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Final Ceasefire Draft Presented to Israel and Hamas After Breakthrough in Doha

  Mediators have presented Israel and Hamas with a final draft of a ceasefire deal aimed at ending the war in Gaza, following a breakthrough in negotiations held in Doha. The draft, which includes provisions for the release of hostages and a cessation of hostilities, was handed over after midnight talks involving Israel's spy chiefs, President-elect Trump's Middle East envoy, and Qatar’s prime minister. The negotiations, which have been ongoing for over a year with the involvement of the United States, Qatar, and Egypt, reached a pivotal moment early Monday. U.S. President Joe Biden and Israeli Prime Minister Benjamin Netanyahu discussed the urgent need for a ceasefire and the release of hostages in a recent phone call. While both sides have yet to confirm the final draft, officials have described the progress as promising. The next 24 hours are seen as crucial to sealing the deal before President Biden leaves office. The war in Gaza, which began in October 2023, has resulted i...
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Navigating Your Mortgage Renewal in 2024: Tips for Securing the Best Rate


As 2024 unfolds, many Canadians find themselves facing mortgage renewals amid a backdrop of rising interest rates. If you’re among them, fear not! Here’s a concise guide on how to navigate your mortgage renewal and secure the best rate:

  • Renewal Statement: If your mortgage is with a federally regulated financial institution (such as a bank), they are legally required to provide you with a renewal statement at least 21 days before your maturity date (the last day of your existing mortgage term). Most lenders reach out even earlier, typically between four and six months in advance.
  • Interest Rate Offer: As part of this communication, your lender will present you with a new interest rate. Be prepared—the landscape has changed. While sub-3% rates were common in 2019, the average interest rate for a five-year fixed mortgage now stands at 5.29%. Brace yourself for potential payment increases.
  • The Reality: Two years of aggressive interest rate hikes have left their mark. By the end of 2024, the Bank of Canada predicts that 65% of Canadians will experience an increase in their mortgage payments.
  • Average Increases: A Bank of Canada analysis from last year revealed that those renewing in 2024 with a variable-rate mortgage and fixed payments could face an average increase of 24.5%. Meanwhile, those with a fixed-rate mortgage (term less than five years) might see an increase of 23.1%.
  • Existing Lender Advantage: If you’re renewing with your current lender, you won’t need to re-qualify or prove affordability at these higher rates. However, switching lenders requires going through the qualification process.
  • Shop Around: Don’t settle for the first offer. Explore other lenders and compare rates. Negotiate with your current lender—they might offer a discounted interest rate below what’s quoted in your renewal letter.
  • Be Prepared: Gather proof of offers from other financial institutions or mortgage brokers. Having this information on hand will empower you during negotiations.

Mortgage renewals can be daunting, but with the right approach, you can secure a favorable rate. Remember, knowledge is power—so stay informed, compare options, and make the most of your mortgage renewal in 2024.

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