Skip to content

CategoryInterest rates

Posted Consumer Debt

Death, Taxes, and Interest Payments: Part 1

“Nothing in this world is certain except death and taxes.”

Benjamin Franklin said this in 1789, and it’s just as true now as it was then. There’s just one thing I’d add given that the world has changed quite a bit since the 18th century: interest payments. Maybe not as certain, but just as stressful. If I could revise the quote now, I’d make it: 

“Paying interest and taxes will be the death of us.”

Continue reading “Death, Taxes, and Interest Payments: Part 1”
Posted Bank News

Bank of Canada Raises Benchmark Interest Rate

Yesterday was Wednesday the 13th – but for some, it might have felt like Friday the 13th. That’s because the Bank of Canada announced they’re upping their rate by a whopping 0.50%. This rate hike means that the prime rate will increase from 2.7% to 3.2%, a fairly sizable jump relative to what we’ve seen in the last couple of years. 

All of this might seem terrifying. But let me assure you: there’s no need to panic. 

Continue reading “Bank of Canada Raises Benchmark Interest Rate”
How to Benefit From Low Rates
Posted 1 Comment on How to benefit from record low interest rates Interest rates

How to benefit from record low interest rates

While average mortgage size and average real estate prices have gone up, interest rates have not. They’ve actually done the opposite. And they have gone significantly lower.

A $400,000 mortgage will cost you $1400 per month today.  Compare this with $1682 per month from a few years ago. Or how about a payment of $2,182 per month From 15 years ago.

Continue reading “How to benefit from record low interest rates”
Posted Interest rates

Average inflation targeting… remember this term.

Last week, I participated in a webinar featuring Economist Dr. Peter Andersen.  While there was a lot of information covered, today I want to focus on a couple of key areas.  

  • What can business expect in 2021? 
  • Average inflation targeting and why you should remember this phrase. 
Continue reading “Average inflation targeting… remember this term.”
Posted 2 Comments on Rate Cuts and Pending Deals – A quick note Bank News

Rate Cuts and Pending Deals – A quick note

As the dust starts to settle on yesterday’s Bank of Canada rate cut, here’s some clarification on what happens next.

To all my pending clients or clients with something on the go, your rates will be automatically adjusted downward.

For new clients, prospective purchasers, or people that want to take advantage of these falling rates, don’t hesitate to reach out to my office today. I am happy to discuss how you can take advantage of this.

Your best interest is my only interest.

As always, I welcome your comments, calls and questions.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

%d bloggers like this: