Following a similar post 363 days ago of the same title…this post is a very brief summary of two much longer ones written earlier today. You may click the links that follow for the long version.
As we race into the holiday season, a few brief notes for first-time buyers, along with a tidbit on interest rates, always a hot topic.
First a mention of the sock project:
SOCKS
Please check out ‘Beat Street Feet’. 363 days later we are nearing the 2016 goal, and I am going to see that it is achieved either way – but if you are moved by the topic then your help is always appreciated.
WERE YOU A FIRST-TIME BUYER IN 2016?
Did you buy your first home in 2016? If so the federal government has a program that just might put $750.00 back in your pocket, or half of that if only one of the two people on title is a first-time home buyer. To confirm whether or not you meet the criteria, be sure to research all the details on the Department of Finance Canada Website. Search under ‘First Time Home Buyers Tax Credit’.
WILL YOU BE A FIRST-TIME BUYER IN 2017?
Click each link for an update on what you need to be aware of:
One hand giveth 5% as per the new BC Home Partnership Program
The other hand taketh 20% as per Federal lending restrictions
USA RATE HIKE & CDN INTEREST RATES
The USA saw its first federal rate hike in nine years a year ago this week, an increase of 0.25%. And one year later they inched up another 0.25%. There was much fanfare in 2015 that this signaled the US economy as resilient and recovering. Yet it was not followed with another hike until a full year later.
Further, during the entire 2016 year the Bank of Canada took zero action to follow the US Fed, perhaps signalling the divergence many have expected to see.
The chances of the Bank of Canada moving Prime one way or another in 2017 remain slim.
For a deeper dive, click here for the current state of affairs on variable and fixed-rate mortgages.
AND LAST BUT NOT LEAST…
Its time to get out the Festivus pole and brush up on my moves for the upcoming ‘feats of strength’. It’s been a few years since we have had an ‘airing of the grievances’ so it might be time to read up on the latest political topics…or better yet not read up at all and just have the same old uninformed debates as we do every year. Good times, laughter, and a few wrestling moves for all.
All the best this holiday season to your and yours.
Dustan Woodhouse