Posted by: AdminS
On January 17th, the Bank of Canada (BoC) is going to make their first policy interest rate announcement of 2018. Canadian businesses are positive about the economy’s outlook and plan on making investments and hiring in the new year. In addition, the unemployment rate hit its lowest level in history. Many believe that these factors coupled with a labour shortage may cause the BoC to raise interest rates. If rates rise, consumers looking for a mortgage will be hit with a double whammy, rising rates and tougher mortgage qualification rules that came into effect January 1st. Take note, there are mortgage options available to you when purchasing a home, refinancing or renewing that can help you come up with a strategy that deals with these stages.
You can read the news here.
To learn more or if you have any questions about how the BoC’s interest rate decision may impact your mortgage, please fill out the form above or give us a call at Toll Free 1.877.819.3619.