Good news! On October 23rd, the Bank of Canada reduced the overnight rate by one half percentage point, lowering it to 3.75%. This is a cumulative cut from the peak by 1.25%. This cut was the fourth consecutive one this year, and will bring much welcome relief to anyone holding a variable rate mortgage, or […]
Month: October 2024
New Government Program for Adding Rental Units
The federal government has announced a new mortgage program geared to assist homeowners in adding space to their existing homes to create additional self-contained living spaces, such as basement apartments, in-law suites or converted garages. Currently, any refinance, no matter the purpose, is maxed out at 80% loan to value ratio (LTV). That means you […]