For the 25th consecutive month, the Bank of Canada has left interest rates unchanged. This means there will be no change to your variable-rate mortgage or line of credit payments.
Following are links to today’s announcement as well as an article if you’d like further details:
Bank of Canada Announcement:
www.bankofcanada.ca/2012/10/press-releases/fad-press-release-2012-10-23/
Globe and Mail Article:
www.theglobeandmail.com/report-on-business/economy/interest-rates/bank-of-canada-softens-rate-stand-flags-debt-concerns/article4630682/
Although rates are expected to remain at record lows, we have seen recent changes to the mortgage rules from the Office of the Superintendent of Financial Institutions (OSFI), which have the affect of just over a 1% interest rate hike with many more to come in the following months.
The key message here is don’t wait to review your options! This week we saved a single-income family from Surrey with two sons under five years old more than $680 a month by restructuring their mortgage into a better plan.
This helps the mother not have to go back to work full-time, which relieves a lot of stress. After two maternity leaves almost back-to-back, her position was shuffled and the company downsized.
If you think it’s time for a review because you’re carrying debt outside your mortgage, paying more than half a percent above current rates, or someone that you care about may be, please contact us 604-802-3983 or introduce us over an email: acalla@dominionlending.ca
Look for my tips Friday in the October 26th 2012 Mortgage Report in the Globe and Mail! If you have questions, we’re here to help!
All the best,
Angela Calla, AMP
Dominion Lending Centres-Angela Calla Mortgage Team
Host of The Mortgage Show Saturdays at 7pm on CKNW AM980