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Many economists anticipate smaller, 25 bps cuts moving forward, aiming to reach a neutral rate by mid-2025. The market currently anticipates a rate reduction to around 3.19% by the end of January. The rate is expected to decrease further to approximately 3.01%and by June and July, rates are likely to stabilize near 2.75%. By December…

The Bank of Canada cut its benchmark rate by 50 basis points, marking a significant reduction. Total cuts in 2024 have reached 1.25% by Late-Q3, indicating the central bank's proactive stance in addressing economic conditions.

The 50-basis point cut aims to stimulate buying activity in the housing market. Increased buyer interest may lead to rising home prices as demand outpaces supply.

Contact your lender immediately to explore options, such as skipping a payment or renegotiating terms. Extend your amortization to lower monthly payments, but note this increases long-term interest costs.

Mortgage brokers are licensed intermediaries matching borrowers with lenders, while banks are direct lenders setting their own rates.Brokers provide access to multiple lenders, while banks limit options to their own mortgage products.

New mortgage rules in Canada take effect December 15, 2024, marking a significant policy shift. The price cap for insured mortgages increases from $1M to $1.5M, enhancing accessibility.

Toronto's low sales-to-new-listings ratio signals rising mortgage arrears, with levels approaching 2012 highs. Buyers’ market conditions in Toronto limit distressed homeowners' ability to sell amid increasing non-mortgage arrears.

Canada’s mortgage qualification rules eased, with insured mortgage cap raised to $1.5M and 30-year amortizations available.Borrowers face a decision between three-year fixed or five-year variable rates, with a 0.9% differential currently.

Mortgage refinancing in Toronto replaces your current mortgage with a new one, paying off the original loan. Refinancing can consolidate debt, lower interest rates, increase loan amounts, or access home equity.