In this episode of Make Money Count, we break down the latest announcement from Canada’s Minister of Finance about significant changes in home-buying rules. We discuss:

• The increase of the maximum insurable purchase price from $1 million to $1.5 million, making it easier to buy a home with less than 20% down.
• The introduction of 30-year amortizations for first-time buyers and newly built homes, lowering monthly payments but increasing total interest paid.
• How these changes may impact future interest rate cuts and housing market activity.

In this video, we explore the key economic trends shaping Canada right now – from rising unemployment to potential interest rate cuts by the Bank of Canada. How will these changes impact homeowners and investors? And what could nationalizing oil production mean for Canada's future economy? Learn more about the latest shifts in the housing market, mortgage rates, and innovative ideas to help tackle Canada’s debt. Whether you’re looking to refinance, invest, or simply stay informed, Cannect is here to help you guide these uncertain times with confidence.

The Bank of Canada just announced a 25 basis point cut, bringing the prime rate down to 6.45%! While many hoped for a bigger drop, there’s good news ahead. The Bank of Canada has signaled that more rate cuts are expected in the coming months. According to TD, we could see up to 250 basis points shaved off by the end of 2025, bringing the prime rate down to 3.95%. Lower rates are on the horizon!