Retirement Options As a Canadian

General Trish Pigott 20 Sep

Have you been thinking of retirement? People over the age of 55 currently represent 33.09% of the total Canadian population. This part of the population knows what they want in order to live a fulfilling life as they enter retirement. However, they do not always have the financial means available to them to support their ideal lifestyles. So what options are available? We’ve listed them below.

Credit Cards

Credit cards may be the perfect financial option for you if you are retired and have an income source, with short-term financial needs. They give you easy access to credit but do carry a high-interest debt. It is always best to pay off the borrowed amount before the deadline.

Private Loans

Private loans are another option if you have an income source and short-term financial needs. Like credit cards, they give you easy access to credit but have required monthly payments. Furthermore, having a reasonable repayment plan is important as they charge very high interest and repayment terms are very rigid.

Home Equity Line of Credit (HELOC)

If you are a retired homeowner that has an income source and needs a large sum of money, it may be worth exploring a Home Equity Line of Credit (HELOC). However, it is important to consider the monthly payments. The qualification for the loan can change based on changes to your income or home value, and you may be asked to repay the loan at any time.

Downsizing for Retirement

Another option may be to downsize. It is a popular financial option and may be great for you if you are a homeowner willing to transition into a smaller home. Downsizing allows you to access the value of your home’s equity to meet your financing needs in retirement. It is important to note that there will be fees associated with this such as property transfer taxes, commissions, closing costs, etc.

Now, before revealing the final option for Canadians in retirement, you may find this interesting. A study from the National Institute of Ageing showed that 91% of all Canadians want to remain in their own homes for as long as possible after retirement. Furthermore, 95% of Canadians 45+ say that being able to retire in their own homes would give them the independence, comfort, and dignity they need as they age. However, due to costs associated with in-home care, many individuals cannot afford to remain in their homes. If you are among these Canadians, then this next option may be the most suitable for you.

CHIP Reverse Mortgage

The last option applies to homeowners who wish to remain in their homes while maintaining their current lifestyle. To do this, they should consider the CHIP Reverse Mortgage. This finance option allows you to access up to 55% of your home’s equity value. Then you can choose to receive your money in a tax-free lump sum or tax-free monthly payments. Furthermore, you are not required to make any monthly mortgage payments but instead, pay back the loan through the value of your home when you sell it or move out.

These are just some of the financial options that Canadians can utilize to enjoy retired life. If you’re finding yourself or a parent at this stage of life, contact us to find out how we can help make the best of your retirement!

Time For a Mortgage Transfer?

General Trish Pigott 16 Sep

You may be thinking of a mortgage transfer or change because you want to take advantage of a better interest rate. Or perhaps you’d like to switch to a mortgage product with terms that better suit your needs. Either way, there are a few different scenarios you could find yourself in.

Up for renewal?

If you’re approaching renewal and are considering a mortgage transfer or switch – great news! You won’t be charged a penalty. However, depending on whether you make any changes, you may be required to re-qualify at the current rate.

Collateral charge mortgage?

Collateral charge mortgages secure your loan against collateral, such as the property. These loans cannot be switched, they can only be registered or discharged. This means that you would need to discharge the mortgage from your current lender before registering it with a new lender.

Locked in?

If it’s the middle of your term and you’re considering a mortgage transfer or switch, you will likely incur a penalty for breaking it. Typically, a mortgage transfer or switch is done to take advantage of a lower interest rate and lower monthly payments. But, you want to be confident that the penalty doesn’t outweigh the potential savings.

Things to consider before a mortgage transfer or switch:

  1. Associated fees
  2. Requalifying at current rates
  3. The following documents:
    • Application and credit bureau
    • Verification of income and employment
    • Renewal or annual statement indicating mortgage number
    • Pre-authorized payment form with VOID cheque
    • Signed commitment
    • Confirmation of fire insurance
    • Confirmation of valid CMHC, Sagen or Canada Guaranty insurance (if required)
    • Appraisal
    • Payout authorization form
    • Property tax bill

If your mortgage is currently up for renewal or you’d like to make a change, please reach out to us. We can advise you of any penalties or fees that may be associated and shop the market for you to find the best options. Our extensive network of lenders will ensure that you are getting the best rate, with the most suitable terms. When you’re ready, simply fill out the form here to get the process started!

