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Fixed rates going up? Should you be concerned?

You may have seen or heard reports of pending fixed rate increases. The media loves to spread and focus on bad news more than good news. That’s the media for you, though.

This is your notice that fixed rates could go up over the next few weeks. Now that we have that out of the way, let’s talk about what you should do. Personally, I am doing nothing. I am keeping all my mortgages in a variable rate. The reasons are simple. 

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The Good News

The Good News

I’m a bit of a  hypocrite.  Whenever I go for a haircut, the gym or even to visit my dentist there’s a tv and it’s usually tuned in to a news channel.  For the record, I don’t watch the news. I’m the guy that asks them to change the channel. I’m not interested in constantly hearing about how terrible the world supposedly is.

My take… if you want to be depressed, watch the news. If you want to be aware and alert, choose where you get your information.

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How to Benefit From Low 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.

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New Year New Outlook

New Year New Outlook

2020… It will be known as the year of the pandemic. It will also be known as a year of a record-setting real estate market. We saw records for volume of sales and new high prices in many cities across Canada. To say there was a lot going on is an understatement. I have to admit I was happy to close my office and give everyone the week off between Christmas and New Year’s.

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