Have you heard the latest buzz from the Bank of Canada? They've recently lowered their key policy rate by 50 basis points to 3.75 percent. While we're still on the lookout for new rates from the banks, this drop might just bring some delightful savings your way if the banks decide to follow suit. Let’s crunch some numbers to see what this could mean for you.

Say, you have a mortgage of $400,000 for example: Under the old rate of 4.44%, on a 25-year mortgage with a 5-year term, you stood to pay approximately $2,200 in principal interest. If banks adjust their rates down to 3.94%, your principal interest would potentially decrease to about $2,091. This means not only less monthly expenditure but also a decrease in your final mortgage balance, allowing…

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Buying a home is an exciting time and a significant milestone for many people, but it can also be an intimidating and costly process, particularly for first-time homebuyers. Fortunately, the Canadian government has introduced a new savings account to help prospective homebuyers save for their downpayment. Below, we will share what you need to know about the new First Home Savings Account and other downpayment options for first-time buyers.

What is the First Home Savings Account?

The First Home Savings Account is designed specifically for prospective first-time homebuyers. It's a savings account that offers tax incentives to help prospective home buyers save up for a down payment.

Eligibility Requirements

You need to be a Canadian resident, at…

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