Bank of Canada increases interest rate to 4.5%

Interest rates on the rise

The central bank announced another 25 basis-point increase which was expected, taking the current interest rate from 4.25% to 4.5%. The Bank of Canada continues to say that these growing interest rates are a result of, and a remedy for, inflation. 

Even with the current rate hike, buyers are actually better off right now despite the much higher rates compared to February 2022. The monthly cost is similar, your debt load going forward is considerably less! In this case by $160,000 AND you can get into the market starting with $40,000 less!!

Bonus:  This chart displays only a 20% correction in house prices from February 2022 until now when it is actually closer to a 25% drop in house prices.

Buy…

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On January 1st, 2023, Bill C-19 (the The Budget Implementation Act that was passed in June of last year) has come into effect. That means Canada has now banned foreign buyers and corporations from buying homes for 2 years, including non-recreational, residential properties with exemptions for permanent and temporary residents including temporary workers and international students. 

What is the Prohibition on the Purchase of Residential Property by Non-Canadians Act?

On June 23, 2022, Parliament passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act. Coming into force Sunday, January 1, 2023, this Act:

  • Does not apply to Canadian citizens or permanent residents.
  • Applies to non-Canadians directly or indirectly…

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Rocca Sisters Home Reno

Home renovations, updates or additions can be big projects to undertake, but they can also be a rewarding way to improve your home and increase its value. Here are a few things to consider when planning home renovations:

  1. Set a budget: Determine how much you can afford to spend on renovations and allocate your funds accordingly.
  2. Determine your priorities: Make a list of the renovations you want to make and prioritize them in order of importance.
  3. Hire a contractor: If you’re not comfortable handling the renovations yourself, it’s a good idea to hire a licensed contractor to do the work for you. Make sure to get estimates from multiple contractors and check their references before hiring.
  4. Get the necessary permits: Depending on the scope…

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Rocca Sisters Chairman's Club Ranking

We are so excited to announce this year that The Rocca Sisters Team has been nationally ranked by the Royal Lepage Chairman’s Club as #5 in GCI*! The National Chairman’s Club represents the top 1% of Royal LePage Realtors, nationwide, and we could not be more delighted to have once again made this elite club. We are also ranked #1 in Burlington and Hamilton!

While 2022 was certainly a year of continued challenges. We know that with challenges always comes opportunity. We are so proud of our hard-working and dedicated team and grateful for the continued support of the communities we serve.

We would also like to extend our congratulations to each and every one of our fellow Chairman’s Club winners for their success in a historical year. We are so…

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Bank of Canada Rocca SistersThe Bank of Canada announced (again) on Wednesday a half percentage point interest rate increase!

The key interest rate is now 4.25 per cent – the highest it’s been since January 2008. Since March, the central bank has raised its key interest rate seven consecutive times in an effort to bring inflation down and slow the economy.

Economic data released since its October interest rate decision supports its forecast that growth will stall through the end of the year and into the first half of 2023, the central bank went on to say.

Don’t let this information scar you – inventory remains low and buyers are actively seeking new properties. Proactive sellers are focused on taking advantage of an early Spring market in first quarter while inventory…

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5 Top Small Cities To Live In Ontario

Burlington Pier Rocca Sisters 5 Top Small Cities in Ontario

Our lives, habits and property outlook has changed dramatically since the pandemic lockdown was lifted in early 2022, but two years of remote working has changed the way we think about big cities versus small towns. The “urban exodus” doesn’t seem to be abating much. 

According to the latest census data, people are still leaving Toronto for bigger, cheaper housing in smaller neighbourhoods. 

With rents soaring, grocery bills and general living costs rising, it makes sense that people are still moving to other parts of the province or country to support their families. 

The pandemic may have fuelled the exodus, but Toronto’s unaffordable housing started driving young people out years ago. 

Resonance,…

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