After last week's Bank of Canada ‘pause’ ( the fourth one this year ), it does like we might be done with rate hikes - a lot of the bank chatter now revolves around when we might start seeing reductions.
We still have a way to go before rates even start to stabilise though. In anticipation of upcoming mortgage renewals and the sticker shock that will go with, I’m offering annual mortgage reviews so there’s a strategy going forward. It’s a free one hour chat that at least can offer an understanding of what comes next but it can also hammer out a workable plan for renewal.
My general recommendation at the moment is to move into a variable rate mortgage at renewal ( or if purchasing ) and then when rates are at 4% or lower, switch to a fixed term mortgage.
I’d like to offer annual mortgage reviews to you for any of you that are interested. Even if mortgage renewal is not a near term issue, it's worth having an idea of ‘what comes next’ particularly in the economic situation we find ourselves in.
