THE BANK OF CANADA HOLDS ITS LENDING RATE
The Bank of Canada held its’ lending rate this week at 1.75%. This means your variable rate mortgage will remain the same, and makes a variable rate mortgage still very attractive. If you are looking to buy, or your current mortgage is coming up for renewal, it may be a great time to contact my preferred licenced mortgage broker,
Cathy McMurrich of TMG-The Mortgage Group to talk about your options and get a rate held (fixed or variable) for you so we can go house shopping and you are comfortable knowing your budget/mortgage amount.
Consider getting a variable rate mortgage, and setting your payments at the equivalent fixed rate. You will be able to pay off your mortgage that much quicker, and remember, you must qualify on an even higher stress test rate. Even if you don’t have a mortgage, the Bank of Canada announcement means any existing Lines of Credits or even your credit card interest will remain the same.