Agent Blogs

As expected the Bank of Canada did not move their trend setting rate last week. Bank prime remains unchanged at 3%.The bond rate has continued to fall as of this morning, it is down 35 basis points from the 1st of January.

Several banks lowered their 5 year fixed rates by 10 basis points last week. If this trend continues, we will see further reductions in the fixed rate products.

5 year funds are in the 3.29-3.49% range and variable rate mortgages in the 2.5-2.6% range.
 
If your mortgage is renewing in the next 6 months or you are thinking of refinancing, we strongly recommend you start the process now.

If you have a variable rate of any more than prime +.25 or a fixed rate of 4.25% or more, we should explore the merits of refinancing to a lower rate.  It may result in savings of thousands of dollars and a longer term at today's record low rates.  
 
Please contact me for a free, no obligation review. Spending a few minutes could save you thousands of dollars.
 
Bank prime is 3.00%

The next Bank of Canada meeting is on March 4th.

If you, your family, or co-workers require guidance on current market trends, please call me, I'm always available to help.