Some heartening news from the Bank Of Canada today - The BOC announced they're overnight rate for the fourth time this year.
This means of course, that prime stays where it is and ( at least ) the cost of borrowing if you are in a variable rate loan will not increase. Analysts also predict that we may see rate reductions as early as the end of summer 2024.
While both things are a bit of good news for consumers and for business, its important to plan for what comes next in terms of your mortgage finances, especially because when rates do finally "settle" they're likely to be significantly higher than we've seen in the past few years.
If you have a mortgage renewing even 24 months out, you'll want to plan for it now. The best way to start the planning process is with an annual mortgage review with me.
You'll find it a very valuable 1/2 hour conversation and it's free. You can book a time here on the website or call me anytime to book a time to chat.
I look forward to speaking with you soon!
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