Toni Tosti DLC-BTB Mortgage Solutions!
On June 1st the Bank of Canada has announced a rate hike of 50 basis points.
Who will be impacted?
1) Potentially those wanting to buy a new home.
2) Potentially those who have a mortgage coming up for renewal or would like to refinance.
3) Those in a variable rate mortgage.
What does this mean in terms of dollars?
A 50 basis point hike means an approximate $24 monthly increase for every $100,000 mortgage balance.
Are the latest rate hikes something to be concerned about? I don’t believe it is because:
1) rates are still relatively low.
2) by owning or improving a home – you are building equity and financial security for you and your family.
If you, your family or friends have any mortgage related questions please do not hesitate to contact me. I’m here and happy to answer any questions.
Thank you, and have a great business day!
Niagara Board of Trade & Commerce