Understanding how mortgage rates work

Mortgage interest rates are calculated by banks and other lenders in accordance with central bank rates and competitive conditions. In the United States, the Federal Reserve is given the responsibility of setting rates in order to maintain economic stability. The situation in Canada is similar, with the Bank of Canada (BoC) setting the prime interest rate in order to meet its monetary policy objectives.

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Working with a Canadian bank when buying real estate

Here in Canada, many people partner with banks and financial institutions to make investments in real estate. Whether you are purchasing a home to flip for a profit or you want to buy a vacation property as a foreign buyer, it’s important that you know exactly what to expect from a Canadian bank and the various rules and regulations that may apply.

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