Found 2 blog entries tagged as canadian mortgages.

Bank of Canada Cuts Policy Rate to 3%: Implications for Edmonton Homebuyers and Sellers

On January 29, 2025, the Bank of Canada reduced its policy interest rate by 0.25%, bringing it down to 3%. This marks the sixth consecutive rate cut, aiming to stimulate economic activity.

Impact on Homebuyers in Edmonton

For those looking to purchase a home in Edmonton, this rate cut offers several advantages:

  • Lower Mortgage Rates: A reduced policy rate often leads to lower mortgage interest rates, making home loans more affordable.

  • Increased Purchasing Power: With decreased borrowing costs, buyers may qualify for higher loan amounts, expanding their options in the housing market.

  • Improved Affordability: Lower monthly payments can…

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New Canadian Mortgage Rule changes

Major Mortgage Reforms Set to Make Homeownership More Accessible for Canadians

In a move to help more Canadians achieve their dream of owning a home, the federal government announced major mortgage reforms on September 16, 2024. These reforms are aimed at addressing the rising costs of homeownership, especially for younger generations like Millennials and Gen Z, who often face affordability challenges. Here’s a breakdown of the key changes and what they mean for homebuyers.

1. Extended Mortgage Amortizations

Starting August 1, 2024, first-time homebuyers purchasing newly built homes, including condos, can take advantage of 30-year insured mortgage amortizations. The goal of this change is to reduce the size…

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