- The last Bank of Canada announcement solidified as expected. Prime will stay the same for the coming months. Additionally, they’ve been forced they to take extreme monetary measures to keep the economy going.
What does that mean and how will homeowners be supported?
If you have a variable rate, enjoy the savings! But keep in mind once we see the economic climate improve, we can expect rates to rise. Whenever you hear ”good” economic news, that’s the trigger to know a rise in rates is coming.
- Mortgage rates are at rock bottom. A major bank (HSBC) came out with a variable rate below 1%! It’s a quick flash in the now as the promotion ends Jan 4th and is only valid on:
- purchases before Jan 4th
- must have CMHC insurance
- a purchase price of less than $1 million
- and 25-year amortization
The bank figures only 10% of those who apply may be eligible.
- The cost of groceries is set to rise $700 a year for the average Canadian, slightly due to COVID-19, but mainly due to the weather extremes of drought and wildfire in the regions where we import meat, veggies, and supplies for the bakery.
So how does the average consumer make 2021 a money-saving year?
Try to plan your meals ahead to reduce waste and choose frozen veggies over fresh ones (they have the same nutrient values for a fraction of the cost)! Those who own a home are in a unique position to reviewing their existing mortgage to ensure you have your wealth and equity working to your best advantage. Right now approximately 75% of mortgage payments go towards their principal balance with today’s low-interest rates which, of course, will help keep your hard-earned cash in your wallet.
Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on the “The Mortgage Show”, which she’s hosted for over a decade, and is the best-selling author of The Mortgage Code available on Amazon. All proceeds from her book sales are donated to the YWCA helping empower women and children in our community. Additionally, in August of 2020, she surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37.
Angela leads by example with passion and conviction. She is known as an industry expert on TV and radio and the go-to source for publishers across the Country. She has even been known to sing the national anthem at sporting events! On top of all her achievements, Angela finds the time to be a loving wife and mother of two beautiful children.
For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at email@example.com or 604-802-3983.