Agent Blogs

Bank of Canada increases overnight rate target to 1/2 per cent and therefore prime rate of 2.25% is now 2.50% and those that have variable mortgage rate products may be considering a change at this time if one is a little sqeamish!  This will impact many people and especially those carrying consumer debt. The fixed rate products will become more attractive and as the current 5 year quick close (must close within 30 days of today's date) is 4.05% the 5 year fixed is appealing at the moment. The 7 year fixed rate is also showing some more interest at 4.95 giving you the protection of two more years to create stability and help motivate buyers to use the prepayment privileges attached to their mortgages.