Primex is Celebrating 12 Years

General Trish Pigott 31 May

This has been an exciting month for us! Primex turned 12 on May 1st and we have spent the month celebrating and reminiscing on the last 12 years. We have accomplished so much as a team, receiving numerous awards and recognition in our industry and the community, which has us in the top 2% of mortgage brokers Canada-wide. If you have been a part of our journey, THANK YOU! We could not have gotten here without you.

On May 20th, our team took the day to celebrate at the Glass House Estate Winery in Langley – Wow! It’s beautiful. If you haven’t been, we highly recommend that you check it out. We enjoyed a delicious lunch on the patio, complimented by a wine tasting and wonderful service.

We will be wrapping up our birthday celebrations this weekend at Pitt Meadows Day. This annual event is a community tradition that takes place rain or shine. This year marks the 81st anniversary! It’s being held on June 4th at Harris Road Park in Pitt Meadows where we will have a Primex tent in the field exhibitor’s area. Come say hi for a fun surprise and a chance to win some awesome prizes. It’s been a long time since we have seen our clients in person, so we hope to see you Saturday! You can check out more details for the event here.

Again, we want to extend a huge thank you to everyone who has supported Primex over the years. We love our clients and partners and look forward to many more years together.

May 2022 Market Update

Latest News Trish Pigott 25 May

Looking for a market update?  You’re not the only one! The real estate market is a bit more relaxed than it has been in recent months, allowing people to make decisions on buying and selling under less pressure.

You are probably hearing about drastic price drops in the media, which instills fear in many homeowners and buyers.  Do not get caught up in the media! The best thing to do is to contact us directly.

We have another rate announcement coming from the Bank of Canada on June 1st. It’s expected that we will see a 0.50% increase to the overnight target rate.  This means the current prime rate will be 3.70%.  With this, many people are in fear of what to do with their current variable rate mortgage.  Our advice…ride the wave! Today, variable rates are still far less than fixed rates.

Other variable rate mortgage benefits include:

  • Variable rates are currently 1.5-2.0% lower than fixed rates right now
  • If the prime rate changes, it will go up at a slower pace than  jumping to a fixed rate
  • Lower rates allow you to pay thousands less in interest
  • Variable rates have the lowest penalty calculation if you need to make changes during your term

In conclusion of this market update, fixed interest rates are currently in the mid to high 4.0%, with variable rates in the range of 2.70%.  The anticipated increase on June 1st brings the potential of the variable rate increasing to the low 3% range. Remember, this is still much lower than today’s five-year fixed rates.

If you are considering purchasing a property or want to refinance to take advantage of equity, contact us right away. We will get the process started so you will not be impacted by further increasing rates. And as always, we’re here if you have any questions!

How to Obtain Financial Freedom

General Trish Pigott 17 May

Does the idea of saving money and having financial freedom seem impossible? The average Canadian owes $23,000 in consumer debt and has at least 2 credit cards*. If you live paycheque to paycheque, this may be you.

But experts in financial education point out that no matter your income, a few changes to the way you’re living can make all the difference. It’s never too late to start to learn and reverse course, so that financial freedom can be in your future. If you’re still not convinced, here are a few simple ideas to get you started:

Pretend You Earn Less Than You Do

Give yourself a pay-cut. The goal is to put 10% from each paycheque into your savings account. The easiest way to do this is an automatic transfer from your chequing account to your savings accountevery payday.

Create a Budget

In order to stop living paycheque to paycheque, you need to know where your money is going. Creating a budget is simple with Google docs, or look into other online tools and sites to get started.

Build an Emergency Fund

Once you have your budget in place, review it and break it down into non-discretionary expenses (rent, groceries, utilities, etc.) and discretionary expenses (eating out, entertainment, clothes, etc.). See where you could cut down on discretionary spending and put that money towards your emergency fund. Even starting with just a little amount is great and helps you create a habit of saving.

Consider Downsizing

It may be time to consider a lifestyle change. Consider moving to a smaller place. Cut gym expenses with a trip to the local park. Think about if you really need that brand new car or if a used one would work just as well.

Pay Down Debt

If you have a lot of credit card or unsecured debt, try paying the minimum on all but one of them and aggressively pay down that one card. Once it’s paid off, attack the next one. If you’re so deep in debt that you can’t fight your way out, consider consulting with a company who specializes in debt consolidation. They will help you negotiate your debt into smaller amounts that you can begin to pay off.

Don’t Forget Your Future

Putting at least 3% of your paycheck into a retirement fund is a great idea. If you get a raise, try putting it into a savings account and forget about it. You’ll be glad it’s there when you need it in the future.