Do not hesitate to call me for a conversation, and we will work on a plan together!

MYTH Buster ~ Prime rate has dropped but fixed rates have not dropped as much!

Variable Rates
Variable-rate mortgages are directly tied to the Bank of Canada (BoC) policy rate. When the BoC adjusts its policy rate, financial institutions adjust their prime rates accordingly. Therefore, when the BoC policy rate changes, the variable mortgage rates will fluctuate in line with these adjustments.

Fixed Rates
Fixed-rate mortgages, on the other hand, are determined by bond yields. Specifically, they follow the trends in corresponding maturity bond yields. These bond yields are influenced by market expectations of future BoC policy rate changes.

Contact me directly if you need help with your next mortgage transaction.

Canadians aged 55+ are living longer and want to stay in the homes they love, but they need the financial peace of mind to do it—which is why the reverse mortgage continues to gain popularity.
If you’re looking to improve cash flow, pay off an existing mortgage, clear balances on existing credit cards and loans, make home improvements, or gift a down payment to a loved one, a reverse mortgage might be the right solution for you. I can help!

– 30 year amortization will now be available for default insured mortgages with loan to value greater than 80% for:
* First-time home buyers purchasing a resale property
* All clients purchasing a new construction
– Maximum property value or purchase price for all default insured programs will increase from less than $1 million to less than $1.5 million.
These federal government changes will help with affordability and getting more Canadians into their own homes!
Do not hesitate to reach out to me, if you have any questions or looking for advice.