According to Bank of Canada,
“In Canada, the economy and the housing market is proving to be more resilient than anticipated to the second wave of the virus and the associated containment measures. Although activity in hard-to-distance sectors continues to be held back, recent data point to continued recovery in the rest of the economy. GDP grew 9.6% in the final quarter of 2020, led by strong inventory accumulation. GDP growth in the first quarter of 2021 is now expected to be positive, rather than the contraction forecast in January. Consumers and businesses are adapting to containment measures and housing market activity has been much stronger than expected. This improves foreign demand and higher commodity prices which have also brightened the prospects for exports and business investment”.
There is NO reason to panic! Rates are still around 2% and it does not change any of your qualifications as they are based on the 4.79% benchmark rate. Furthermore, there is no current changes in variable rates.
Again, even though there is no reason to panic, below are some key considerations we want you to think about!
If you are shopping for a home
Get a full pre-approval (verification of credit, income and down payment) and stay in communication with your provider on your progress. Rate holds range from 90-120 days. Some specials are only available for LIVE purchases with an accepted offer in place within the time frame of your pre-app.
If you have a renewal upcoming in the next year
Time to secure an option, in the event housing market rates continue to rise it may be better to renew early.
If you have debt outside your mortgage
Whether it’s debt from credit cards, lines of credit, loans, or required funds for a renovation, it’s pressing that you review your status. By doing so you ensure that you qualify to include these things into a new mortgage. By doing so, you will likely save more money every month and improve your cashflow to grow your wealth while rates are still exceptionally low.
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at email@example.com or at 604-802-3983.
Click here to view the latest news on our blog.