Innovative Mortgage Solutions Canada

The Bank of Canada has made its final interest rate decision of 2024, lowering the key rate to 3.25 percent! 🇨🇦 Variable-rate mortgage holders and those with other loans linked to prime rate will see an immediate decrease to their payments. Key Highlights: - The rate dropped from 3.75 percent to 3.25 percent. - New federal and provincial policies are expected to impact economic conditions and interest rate announcements in 2025, including the temporary GST suspension and $250 Canadian Workers Rebate. - The bank will be closely monitoring the impact of recent housing policy announcements in 2025, including extended amortization and the increased price cap on insured mortgages. What's next? Additional rate cuts are expected in 2025, with some economists predicting the rate to hit 2.5 percent by mid-year. https://lnkd.in/g4PXSbg8

Are the latest government housing policies really the game changers they sound like on paper? On today’s episode of Mortgage Giants, Brokers Derek Sparrow and Steven Gross dive into these changes and how they actually impact housing affordability, including: - Extending amortization eligibility for all first-time homebuyers (and all new construction purchases) from 25 to 30 years. - The insured mortgage cap that raises the purchase price for insured mortgages from just under $1 million to just under $1.5 million. With both policies set to take effect on December 15, 2024, we break down the numbers behind the legislation, including qualifying amounts and how much you can expect to pay in interest costs. Tune in for an insightful conversation on who these policies actually benefit and why they might not be the help first-time homebuyers need. https://lnkd.in/g8E-22dY

Big news from the Bank of Canada! The central bank just cut its policy interest rate from 4.25% to 3.75%, the largest rate drop seen since 2020. What does this mean for you? Mortgage holders with a variable rate and anyone with loans linked to prime rate will see an immediate decrease to their payments. Borrowing costs for new mortgages, loans, and lines of credit also typically decrease following a Bank of Canada rate cut. For a deeper dive into the implications, check out our latest blog at https://lnkd.in/gaZRuN_2

We’re excited to announce that our very own Michael Wharmby has been selected as a panelist for the 2024 Strathcona County Small Business Week Conference! Mark your calendars: On Monday, October 21st, join Mike and a dynamic panel of local small business owners as they share practical guidance and actionable insights on what it really takes to succeed as a business owner. Whether you’re an aspiring entrepreneur or a seasoned local business owner aiming to grow, this conference is packed with valuable takeaways for you. Tickets are selling fast—don’t miss out! Register now at https://lnkd.in/gM6NaYr5

Join brokers Derek Sparrow and Steven Gross as they break down how the current rate environment impacts you on today's episode of Mortgage Giants. From choosing between variable and fixed-rate mortgages to understanding how falling rates can influence housing prices and the influx of potential homeowners, they cover the information buyers need to consider when rates are decreasing. They also discuss how certain banking products can help you boost your buying power when you're purchasing a home with a rental suite. https://lnkd.in/gmrnrWDd

Big News for Homeowners! The Office of the Superintendent of Financial Institutions just announced a major change for mortgage holders. Taking effect later this year, homeowners looking to renew their uninsured mortgages with a new lender will no longer be subject to the mortgage stress test. What does this mean for you? If you put a minimum of 20 percent down when you purchased your home, you won’t need to pass the stress test again if you want to switch lenders – as long as your loan amount stays the same. This change was already announced earlier for insured mortgages, so this update will level the playing field and offer more flexibility for all mortgage holders when choosing your provider at renewal time. Keep an eye out on our social media for further details as they are released.

Big News for First-Time Homebuyers in Canada! As of August 1, 2024, the new 30-year amortization option is making it easier to purchase a newly built home! Lower monthly payments, increased affordability, and more opportunities to qualify. Find the details, including eligibility requirements and how to apply on our latest blog at https://lnkd.in/gryCCy7b

Variable rate mortgage holders and those with other loans linked to prime rate will see a decrease to their payments following today's Bank of Canada announcement! Canada's central bank opted to lower its key interest rate for the third time in a row today, bringing it down to 4.25 percent. Take a look at our blog, summarizing key highlights from the announcement, including when to expect the next rate drop. 📉 https://lnkd.in/ggf5P6mB

Please join us in welcoming Andrea Burns to the Innovative team! Andrea recently won the Rising Stars - Professionalism award at the Alberta Mortgage Brokers Association gala, showcasing her commitment to professionalism and dedication in her role. Diligent, thorough, and focused, Andrea is looking forward to developing valuable client relationships and providing excellent customer service. We know she will do great things in the mortgage industry, and we can't wait to be part of her success!

Great news! The Bank of Canada decreased its overnight lending rate for the second time this year, dropping it from 4.75% to 4.50%. Canadians with variable-rate mortgages, lines of credit, or other loans linked to the prime rate will see a decrease in their payments as a result of today's announcement. Key takeaways from today: - An additional rate decrease is largely expected in 2024. According to Bank of Canada Governor Tiff Macklem, "if inflation continues to ease broadly in line with our forecast, it is reasonable to expect further cuts in our policy interest rate. The timing will depend on how we see these opposing forces playing out.” - Shelter price inflation is currently the largest driver of total inflation, with elevated rent and mortgage interest costs persisting. - The Canadian dollar has remained stable, with oil prices largely in line with projections in April’s Monetary Policy Report (MPR). Want to read more? Find the full summary on our blog now! https://lnkd.in/gzKjhxhg #bankofcanada #overnightlendingrate #primerate #rateannouncement #ratedecrease #variablerate #BOCannouncement