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The Bank of Canada has raised its policy interest. If you’re wondering why—and how the increase will affect your financial plans—read on for the answers. What is the policy interest rate? The policy interest rate is the fixed interest rate set by a financial institution for a country or group of countries. This determines how much it will cost to borrow money from a central bank. In our case, the Bank of Canada is the one that is regulating, among other things, the country’s economic activity.

Young homeowners could face challenges with home equity lines of credit

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Jul 22, 2019

(NC) In Canada, there are over three million home equity lines of credit (HELOCs). Banks sell these products under different names, and often combine them with a regular mortgage. The average unpaid balance for HELOCs is around $65,000. According to the Financial Consumer Agency of Canada and Bank of Canada, HELOCs are the main contributor to non-mortgage consumer debt, more than twice the level of credit cards or car loans.

Buying a home as a family

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Jul 15, 2019

(NC) Canadians who purchase a home with family or parental involvement continues to gain popularity while purchasing a home with a spouse or partner has shown a steady decline over the past few years. According to the 2019 RBC home ownership poll, a family purchase is now nearly as popular sole ownership. The family purchase approach to buying a home is especially popular with the millennial set. While funding as a family provides an opportunity for those who may not be in the financial position to buy on their own or with a partner, it has the potential of being complicated when multiple parties come together to finance such a large purchase.

Canada — Setting the Autumn table

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Jul 8, 2019

The Bank of Canada will have the opportunity to set a course of action or, more likely, inaction for some time at least into the Fall when it delivers its latest policy communications on Wednesday July 10. Key may be how the BoC views external risks that it warned had increased in May. Further, watch for key guidance toward Q3 GDP. Recall that the BoC only forecasts out a quarter at a time and the April MPR published quarterly GDP growth up to 2019Q2.

Free online financial tools for soon-to-be homeowners

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Jul 6, 2019

(NC) If you plan to buy a house, you are surely asking yourself a lot of questions. In particular, how much will you be able to borrow given your situation, and what options are available for paying less interest? The Financial Consumer Agency of Canada (FCAC) has developed interactive online tools and calculators to help answer your questions. The mortgage qualifier tool helps you determine whether you qualify for a mortgage based on your income and expenses.

Buying a new home? Beware of mortgage fraud

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Jun 4, 2019

(NC) Purchasing a new home is a big milestone that’s typically full of happy moments – from picking out new furniture and décor to discovering all the interesting spots in your new neighbourhood. But this is also a time when homebuyers can be susceptible to mortgage fraud. According to a recent survey conducted for Chartered Professional Accountants of Canada (CPA Canada), only 35 per cent of people are aware of the dangers posed by mortgage fraud.

Bank of Canada maintains rate - 05/29/19

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May 29, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. Recent Canadian economic data are in line with the projections in the Bank’s April Monetary Policy Report (MPR), with accumulating evidence that the slowdown in late 2018 and early 2019 is being followed by a pickup starting in the second quarter.

Sold a home? Know your tax obligations

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Mar 27, 2019

(NC) If you’ve recently sold a home, there are some things you need to know at this time of year. When you sell your own home (or principal residence) you usually don’t have to pay tax on any profit from the sale. But what you might not know is that even if you are entitled to the principal residence exemption, you need to report the sale on your income tax and benefit return.

Federal Budget 2019

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Mar 22, 2019

To help make homeownership more affordable for first-time home buyers, Budget 2019 introduces the First-Time Home Buyer Incentive. The Incentive would allow eligible first-time home buyers who have the minimum down payment for an insured mortgage to apply to finance a portion of their home purchase through a shared equity mortgage with Canada Mortgage and Housing Corporation (CMHC). It is expected that approximately 100,000 first-time home buyers would be able to benefit from the Incentive over the next three years.

Bank of Canada maintains rate - 03/06/19

in mortgage

Mar 6, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. Recent data suggest that the slowdown in the global economy has been more pronounced and widespread than the Bank had forecast in its January Monetary Policy Report (MPR). While the sources of moderation appear to be multiple, trade tensions and uncertainty are weighing heavily on confidence and economic activity.

Natasha Rogano

Policy interest rate hikes: how will they impact my finances?

Young homeowners could face challenges with home equity lines of credit

Buying a home as a family

Canada — Setting the Autumn table

Free online financial tools for soon-to-be homeowners

Buying a new home? Beware of mortgage fraud

Bank of Canada maintains rate - 05/29/19

Sold a home? Know your tax obligations

Federal Budget 2019

Bank of Canada maintains rate - 03/06/19

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