Overnight Rate Gets Hiked Again

General Trish Pigott 9 Sep

The Bank of Canada Hiked Rates Again And Isn’t Finished Yet

On Wednesday, the Bank of Canada raised its target for the overnight rate by 75 basis points to 3.25% and signaled that the policy rate would rise further. The Bank is also continuing its policy of quantitative tightening (QT), reducing its holdings of Government of Canada bonds. This puts upward pressure on longer-term interest rates.

While some Bay Street analysts believed this would be the last tightening move this cycle, the central bank’s press release has dissuaded them of this notion. There has been a misconception regarding the so-called neutral range for the overnight policy rate. With inflation at 2%, the Bank of Canada economists estimated some time ago that the neutral range for the policy rate was 2%-to-3%, leading some to believe that the Bank would only need to raise their policy target to just above 3%. However, the neutral range is considerably higher, with overall inflation at 7.6% and core inflation measures rising to 5.0%-to-5.5%. In other words, 3.25% is no longer sufficiently restrictive to temper domestic demand to levels consistent with the 2% inflation target.

Canadian Growth

As the Bank points out in Wednesday’s statement, though Q2 GDP growth in Canada was slower than expected at 3.3%, domestic demand indicators were robust – “consumption grew by about 9.5%, and business investment was up by close to 12%. With higher mortgage rates, the housing market is pulling back as anticipated, following unsustainable growth during the pandemic.”

Wage rates continue to rise, and labour markets are exceptionally tight, with job vacancies at record levels. We will know more on the labour front with the release of the August jobs report this Friday. But the Bank is concerned that rising inflation expectations risk embedding wage and price gains. To forestall this, the policy interest rate will need to rise further.

Traders are now betting that another 50-bps rate hike is likely when the Governing Council meets again on October 25th. There is another meeting this year on December 6th. I expect the policy rate to end the year at 4%.

Bottom Line

The implications of Wednesday’s overnight rate hike are considerable for the housing market. The prime rate will now quickly rise to 5.45%, increasing the variable mortgage interest rate another 75 bps, which will likely take the qualifying rate to roughly 7%.

Fixed mortgage rates, tied to the 5-year government of Canada bond yield, will also rise, but not nearly as much. The 5-year yield has reversed some of its immediate post-announcement spike and remains at about 3.27% (see charts below). Expectations of an economic slowdown have muted the impact of higher short-term interest rates on longer-term bond yields. This inversion of the yield curve is consistent with the expectation of a mild recession next year. It is noteworthy that the Bank omitted the usual comment on a soft landing in the economy in today’s press release. Bank economists realize that the price paid for inflation control might well be at least a mild recession.

Another implication of Wednesday’s policy rate hike is the prospect of fixed-payment variable-rate mortgages taken at the meager yields of 2021 and 2022, hitting their trigger rate. There is a good deal of uncertainty around how many these will be, as the terms vary from loan to loan, but it is another factor that will overhang the economy in the next year.

We maintain the view that the economy will slow considerably in the second half of this year and through much of 2023. The Bank of Canada will hold the target policy rate at its ultimate high point– at least one or two hikes away– through much of 2023, if not beyond. A return to 2% inflation will not occur until at least 2024, and (as Governor Macklem says) the Bank’s job is not finished until then.

Financial Stress Management

General Trish Pigott 6 Sep

Let’s talk about financial stress. If you lost your job tomorrow, would you be okay? Having financial knowledge allows you to better assess your options and create a plan without getting overwhelmed. However, even with the best plans and all the financial literacy in the world, it’s impossible to completely eliminate financial stress. So, how do you cope? We’ve created a short list of suggestions below.

Have a clear picture of your financial situation.

What is your average monthly spend? Do you know how much you owe, the interest rate on your debts, and how much you pay each month in interest charges? Have you ever tracked and categorized your expenses to identify areas where you could cut back if required (ie. car payments, dining out, home improvements, etc.)? Avoiding these questions is understandable because the answers may lead to some hard lifestyle choices. However, turning a blind eye will only lead to never-ending financial stress.

Accept your mistakes.

Move on from any emotional reaction and learn to live with poor financial decisions from your past. Regret and anger won’t make that beach vacation you booked on your credit card disappear! It’s time to start paying for it.

If you need to pass on a night out with the gang to put $75 towards your card instead, then do it. More than 50% of Canadians live paycheque-to-paycheque so you won’t be the only one!

