Yesterday the Bank of Canada (BoC) held their key overnight rate at ½ percent a rate has remained unchanged for years now. Something that hasn’t changed in years, yet makes big news with each announcement begs the question, ‘what is the overnight rate and what’s all the big fuss about?’
Here’s What you NEED to Know
Over the last couple of weeks, the most common question I hear from clients has been, “what are the new mortgage changes, and will it affect me?”. To which I am always happy to explain. But perhaps more concerning to me, has been the number of people who have told me, “Because I have 20% [or more] in down payment, the new rules will not affect me”. If you’re looking for the generalized black and white answer, this might be true. However, if you’re interested to learn a bit about how these changes will affect every current or new home owner, read on. I’ll start from the beginning and we’ll explore it together.
Continue reading “Mortgage Rules are Changing, and they have a BIG effect on Everyone”