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This Month The Bank Hit Pause Again. Your Renewal Shouldn't.Hi there, Three things worth knowing this month - a rate update with a real move attached, a $50,000 gift for first-time buyers that's now law, and a small favour at the end. Let's get to it. |
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On June 10, the Bank of Canada held its key rate at 2.25% - the fifth hold in a row. Prime stays at 4.45%. Here's the thing: "no change" doesn't mean "nothing happening." Gas prices pushed headline inflation up this spring, but the core numbers - the ones the Bank actually steers by - have settled right around its 2% target. So the Bank is sitting tight, watching both doors: it could cut if the economy keeps softening, or hold firm if energy prices start leaking into everything else. What it means for you:
And whatever you do - don't just sign the renewal letter your lender mails you. That number is their opening offer, not their best one. Call me first. Fifteen minutes. Next rate decision: July 15. |
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This one is real, and it's now law. The federal First-Time Home Buyers' GST Rebate eliminates the 5% GST on a newly built home for eligible first-time buyers - up to $50,000 back on a home valued at $1 million. Homes between $1 million and $1.5 million get a partial rebate; above $1.5 million, it phases out. On a $600,000 new build, that's $30,000 that used to vanish into tax - now staying in your pocket. To qualify, your purchase agreement needs to be dated on or after March 20, 2025, the home must be newly built (not resale), and you need to meet the CRA's first-time buyer definition. If you - or your kids - are even thinking about a new build in Calgary, Okotoks, High River, or anywhere in Southern Alberta, this changes the math in a big way. Parents: forward this to them. Stack it with the FHSA and 30-year amortizations on new builds, and getting in the door is more doable than the headlines let on. I'm not an accountant - confirm your eligibility with a tax professional or the CRA - but I can run your numbers with the rebate factored in. That's a 10-minute call. |
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Every June, the same thing happens: a family falls in love with a place on a few acres outside town... and then their bank says something like "we'll only lend on the house and 10 acres" or "we can't use the shop in the value" - and the deal wobbles. I'm going to be honest with you: acreage deals are where a broker earns their keep. Which lender counts the outbuildings. Who's fine with a well and septic. Who'll lend on land beyond the first few acres. I've spent 25+ years learning exactly which lender says yes to which property - including the ones other brokers can't place. Looking at something rural this summer? Send me the listing before you write the offer. I'll tell you in plain English how lenders will see it - no surprises on day 25 of a 30-day condition. |
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If I've helped you with a mortgage over the years - whether that was last month or back when a $200,000 mortgage felt enormous - I'd be grateful if you'd leave a quick Google review. It takes about a minute, and for a one-person shop like mine, it genuinely matters. It's how the next family finds me. And if writing isn't your thing - just forwarding this email to someone who's renewing or house-hunting does the same job. Thank you. |
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Talk soon, Shawn |
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SHAWN SELANDERS Mortgage Broker | Mortgage Architects 📞 403-703-6847 (call or text) 📍 614 High View Park NW, High River, AB T1V 1E5 |
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RECA-Licensed Mortgage Broker | 25+ Years Experience | Serving Calgary, Okotoks, High River & Southern Alberta Brokerage: Mortgage Architects | Rates and programs change - confirm current details with me. O.A.C. E.&O.E. |
The Bank Hit Pause Again. Your Renewal Shouldn’t.
