Have you heard about the tax free First Home Savings Account, FHSA?
Many first-time home buyers have cooled off and ceased their house hunting searches as the market levels off with interest rates still climbing. Home prices have still not dropped down as low as some buyers were hoping for; and as we sit poised for another year, it is now anyone’s guess what will happen. Many economists say the interest rates will climb even higher especially with the Canadian prime rate inching it’s way closer to 7%. But there are also those, like myself, who approved mortgages for clients in the early 90’s with rates at 10.75% and 11.50% who believe today’s market is a totally different economic environment. The Bank of Canada will increase the prime rate to slow down inflation which economists believe will decline by this year’s third quarter. Most of the current run-up in inflation now is still due to supply-chain constraints and is not believed [...]