Fixed Vs. Variable – The Tide Has Turned
January 20, 2016
Rate Update – Waiting For The Stimulus To Take Effect
April 13, 2016
The Bank of Canada (BOC) left the prime rate unchanged today. The wording of the announcement suggested that the Governor is feeling cautiously optimistic. With the Liberal’s stimulus budget coming on March 22nd, oil prices stabilizing, the US economy trending upwards and the global economy showing signs of growing in 2017, the Governor has enough reasons to leave rates where they are. The question that economists are asking is what will it take for our economy to reach escape velocity and pull away from the gravitational force of this fragile state? Some feel the upcoming federal budget might be the rocket boost needed to break free.
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Key Points From The Bank of Canada Announcement
How Your Mortgage Is Impacted
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April Showers Bring May Flowers: Though the expression doesn’t exactly fit on the West Coast (as we often gloat to our East Coast friends) it does apply to mortgage rates. Spring traditionally brings competition amongst the mortgage lenders as they fight for market share. We are starting to see discounts and promotions come in almost on a weekly basis ranging from lenders offering free legal fees when refinancing your mortgage to some lenders sharpening their discounts on the variable and fixed rate mortgages. If you are looking to purchase a home or refinance your mortgage, your timing is perfect! My team is constantly reviewing all the different offers as they come in, and can suggest the best option for your situation. The spring market also brings some bait and switch marketing from the big banks. Before you jump in, give me a call to find out how much that fabulous offer you saw in the window is really going to cost you.
Wondering how to structure your mortgage for 2016? Give me a call! We can discuss how your current financial situation fits into today’s economic environment and how the right mortgage strategy could save you thousands of dollars over the term of your mortgage. The next Bank of Canada meeting is April 13th, 2016 Don’t forget to Like my Facebook Business Page to keep current on news in the real estate market!
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