We have seen some small up and down movement on fixed rates over the past couple of weeks. This has been a result of the fluctuations in both the stock and bond markets and will continue like that until we get into more stable markets. Fixed rates however still remain low and should continue to remain so for the foreseeable future.
The Variable Rate (The Bank of Canada Rate) has not changed since The Bank of Canada’s 1.50% rate reduction in March. There is still room for a possible further reduction which we could see later in the year. Variable rates are at there lowest in 5 years.
The Real Estate Market is picking up with stronger purchases/sales in May. We are not close to last years numbers but there is certainly a lot more activity which should continue as things open more and we get back to a normal world again.
Mortgage Product of the week: Mortgage Switch is when you take your existing mortgage and move over to a new mortgage lender and product without adding on new money, so there is no lawyer or appraisal fee involved. With rates as low as they are now there is tremendous opportunities to switch your mortgage. If your mortgage is coming up for renewal, please do not just auto renew without exploring new opportunities and even If you are not up for renewal a switch mortgage could still work for you so let m know if interested.
Please do not hesitate to call or email me with any questions!