CityNews Everywhere has put together a post with reactions to the latest Bank of Canada rate hike.
4 Strategies to Stabilize and Fortify Your Real Estate Portfolio
Dalia Barsoum, founder of Streetwise Mortgages provides four suggestions in order to stabilize and fortify your real estate portfolio:
- Address cash flow pressures
- Exit and private loans
- Manage your interest rate exposure
- Prepare a plan for success
Bank of Canada raises interest rate
The Bank of Canada raised the benchmark interest rate 50 points to 3.75 per cent. This is the 6th raise to attempt to calm inflation. Details here.
Effect of Rising Interest Rate and How to Cope
With so many Canadians worried about the rising interest rates I share with you an article providing advise on how to protect yourself from rising interest rates.
Here’s our list of tips to consider:
- Be careful with deferred payment plans. …
- Pay off your debt as quickly as you can. …
- Make sure you have a balanced budget. …
- Make sure that your mortgage payments are affordable. …
- Generate income with your home. …
- Lock your mortgage interest rate in for many years.
Bank of Canada to Start Releasing Rate Decision Summaries Next Year
To be more open and more transparent starting next year the Bank of Canada will be releasing rate decision summaries.
Haha, odd thing is I could not get this article on Reuters as they state I had reached the limit of free articles, but, I found the article on an American site.
Micro-condo mortgages
CityNewsEverywhere reports on the nuances of financing a micro-condo. Financial institutions typically have a minimum size requirement, but as condo sizes keep dropping, those institutions will need to make adjustments. In the interim be aware that there may be extra hurdles when seeking financing. Details here.
Bank of Canada Hikes Rate to 2.5%
Yesterday, the Bank of Canada raised the benchmark interest rate by a full percentage, the highest increase since 1998, bringing the interest rate to 2.5 per cent. CBC.ca, the Ottawa Business Journal, and CTV News share perspectives on what means to consumers.
Ready to Buy a Home? Here’s What You Need to Know Before You Start Saving
TheSkimm presents a blog post of things to know when you are getting ready to buy a house.
Points covered include:
- Tell me how to save for a house. Where do I start?
- You havent’t mentioned costs yet.
- Back up. Who pays closing costs?
- Got it. Now tips on how to save for a house please.
- Go high-yield.
- Automate it.
- Save your raise.
Extending mortgage period could keep payments in check even as rates rise
City News Everywhere presents a blog post by Craig Wong of the Canadian Press addressing the option of extending your mortgage period as interest rates rise. A potentially interesting option – but one that comes with a price. Details here.
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