Set small, achievable financial goals to bolster confidence and measure progress.

If you have credit card debt, try adding $100 to your monthly minimum credit card payment. If you have no credit card debt, open a TFSA and contribute $100 a month towards that instead. A hundred bucks might seem like a modest amount, but it is a realistic goal that will get you started and will help a lot more than you think. Let’s take a look at the numbers.

  • $100/month deposited into your TFSA ($1200/year) from age 18 to 65 will grow to almost $400,000 based on historical stock market returns
  • Adding $100 monthly to the minimum 3% payment on a $5000 credit card will cut the time required to pay off the balance from 251 months down to 38 months and save you $4500 in interest charges

Get inspired and stay motivated.

Follow a personal finance YouTuber or blogger, hang a goal chart or progress tracker, talk with a friend or relative who has the same issues and work together — there are lots of methods and resources available to help you, even with a limited budget.  It’s critical to maintain a positive attitude and don’t beat yourself up — there are plenty of others in the same boat!

Achieving the goal of eliminating financial stress will take time, but learn to cope and stay focused on your goals! It will be worth it in the end.

How Rising Interest Rates Affect Your Debts

General Trish Pigott 1 Sep

Rising inflation combined with a strengthening post-pandemic economy, gives both reason and opportunity for the Bank of Canada (BOC) to further raise interest rates through to the end of 2022 and beyond.

The 1% increase to the benchmark overnight rate in early July was a wake-up call. Unfortunately, they were not bluffing and are prepared to act aggressively. Depending on how inflation trends, we could be looking at interest rates that are 1% or 2% higher within the next year.

Before jumping into the effects of higher interest rates, we should clarify one common point of misunderstanding about the prime rate and the BOC overnight rate. The prime rate is the basis for most variable rate loans, including mortgages and lines of credit. It is determined by the major banks and currently sits at 4.7%; 2.2% higher than the BOC overnight rate. Although these two rates are different, the key takeaway is that the prime rate moves in lockstep with any changes to the BOC rate, usually within a few days.

Now that we have that out of the way, just how will future interest rate hikes affect your debts?

Variable Rate Mortgages

Canadians holding a variable rate mortgage surged in 2021 and now stands at about 50%. Any rise in the BOC rate is met by an equal rise in variable rate mortgages. The impact is very clear and takes effect quickly. A 1% increase will add around $200 to the monthly payment on a $500K mortgage. Keep in mind that the interest rate has already risen 2.25% since the beginning of 2022!

Home Equity Lines of Credit (HELOC)

HELOCs usually have a variable interest rate that will rise in conjunction with any BOC rate hikes. A $100,000 balance carried on your HELOC will cost you about $20 more in interest each month for every 0.25% increase by the BOC.

Credit Card Debt

The interest rate on your credit card and how it can be adjusted are outlined in your cardholder agreement. There is usually little correlation between credit card rates and the rates set by the central bank. However, credit card rates are already so astronomically high that it is unlikely you would even notice a 1% increase! Our advice is to attack any outstanding credit card balance ASAP.

Personal Lines of Credit

There are fixed and variable rate options out there. If you selected the lower variable rate when you signed your agreement, expect to pay more going forward on any outstanding balance.

Car Loans

Most car loans in Canada are fixed, but the average fixed rate is rising quickly and now sits at about 5.25%. While not common, variable rate car loans are available and your payment could be affected by interest rate hikes.

Student Loans

There are provincial and federal student loan programs with different interest options so the effect of rate hikes will vary. The default choice for Government of Canada student loans is variable interest “at prime”. There is also a fixed rate option at “prime + 2%”. The point is mute right now as interest charges are currently suspended, but variable rate student loan holders will see a significantly higher payment when interest charges resume in April of 2023.

Most of us will be paying more interest as we move through 2022 and into 2023. A mortgage or some other debt may be inevitable and not all debt is bad. It’s important to understand your interest expense and adjust your repayment priorities accordingly.

Debt Consolidation: To Do It or Not?

Mortgage Tips Trish Pigott 30 Aug

Have you considered debt consolidation? If you are a Canadian living in debt, you are not alone. According to Statistics Canada, household debt grew faster than income last year, with Canadians owing $1.83 for every dollar of household disposable income to debt(1). Canadian households use almost 13.48% of income for debt re-payment(2).

So how can one ever get out of debt? Debt consolidation.

