As expected, the Bank of Canada raised the overnight lending rates by 0.25%. This means your monthly payments will increase by approx. $13 per $100,000 on a most variable rate mortgage and/or line of credit, with the exception of if you have a static payment, then the amortization increases. While it is an increase, we have had a slowdown in the housing market, as part of the Bank of Canada’s attempt to curb inflation.
Prime rate now sits at 6.70% for most banks, with fixed-rate mortgages have come down off of the peak and well below the prime rate.
As we head into 2023, we are expected to see the rate increases levelling off. This presents an opportunity to begin to get a head start on your personal mortgage planning. Please reach out to our team should you need any help, from questions on your existing mortgage, are considering a new mortgage, or would like help reviewing a budget/financial plan for savings. Simply reply to this email with the best phone number for us to reach you.
In anticipation and to supplement these goals we have put together a Mortgage Planning webinar for you to attend for free on February 23, 2023. Simply register through this link with your name, phone number, and email address.
Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. 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 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 firstname.lastname@example.org or at 604-802-3983.
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