January 26 2022
Throughout the month, many Canadians were “adjusting” to the Bank of Canada’s recent decision to increase rates over the next two years. With anticipation for rate hikes looming, the home buyers are racing to lock in low rates in the face of a shortage of supply, which is driving competition and prices higher. Read the latest in mortgage news to learn more about what happened in November.
Our CEO and Co-Founder Jesse Abrams shares his perspective on the Bank of Canada’s recent decision to increase rates and discusses what this may mean for home buyers and homeowners over the next two years.
While the gap between variable and fixed rates has never been higher, discounts for variable rate mortgages are shrinking. For buyers planning to get a new variable rate mortgage before the spring, it’s a good idea to lock in your discount from prime rate sooner rather than later.
Low interest rates for mortgages and a shortage of supply continue to fuel competition and drive home prices higher. Home sales are higher than they were in the peak of the pandemic’s real estate boom last spring and continue to increase month over month.
Our CEO and Co-Founder Jesse Abrams discusses the common (and sometimes costly) mistakes that every home buyer should take into account before entering the purchase and mortgage process.
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