Major lenders hike rates following Bank of Canada decision

Businessman presenting chart

Canada’s major banks have been quick to react to the Bank of Canada’s decision to raise interest rates to 1.25%.

CIBC, RBC, Scotiabank and TD were among the first lenders to increase their prime lending rates by 25 basis points to 3.45%; the new rates take effect from today (Jan 18) more

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Government well-intended intervention not good news for First Time Buyers

first-time-buyers

With new mortgage rules just a week away it could be millennials and other first-time buyers who could be the biggest losers.
The British Columbia Real Estate’s chief economist Cameron Muir calculates that a family with $80,000 income will see their purchasing power cut by around $100,000 to $305,000 due to the rules.
“Housing demand will slow as millennials, other first-time and early move-up buyers are squeezed out of the market,” Muir has warned.