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CategoryMortgage Tips

Beware of “Friendly” Calls From Your Bank

For better or worse, Canadians have a lot of trust. In each other, in their government, in the places they eat, in the places they shop – and apparently in the places they bank. A 2020 survey found that seven out of 10 Canadians believe their banks have their best interest in mind when offering advice. Well, if you’re one of those seven out of 10 people, I hate to burst your bubble… but I have reason to believe otherwise.

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Don’t Fear the Rate Hikes

Last week, I came across an article with this headline:

“Bank Of Canada Will Raise Rates 500% This Year, To Start Within Weeks.”

Pretty scary headline right? The article claimed that there will be five rate hikes of 0.25% this year. Even worse, these hikes will start almost immediately – meaning the first hike will happen at the first Bank of Canada announcement of the year. 

That announcement happened yesterday. No rate hike.

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Will Lockdowns Have an Impact on the Housing Market?

Well, here we are again. Right back where we were last year. Provinces across the country have reintroduced restrictions that will no doubt leave a lasting impact on our economy. The housing market of course is no exception.

In my estimation, there will be quite a few similarities between our current situation and the one we faced last winter. However, there are some ways in which this lockdown could prove slightly different.

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Surprise, Surprise: No Rate Hike From Bank of Canada

For months we’ve been warned by “experts” that rates are sure to shoot up. That the Bank of Canada will change their tune based on the state of the economy. That by year’s end, we’ll be well on our way to pre-pandemic rates that will make anyone with a variable rate mortgage regret ever buying a home.

It’s December. None of that has happened.

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