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There are key differences between HBP RRSP withdrawals and FHSA withdrawals that may favor the FHSA for home buying. FHSA contribution room does not carry forward after purchasing a home, and once withdrawn, there is no repayment requirement. In contrast, HBP withdrawals require repayment over 15 years, with tax implications for any unpaid amounts. Both withdrawals can be used for eligible home purchases, but funds can also be allocated for renovations. Prioritizing FHSA contributions and then RRSPs is advisable, with any remaining funds going into TFSAs.

Negotiating your mortgage rate with lenders is essential, as initial offers are often higher than what you can secure. Key times to negotiate include obtaining a new mortgage, renewing an existing one, or when rates drop. Understanding posted rates, shopping around for better offers, and asking for lower rates can lead to significant savings. Using a mortgage broker can also help find the best deals. Staying informed about interest rates allows you to make advantageous adjustments to your mortgage when opportunities arise.

Fixed mortgage rates have decreased recently, with many lenders lowering three- and five-year rates by 10 to 20 basis points due to falling bond yields and increased competition. In contrast, variable rates are becoming more expensive despite a recent reduction in the overnight rate, as lenders adjust discounts to maintain profit margins. With 1.2 million mortgages renewing in 2025, many homeowners expect payment increases. Strategies for managing renewals include assessing financial situations, understanding rate options, exploring shorter-term fixed rates, and consulting with professionals.

The British Columbia government faces criticism after S&P Global Ratings downgraded its credit rating to A-plus and Moody’s lowered its baseline assessment to AA2, citing rising debt and significant annual deficits. Premier David Eby acknowledged the deficit and emphasized the need for a balanced budget, while the Canadian Taxpayers’ Federation criticized the government for blaming external factors. The province's projected deficit for 2025 is $10.9 billion, potentially rising to $14.3 billion, with total debt expected to exceed $209 billion by 2026-27.