2024 Year in Review
As the year comes to a close (and what a year it has been!), we take a moment to reflect on the significant changes that have shaped the Canadian mortgage landscape. From the Bank of Canada’s key decisions on interest rates to various policy adjustments, the impact has been felt across the country. After a period of uncertainty, we've seen inflationary pressures begin to ease, as well as signs of stabilization in the housing market, providing some relief to homeowners and potential buyers alike. In the final newsletter of 2024, we would like to highlight some of the notable changes we have seen, as well as provide some insight as to what you can expect from us, your friendly mortgage brokerage, in 2025.
IMPORTANT POLICY CHANGES
A number of changes were announced this year with significant implications for Canadians, both homebuyers and current homeowners, including changes to property transfer tax exemptions for first-time homebuyers, expanded access to 30-year amortizations, and an increase in the insured mortgage threshold. Stay informed with our brief summaries linked below.
BANK OF CANADA UPDATES
On June 5th, 2024, Canadians felt their first bit of reprieve when the BoC reduced their policy interest rate by 0.25%. This was the first rate decrease since the economic tightening cycle began in March 2022. The BoC has since gone on to reduce the policy interest rate by a total of 1.75% in 2024. We will continue to provide economic updates for each of the Bank of Canada’s interest rate announcements.
CANADIAN MORTGAGE APP
As part of our commitment to keep our clients educated and informed, we've launched our partnership with the Canadian Mortgage App! Whether you're buying, refinancing, or estimating costs, leverage the app’s tools to quickly determine comprehensive calculations, explore multiple scenarios, and make informed decisions.
CLIENT CARE
We are here to support you throughout the life of your mortgage, ensuring every touchpoint supports your financial success. We connect electronically and by phone both annually and during time of maturity to make sure your mortgage aligns with your goals. Annual reviews provide guidance on potential adjustments like payment frequency, lump sum payments, or refinancing, while maturity calls ensure you explore all options at the end of your term.
SOCIAL MEDIA
In addition to our email mailing lists, our social media platforms are a great source for up-to-date information, news, and helpful financing tips. This past year, we introduced several new series, including a comparison of current monthly mortgage payments—based on the latest interest rates and VIREB statistics—versus those from a year ago. Keep an eye out for continuations of our existing series and more in 2025!
WHAT TO EXPECT IN 2025
2025 is gearing up to a busy year in real estate! With interest rates reaching a place of stabilization and numerous mortgage policy changes, the market is creating an encouraging environment for potential buyers to start making moves! If you're house hunting, make sure you are prepared by submitting your income documents in advance and securing your pre-approval letter, so you are ready to make competitive offers.
Wishing you a joyful and restful holiday season filled with peace, happiness, and time with loved ones. Here's to a prosperous 2025, we can't wait to help you achieve your financial goals in the new year!
- Adam, Michelle, Pauline, Lindsay, Sam, & Leanne
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#13 - 327 Prideaux Street
Nanaimo, BC V9R 2N4
