On Tuesday June 10th the Bank of Canada did not lower the prime rate by ¼% as was expected. Prime remains at 4.75% - historically low. The good news is that the Bank of Canada has stronger confidence in our economy – enough not to reduce rates, which is great news for everyone. Variable rate mortgages – if you have a long time horizon – continue to be a great choice. Plus, unlike a fixed rate mortgage you have the option to switch to a fixed rate mortgage right away without penalty. If you are a budgeter and really uncomfortable with fluctuating rates, then the best 5-year fixed mortgage rate is 4.99%! Nothing to sneeze at. Some conditions do apply on the mortgage rate I just quoted.
Either way, rates, banks, products, penalties, features, payments and so on change from bank to bank. The intention is to match the right product overall to your financial needs. There are also many various mortgage strategies to consider. Either way, it’s important to get the right advice. If you have any questions, please do not hesitate to call me. I’m here to help. 604 649-5991 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it