What is debt consolidation?

Debt consolidation means paying off smaller loans with a larger loan, at a lower interest rate. For example, credit card debt with interest of 19.99% can be paid off by a 5-year Reverse Mortgage with an interest rate of 7.70%* from HomeEquity Bank. (*5 year fixed rate as of June 28 , 2022. For current rates, please contact us).

A lot of confusion surrounds debt consolidation; many of us just don’t know enough about it. Consider the two sides:

The Pros

• The lower the interest rate, the sooner you get out of debt. A lower monthly interest allows you to pay more towards your actual loan, getting you debt-free faster.

• You only have to make one monthly debt payment. This is more manageable than keeping track of multiple debt payments with different interest rates.

• Your credit score remains untarnished because your higher interest loans, such as a credit card, are paid off.

The Cons

• Consolidating your debt doesn’t give you the green light to continue spending. Consolidating helps you get out of debt; continuing to spend as you did before puts you even further into debt.

• A larger loan with a financial institution will require prompt payments. If you were struggling to pay your debts before, you may still be challenged with payments. The CHIP Reverse Mortgage may be a better option; it doesn’t require any payments until you decide to move or sell your home.

• You may require a co-signer who will have to pay the loan if you’re unable. Note that the CHIP Reverse Mortgage does not require a co-signer, as long as you qualify for it and are on the property title.

So how do you know if debt consolidation is the option for you? Start by contacting us at 604-552-6190 and ask if a CHIP Reverse Mortgage could be the right solution for you!

 

SOURCES:

1 Debt-to-disposable-income ratio eases down from record 185% | CBC News

2 Key household debt-to-income ratio down in Q1 as income rises faster than debt | The Star

Kitchen renovations: Are they worth it?

General Trish Pigott 26 Aug

Thinking of doing kitchen renovations? Although they may add value to your home, it’s worth asking yourself why you want to renovate in the first place. Do you want to sell in the near future and boost the sale price? Or do you want to make changes to better suit your lifestyle? The answers to those questions will make a huge difference in evaluating whether kitchen renovations are the right move for you.

If you’re interested in maximizing your return on investment, here are a few figures to bear in mind before tearing up your kitchen:

  • According to a study by Royal LePage, kitchen renovations can boost the value of a home by 12.5% (Bloomberg)
  • Kitchen renovations can cost anywhere from $15,000 to $75,000+ depending on how extensive your plans are (TheSpruce)
  • The average cost of the renovation is $50,000 (GreedyRates)
  • Prospective sellers are willing to spend up to 5% of a property’s value on renovations on average, prior to listing their home for sale

Now that you have an idea of the numbers you’ll be working with, let’s take a look at two scenarios for your kitchen renovations.

I want to fix and flip it!

If the sole reason for renovating your kitchen is to increase the property value, it might be best to focus on more cost-effective changes such as:

  • Repainting or refinishing cabinets
  • Installing new faucets and new cabinet hardware
  • Installing new lighting
  • Replacing countertops with a higher quality material

It’s important to remember that the value added by a reno needs to be measured against what a buyer would have been willing to spend themselves, or if they would be satisfied with what’s already there. It’s always a good idea to see whether something can be repurposed or refurbished before starting from scratch.

I want my dream kitchen!

Now if you’re more interested in having a beautiful kitchen for you and your family to use, expect to invest a fair bit into it—after all, you’ll be enjoying the space yourself for years to come, so it’s worth paying top dollar. Here are a few things to consider:

  • New appliances will form a large chunk of the overall cost of your renovation—be certain that you’re splurging on the right ones!
  • “Behind-the-scenes” things like proper wiring and plumbing are worth spending money on to ensure good work. Again, you’ll be living with these changes and you’ll get what you pay for.
  • Always plan for an additional 20-30% in unforeseen costs. You never know what issues tearing up your kitchen might uncover, and the last thing you’ll want is to be scrambling to find the funds to cover something you hadn’t expected.

The bottom line on kitchen renovations

Ultimately, a spruced-up kitchen will add value to your home, but only by about 60-65% of what you’ll spend on renovating it. Keep in mind, there are other projects that will still increase your home’s value, while being more forgiving on the wallet. Either way, the satisfaction and enjoyment of being in a space you helped shape is worth it!

