Mortgage Updates 03-19-2020

Welcome to today’s update.  

Canada and the banks announced a six month deferral of mortgage payments.  I have been fielding many calls on how this works and the answer is different for each financial institution.  I will be posting updates as they become available. Some of the financial institutions have not yet come out and said they will give a full six months of deferred payments, while others have. It’s still early but I will keep you informed as the details roll out.

Another update on the rates. Fixed rates are up again slightly. Variable rate pricing for new applications has increased as well. Most financial institutions are now offering variable rates at prime (Prime: 2.95%) or just minus .05%. No surprise as stock market jitters is spooking everyone.

This will pass and we will come out okay on the other side of this. That’s my message.  We’re all in this together and we will come out of it together. Call or message me if you need anything. My team and I are here to help.  

Steve Garganis 416 224 0114 steve@mortgagenow.ca