The New Year has begun with plenty of apprehension. Financial markets around the world have turned negative with Asia leading the charge on worries of an economic slowdown. The Canadian economy is not bearing much better and the outlook here is worrisome. Although many lenders have broadly increased mortgage rates the Bank of Canada is expected to drop the bank rate next Wednesday. The Bank’s governor has even hinted at ‘negative’ interest rates. Our Canadian dollar has also followed the downward trend and is now at levels not seen in many years.
On the bright side, the local real estate market remains hot with elevated prices and sale volumes. Last year was one for the records and this year is looking very similar if not even better. Unfortunately buying a home has never been more difficult as it’s normal to see multiple offers within days of a new listing creating many challenges for buyers.
Needless to say, this is a great time to refinance your mortgage. Whether you need to take out some equity or reduce your rate we can help. Our services have now expanded to include real estate. We have a competitive advantage when helping customers buy or sell a home. Stay tuned for our upcoming new brand and website.
Best variable: 2.25%
Best 5 year fixed: 2.59%
35 year amortizations are available which helps keep payments affordable.