Technology Upgrades For Your Home

General Trish Pigott 23 Aug

Are you an early adopter of technology? If you’re not, it can feel as though you’re constantly behind the curve with the ever-evolving startups, apps, and new devices. Trying to catch up can be daunting and very expensive. However, there are quick, reasonably-priced steps you can take in your home to bring it a step closer to the future. Here are four upgrades you can acquire right away, in order of practicality and ease of integration.

USB wall outlets

Oh yes, we’re starting off with real cutting-edge technology here; combination power outlets are the most electrifying innovation to hit the market in recent years! Although it’s a pretty tame entry point, the practicality makes up for the lack of sizzle. If you’ve owned an electronic device in the past twenty years, you likely have firsthand knowledge of the annoyances that come with charging them. Not only do you need to have the right cable and an appropriate adaptor, you also need to find a free (and conveniently located) power outlet to plug into. Wall outlets with USB charging ports have solved the adaptor and free socket issue. They sell for as low as $30 per piece and are fairly easy to install, even with no experience!

Smart appliances

A large majority of the technologically inclined have embraced Alexa, Google, Siri, or Cortana, and are happily integrating them into their homes. Basic smart home setups are getting more affordable by the minute, and you likely own at least three of the foundational pieces already (smartphone, digital assistant, smart TV). This brings us to upgrade option number two: “smart” appliances. If you’re already on your way to having a connected home, why not consider upgrading to appliances with smart home functionality? At best, you can enjoy a greater degree of convenience and control; at worst, you’ll have a feature that you can safely ignore if you so choose.

The fact is, smart functionality will likely become standard sooner or later. Even big-ticket appliances like fridges, dishwashers and washing machines have begun to include wifi-connectivity and apps that let you monitor and remotely control how they operate. Digital assistants are here to stay, so why go out of your way to avoid them? While compatibility isn’t generally an issue, certain appliances work best when paired with specific assistants, so we recommend getting ahead of the problem and planning for the ecosystem you might like to have.

Smart locks

Smart locks, like the smart appliances mentioned above, are also part of the Internet of Things, but they get their own category because of how useful they are.

There are two kinds of people in the world: those who have lost their keys at least once, and liars. We’re all familiar with timeless questions like “Where on earth are my keys?” and “Uh oh, did I lock the door?” Traditionally this meant upending your house until you find them in your pocket or suffering in mild annoyance until you get back home. However, the modern answer is: who cares? You have a smart lock!

What exactly is a smart lock? It’s an evolution of the traditional mechanical lock, using electronics to allow for keyless entry. Smart locks are easy to install, and either replace or upgrade the existing locking devices on your doors. Once that’s done, you can wirelessly unlock your door with a smartphone, combination code or key fob.

To be clear: while there are some security benefits to using smart locks (such as logs that list every time your door was opened, etc.), they’re not necessarily more secure than a standard lock. Really, you’d be upgrading for the convenience they provide, and an improvement to your quality of life. Features like remotely locking or unlocking your door, temporary access codes for guests and digital assistant integration all make the switch worthwhile. Moreover, almost all smart locks can still be unlocked with a traditional key as a failsafe (in case of power outages or depleted batteries).

It’s a small change for your home and the closest thing we have to futuristic Star Trek doors that swoosh open. It’s hard to find a downside here!

Electric vehicle chargers

For those of you trying to be more eco-friendly, there’s a simple argument to be made for installing electric vehicle chargers in your home: pretty soon, you’re going to need one. It’s no longer a question of electric replacing internal combustion engines, but when. The future of automotive technology is electric, and it’s easier than ever to join the revolution.

Electric vehicles (EVs) rely on high-powered chargers to refuel and are consequently most common among people living in or very close to major cities. Drivers have to plan around access to chargers when they’re away from home, so until these charging stations become as common as conventional gas stations, people will still rely heavily on their own homes to get a full charge. Powerful EV chargers for the home aren’t exorbitantly expensive at the moment, are reasonably straightforward to install, and will serve as a source of convenience or potential income.

Bottom line

Fortunately, for those of us frantically running behind the technology curve, we can still make changes. Our recommendations above aren’t from the bleeding edge of technology development, but they don’t need to be. They’re practical, accessible upgrades that could improve your life with minimal intrusiveness. Though we’re looking ahead to the future, there’s no time like the present for the technologically-tardy!

