Looking to buy or just want to wait and see?
With the recent news of the war in Ukraine, we are hoping for a quick end to the hostilities and safety for all of those in harms way.
This is just a quick note to let you know that today the Bank of Canada (BoC) increased its overnight interest rate by 0.25% to 0.50%. A first step of more expected to come in the coming months in an effort to balance high inflation rates.
This may be an indication that mortgage rates could continue to rise. If you have been thinking about purchasing a new home or investment property, or looking to re-finance your existing property, now is the time to get pre-approved and lock in with the current rate.
Getting pre-approved protects you from rate increases as mortgage providers usually hold the rate for at least 3 or 4 months, so you can house-hunt with confidence, or wait and see.
The next interest rate decission by BoC is sett for April 13.
Should you have any questions or concerns about what this increase means for the real estate market, or need a great mortgage broker, do not hesitate to contact us. We have built relationships with some well-versed mortgage brokers whom we can recommend, depending on your needs.
Looking forward to connect with you soon.
Kind regards,
Gizella Nyulas
Call/Text: 416-875-8216
https://www.gizellanyulas.ca/
Genuine Caring & Professionalism in All Dealings!
