-
How Low Can Rates Go?
Several things happened in 2022. The beginning of the slowdown in the economy started when the Bank of Canada (BOC) raised interest rates 10 times over 10 months. In 2022 we started the year with the BOC lending rate set at .25%. When lenders offered a variable rate mortgage they would add 1 or 1.5%…
|
-
How Big of a Deal is a 1/4% Rate Cut?
Let’s be frank – given the fact that rates jumped about 6% in 10 increases, how much will a ¼ or 1/2% rate cut do for Real Estate Buyers and Sellers? In a nutshell…. a lot! If we look at the average home in Oshawa, Whitby and Clarington and given the average selling prices, we…
|
-
Are there any Benefits to Mortgage Rates Rising?
The Bank of Canada is expected to increase rates again in the next week. Currently, 5-year mortgage rates are between 5 – 6%. The variation is based on if the downpayment is below or above 20%. In Ontario, with less than 20% down and CMHC mortgage insurance, the rates are lower than if more than…
|
-
Musings of a Durham Region Mortgage Broker
I had lunch with the mortgage broker I have known for years this past Friday understanding that when people think of business lunches, visions of swanky restaurants, multiple martinis and expense accounts are easy to conjure up. Alas, when you are self-employed, these lunches tend to be all about business and packed with loads of…
|