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Uncategorized New Mortgage Rules for 2024 & 2025 A list of recent mortgage rule changes. These changes have either happened or are scheduled to take effect. August 1, 2024 Extend to 30-year amortization for first-time buyers of new-builds The federal government allowed a 30-year extension for first-time buyers only for insured new-build mortgage purchases. August 1, 2024 Premium surcharge added to first-timer 30-year extension rule The premium […]
Uncategorized Bank of Canada reduces policy rate by 50 basis points to 3¾% The Bank of Canada today reduced its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is continuing its policy of balance sheet normalization. The Bank continues to expect the global economy to expand at a rate of about 3% over the next […]
New Short-Term Rental Regulations Starting in September 2024 New regulations for short-term rentals, in Nova Scotia, such as Airbnbs take effect on September 30 and will help make more long-term housing available. “Nova Scotians need housing. We know many houses and apartments that could potentially be long-term homes are being rented short term,” said John Lohr, Minister of Municipal Affairs and Housing. “We’re […]
Bank of Canada reduces policy rate by 25 basis points to 4.25% Bank of Canada reduces policy rate by 25 basis points to 4.25% The Bank of Canada today reduced its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is continuing its policy of balance sheet normalization. The global economy expanded by about 2½% […]
Buying a Home: The Basics Key Takeaways Determine a realistic budget that includes all homeownership expenses to avoid financial strain in the long run. Thoroughly research neighborhoods, attend open houses, and consult with real estate agents to make an informed decision. Secure financing beforehand and negotiate based on research and inspection findings to get the best deal possible Buying a […]
Uncategorized Teranet-National Bank House Price Index™ remained relatively stable again in July YEAR-OVER-YEAR The Teranet-National Bank Composite Home Price Index™ rose by 2.0% from July 2023 to July 2024, less than the 3.6% increase recorded the previous month. Increases were observed in ten of the 11 cities making up the composite index in July. Calgary led the way with a 15.1% year-on-year price increase, followed by Edmonton with […]
First-time homebuyers can now apply for a 30-year mortgage The 30-year amortized mortgages announced in the 2024 federal budget are kicking in on Thursday. First-time homebuyers who are purchasing newly built homes can now qualify for a 30-year mortgage, giving them five additional years to pay off an insured mortgage. For other mortgages where default insurance is required, a 25-year amortization limit is still […]
Bank of Canada reduces policy rate by 25 basis points to 4½% Bank of Canada reduces policy rate by 25 basis points to 4½% The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization. The global economy is expected to continue […]
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