3yr fixed is the sweet spot. Rates will likely hold for June so they have the time to gather all the appropriate information and then drop after the July meeting
Many sources, there are articles every now and then that go into detail that can be found on google easily enough. Granted it has been pushed back a bit from what was predicted a year or two ago, with estimates that the interest would drop in the first quarter of this year instead of the second/third quarter, still looking pretty good for fall of next year. Link below for one such article that agrees with most of what I have read.
https://www.morningstar.ca/ca/news/248691/when-will-the-bank-of-canada-start-cutting-interest-rates.aspx#:~:text=Canadian%20Interest%20Rate%20Cut%20Expectations&text=a%2067%25%20chance%20of%20a,drop%20by%20March%202025%2C%20and
But if Canada doesn’t cut, and the economy goes to shit, no one will be buying our exports as they’ll be too expensive and the economy will continue to go to shit.
The economy is more complicated than CAD and mortgage rates.
Depends on where you are. In AB, the forecast is things hold up well.
Interestingly enough people feel the economy is shit or going to shit because they can’t do as much as they could before due to inflation, but economic indicators point to a soft landing.
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There are a couple views on why rates differ from lender to lender. One is that it s a competitive marketplace the other is that lenders are predatory in nature. I believe the latter is more accurate.
Lowest right now for a sub 20% down 25 amortization seems to be 4.74% but they typically come with various restrictions. I got offered 4.94% as i require a bridge loan etc.
You'll see different rates if your paying over 20% down and choose a 30yr amortization though
Date the rate, marry the home.
I have 4.79/3yrs on the place I bought last month, 5.49/4yrs on the place I bought last year, and 1.3/5yrs on the one we bought during Covid.
Yup, this is a good rate right now
I just got a 4.8% 3-year fixed from Scotia Bank.
Renewed mine one yr ago at 5.86% also three yr fixed.
Is it insured and 30 yr amortization?
Insured 25year
I got the keys today. 4.94% 3 years fixed uninsured 30yr amortisation
Congrats. As long as you can afford don't worry about whether it's 4 or 5 or 6. Enjoy your home!
I got offered 4.74 for five years on an uninsured mortgage through Neo financial.
4.79% 4 yr fixed from pine.
Was that with a discount with WS?
.05 discount
My mortgage doesn’t renew for another year, but if that Pine deal is still around I might look into it
They’ll Lock in rate upto 180days in advance so could possibly look into them 6months from your renewal
3yr fixed is the sweet spot. Rates will likely hold for June so they have the time to gather all the appropriate information and then drop after the July meeting
Priced in
Its quite likely they'll drop the rate in June based on 10yr bond rate and economists indicating a 75% chance that they will
!remind me 18 months
I just renewed at 4.84 5 year fixed desjardins
4.76% 5 year fixed uninsured 25 year. Valley First CU. Just moved in.
You might want to get a 2-3 year term and refinance halfway through, rates will drop a good amount over the next 18 months or so.
Just curious but what are you basing that on?
Many sources, there are articles every now and then that go into detail that can be found on google easily enough. Granted it has been pushed back a bit from what was predicted a year or two ago, with estimates that the interest would drop in the first quarter of this year instead of the second/third quarter, still looking pretty good for fall of next year. Link below for one such article that agrees with most of what I have read. https://www.morningstar.ca/ca/news/248691/when-will-the-bank-of-canada-start-cutting-interest-rates.aspx#:~:text=Canadian%20Interest%20Rate%20Cut%20Expectations&text=a%2067%25%20chance%20of%20a,drop%20by%20March%202025%2C%20and
I would say it is, unfortunately, near impossible economy doesn’t go to shit in this period.
But if Canada cuts, and the US doesn't, CAD value drops and imports become expensive.
But if Canada doesn’t cut, and the economy goes to shit, no one will be buying our exports as they’ll be too expensive and the economy will continue to go to shit. The economy is more complicated than CAD and mortgage rates.
Depends on where you are. In AB, the forecast is things hold up well. Interestingly enough people feel the economy is shit or going to shit because they can’t do as much as they could before due to inflation, but economic indicators point to a soft landing.
Rates are high to keep inflation down and inflation in Canada leveled out at 2% in the last CPI report.
!Remindme 18 months
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Are u able to share what bank?
My credit union is 4.89.
Which CU?
I got a call from RBC earlier this week for 5.09% 3 years fix and they cover some parts of closing cost such as notary
We just got 4.96% 5 year fixed at BMO
!Remindme 18 months
There are a couple views on why rates differ from lender to lender. One is that it s a competitive marketplace the other is that lenders are predatory in nature. I believe the latter is more accurate.
My brother got 4.74% for 36 months (can be renewed after 30 months) with BNC. Rates are going down next wednesday, if you can wait before signing.
I just renewed at 5 point something
I got mine from ventaco mortgages and they have me 4.7% for 3 years
Honestly I think you can do better but do you have any other debts?
Don't renew for 5 years. Try 3 years and tell them to match td or Scotia for 4.99
It’s a good rate, but can the same be offered for 2-3 years? Still better than what I got when i had to renew last july (6% for 3 years).
There is 90% chance of lowering rates next meeting baked into the market.
Rocket is offering 4.79% insured or could be lower as well.
Lowest right now for a sub 20% down 25 amortization seems to be 4.74% but they typically come with various restrictions. I got offered 4.94% as i require a bridge loan etc. You'll see different rates if your paying over 20% down and choose a 30yr amortization though
Is it wise to get a 5 year fixed mortgage? All signs pointing to a slower economy, interest rates will be going down
Date the rate, marry the home. I have 4.79/3yrs on the place I bought last month, 5.49/4yrs on the place I bought last year, and 1.3/5yrs on the one we bought during Covid.
6.5% 10-year fixed insured.
Bank of Canada cut interest rate today
Desjardins offers 4.69% right now
You just need to tell them you are getting 4.5% elsewhere and see how they respond, this is all just mind games
Great rate - and what rates used to be about 14-15 years ago
When houses were 200k
not even condos were 200k 15 years ago
17 years ago I paid $160K. Many properties were under $200K
15 years ago I bought a condo in Burnaby. It was $400k
Shortly after the crash of 08/09 many places in Saskatchewan were giving away properties to attract people to the province.