The past two years have been very unpredictable as the COVID-19 pandemic has ravaged the globe. The pandemic has brought many differences with the economy in Canada, and one of them is the hot housing market that started in early 2020...

Stress Tests for Mortgages

Stress Tests for Mortgages

The Stress Test You have likely heard the words “mortgage stress test” before when starting your real estate journey. In this blog we want to familiarize you with what a mortgage stress test is, how it works, what the current stress test rate is, and some other...

First Time Home Buyer Part 1

First Time Home Buyer Part 1

First Time Home Buyer Part   A lot has changed in the past few decades. Those changes have shaped the way people live today and the new traditions that have been created. Unfortunately, one of those new traditions is first-time home buyers needing financial...

Bank of Canada and the Economic Recovery

Bank of Canada and the Economic Recovery

At the end of January, the Bank of Canada held its target for the overnight rate at the effective lower bound of 0.25%, with the bank rate at 0.50% and the deposit rate at 0.25%. This means that the Bank of Canada rate stayed the same, which means variable rates will...