How to Qualify for a Mortgage

General Trish Pigott 18 Aug

When it comes to shopping for a mortgage, it’s important to know what you need to qualify – However, it’s just as important to understand some of the reasons you don’t qualify. This will allow you to make some changes and budget accordingly for when the time is right.

If you are in the market for a home, here are five major reasons why you may not get approved for a mortgage:

1. Too Much Debt

To begin with, one of the biggest reasons that people fail to qualify for a mortgage is because they are carrying too much debt. This debt can be in the form of credit cards, lines of credit or other loans. Regardless of where it comes from, it all contributes to your Total Debt Servicing ratio (TDS). Ideally, your monthly debt payments should NOT exceed 40% of your gross monthly income.

PRO TIP: Find ways to lessen your expenses and consolidate debt where possible.

2. Credit History

Secondly, people may not qualify for a mortgage because of their credit history. It is important to pull your credit score before you start house hunting so that you can determine the amount you qualify for. Credit scores are a direct reflection of potential risk and if you have a poor credit history, it makes it harder to secure a loan.

PRO TIP: To improve your credit score be sure to avoid late or missed payments and don’t exceed your credit card limit or apply for multiple new credit cards.

3. Insufficient Assets or Income

With rising housing prices and stagnant income levels, one roadblock to mortgage approval can be a lack of sufficient income.

4. Not Enough Down Payment

Another reason you may not qualify for a mortgage  is not having enough of a down payment. In Canada, a 20% down payment is required to avoid mortgage default insurance. However, you can still purchase a home, you just need to account for the insurance premiums. These are calculated as a percentage of the loan and based on the size of the down payment.

5. Inadequate Employment History

Lastly, employment history can have a big impact on your mortgage approval. Most lenders prefer a two-year consistent employment history so if you do not have this, you might find it harder to get a mortgage loan.

Whether you’re looking to get your first mortgage or just simply shopping around, understanding what can impact your application will help ensure you have greater success.

If you are currently struggling with your mortgage approval or have recently been denied – that’s okay! With a little effort and patience, as well as the support of us, you will be able to put yourself in a better position to reapply in the future!  If you’re ready, contact us today to discuss your options.

Inflation Update Brings Good News

Latest News Trish Pigott 12 Aug

It was widely expected that US consumer price inflation would decelerate in July, reflecting the decline in energy prices that peaked in early June. The US CPI was unchanged last month following its 1.3% spike in June. This reduced the year-over-year inflation rate to 8.5% from a four-decade high of 9.1%. Oil prices have fallen to roughly US$90.00 a barrel, returning it to the level posted before the Russian invasion of Ukraine. This has taken gasoline prices down sharply, a decline that continued thus far in August. Key commodity prices have fallen sharply, shown in the chart below, although the recent decline in the agriculture spot index has not shown up yet on grocery store shelves. US food costs jumped 1.1% in July, taking the yearly rate to 10.9%, its highest level since 1979.

The biggest surprise was the decline in core inflation, which excludes food and energy prices. The shelter index continued to rise but did post a smaller increase than the prior month, increasing 0.5% in July compared to 0.6% in June. The rent index rose 0.7% in July, and the owners’ equivalent rent index rose 0.6%.

Travel-related prices declined last month. The index for airline fares fell sharply in July, decreasing 7.8%. Hotel prices continued to drop, falling 2.7% on the heels of a similar decrease in June. Rental car prices fell as well from historical highs earlier this cycle.

Bottom Line

The expectation is that the softening in inflation will give the Fed some breathing room. Fed officials have said they want to see months of evidence that prices are cooling, especially in the core gauge. They’ll have another round of monthly CPI and jobs reports before their next policy meeting on Sept. 20-21.

Treasury yields slid across the curve on the news this morning while the S&P 500 was higher and the US dollar plunged. Traders now see a 50-basis-point increase next month as more likely than 75. Next Tuesday, August 16, the July CPI will be released in Canada. If the data show a dip in Canadian inflation, as I expect, that could open the door for a 50 bps rise (rather than 75 bps) in the Bank of Canada rate when they meet again on September 7. That is particularly important because, with one more policy rate hike, we are on the precipice of hitting trigger points for fixed payment variable rate mortgages booked since March 2020, when the prime rate was only 2.45%. The lower the rate hike, the fewer the number of mortgages falling into that category.

You can read the original article on Sherry Cooper’s site here.

« First…56789…20…Last »