I wanted to share some key updates that could impact your mortgage and financial planning as we approach the end of the year.
1. Bank of Canada Rate Decrease
The Bank of Canada has announced a 50-basis-point rate decrease, bringing the prime rate down from 5.95% to 5.45% with most lenders. For adjustable or variable rate mortgages, this means approximately $30 savings per month per $100,000 owing on your mortgage.
· This change directly affects Adjustable-Rate and Variable-Rate Mortgages, potentially lowering your payments.
· If you’re considering a renewal or refinance, now is a great time to explore how you can benefit.
· For clients with mortgages currently in progress with us, our team automatically reviews your file to ensure you secure the lowest rate available.
The next Bank of Canada rate announcement will be in January 2025. Here’s the official press release for more details.
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2. Increased Insured Mortgage Cap (Effective December 15th)
As of December 15th, the insured mortgage cap will increase, offering greater flexibility for borrowers.
This change could open new opportunities for home purchases, renewals, and home renovation financing. Feel free to reach out to discuss how this update might work in your favor. You can also check out our previous post on this here and if you’re needing help with additional ways to help save for a down payment, you can find 3 helps tools here.
3. End-of-Year Document Organization
As we approach year-end, it’s the perfect time to get organized for tax filing and financial planning.
Start gathering key documents like:
· Pay stubs, T4s, and annual mortgage statements
· Any other financial records relevant to your taxes or mortgage
I recommend creating a dedicated folder for these items to streamline:
· Tax filing – Ensuring accurate and stress-free returns
· Mortgage renewals or reviews – Making future adjustments smooth and hassle-free
By being proactive now, you’ll save time and avoid stress later.
If you have any questions about these updates or need help with year-end preparations, please reply to this email with your questions or introductions to loved ones. We are here to help!
Angela Calla is an 19-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 hello@countoncalla.ca or at 604-802-3983.
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