Bank Of Canada Cuts Rate Another 0.25% and We Had A Baby (Bird)!

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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Bank of Canada cuts interest rate, signals more to come if inflation keeps dropping

 

By CTV

The Bank of Canada has decreased its policy interest rate for the second consecutive time and signalled more cuts are coming if inflation continues to ease.

The 25 basis points reduction brings the overnight rate to 4.5 per cent, returning to levels not seen since June 2023. Last month’s cut from 5 per cent to 4.75 per cent was the first in more than four years.

The Bank of Canada has decreased its policy interest rate for the second consecutive time and signalled more cuts are coming if inflation continues to ease.

The 25 basis points reduction brings the overnight rate to 4.5 per cent, returning to levels not seen since June 2023. Last month’s cut from 5 per cent to 4.75 per cent was the first in more than four years.

Bank of Canada Governor Tiff Macklem said the decision was based on economic data showing slack in the labour market, excess supply in the economy and inflation continuing to drop.

'Stars are aligning' for Bank of Canada rate cut: economistsTwo-thirds of Canadians polled say they 'desperately' need interest rates to go downSupply in Canada's property market surges as mortgage renewals loom

“We are increasingly confident that the ingredients to bring inflation back to target are in place,” Macklem said in his opening remarks.

READ MORE HERE...



New Tenancy Rules Could Impact Mortgage Financing

 

By Jamie Moi

Effective July 18, 2024, the notice required to evict a tenant from a property that a landlord wishes to occupy has increased, and the conditions to end the tenancy have become far more expensive for landlords.  Currently, a landlord can evict a tenant for the purpose of occupying the property themselves, or having a close family member occupy the property.  The notice required was previously 2 months, and has now been extended to 4 months.  Additionally, the tenant will be entitled to 2 months of free rent and, should the owner not fulfill their intent to occupy the home within a reasonable time and the property is not used by the landlord for a full year, the landlord will owe the tenant the equivalent of 12 months of rent.

From a mortgage perspective, there are several concerns about these new rules.  Firstly, mortgage lenders can do rates holds, but they are usually for a maximum of 120 days.  This could mean that mortgage approvals cannot be guaranteed beyond the tenant notice period.  Also, if a buyer is looking to purchase a currently tenanted home and the seller runs into challenges evicting the tenant, the sale could collapse.  From a lender perspective, the presence of a tenant could mean trouble for the buyer who is trying to qualify to purchase an owner occupied home, rather than buying a rental property which has very different lending criteria.  

Make sure you educate yourself on the tenancy rules on the BC Government’s website HERE.



Welcome to our Backyard Oasis!

 

Summers are always a blast for us in the 'Wack, with lots of friends and family coming out to visit. 

This July has already been mighty warm, which means that we break out the inflatable pool and awnings to get some relief from the heat.  While it may not be the most attractive of setups, our little Backyard Oasis is just perfect for our needs.

Now, you may ask, why not go into the river to beat the heat?  Well, friends, there is cooling down, and then their is glacial melt.... However, if we experience another dreaded heat dome, the river is the only answer! 



It's a Girl! or a Boy... but definitely a Bird!

 

One of the most magical things about our property is all of the nature that surrounds us.  Living here, we expect deer and maybe bears, probably cougars... but, surprisingly, the birdlife is a highlight! 

This year, our swallow house has been occupied by a busy family raising 2, maybe 3, babies.  The babies just began chirping last week, and soon after were brave enough to stick their heads out of the little house and watch us timidly.  They were so darn cute! 

Just 2 days ago the babies began leaving the nest.  Jamie captured this excellent shot of the second baby calling after her sister to fly back and get her. Over the course of 2 days they all moved out, some a little braver than others.  Yesterday we watched them learning to catch bugs over the river, their very white chests standing out from the older birds.  Hopefully they will come back next year and do it all again! 



Dolmades, the Obvious, and Most Delicious Solution!

 

Once again, our garden is providing more produce than we can handle.  The first harvest of our chard and beet leaves proved to be enough to make a full recipe of dolmades. 

Although these are not lookers, they are absolutely delicious and made even better by Michelle's amazing avgolemono sauce.  Could there be a better summer meal???

This is just the beginning, we decided to grow a bunch of new stuff this year, including 3 approximately 30 foot rows of corn where we lost our cedar hedge this spring.  Michelle has been joking about opening a garden market in our front yard and calling it "The Hedge Fund".  At least we hope she's joking... 

If anyone sees her selling produce on the side of the road, will they please let us know? 



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