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Posted On Dec 02, 2024

Here's info to keep you in the loop!
 
1) Bank of Canada Updates:
 
What you need to know: 
The Bank of Canada lowered its interest rate four times this year from 5% to 3.75%.
 
What Does This Mean?
Variable rate mortgages and line of credits can expect lower payments. Here's how:
  • Your bank will lower its Prime Rate, affecting variable rate mortgages and lines of credit.
  • Fixed rates are not directly impacted by this change.
How Much Will You Save?
For every $100,000 borrowed, 0.25% rate cut means $15/month savings.
 
What About Fixed Rates?
Fixed and variable rates work differently. 
While the Bank of Canada rate cuts won't reduce fixed rates by the same increments, we typically see changes around the same time. 
 
 
2) Current Best Rates:
 
Fixed rates: 4.44% - 4.94% (Avg = 4.69%)
  • $564/month per $100k (25 yr amortization)
  • $515/month per $100k (30 yr amortization)
Variable rates: 5.10% - 5.40% (Avg = 5.25%, Current Prime Rate 5.95%)
  • $596/month per $100k (25 yr amortization)
  • $549/month per $100k (30 yr amortization)
*Rates are subject to change.
 
 
3) FAQ's
  1. What's the process for moving to a new home or buying an investment property?
  2. What are my renewal options?
  3. Can I get a mortgage to do home reno's or pay off debts?
 
4) Cash-flow Tips
  • Combine debts into one easy payment at the lowest possible rate
  • Higher mortgage amortization = lower mortgage payments
  • Payoff high interest debt first
 
5) Want More Info?
 

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