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Mortgage Awards of Excellence Marketing Campaign of the Year Finalist!

Steve Garganis Marketing Campaign of the Year Badge - Mortgage Awards of Excellence 2018

I’m honoured to be named a finalist for Marketing Campaign of the Year at the inaugural Mortgage Awards of Excellence 2018 for this news site!

Thank you to my amazing clients and loyal readers!

Winners will be announced live during the awards on May 3, 2018. Regardless of the outcome, I’m thrilled to be named a finalist for something I truly enjoy doing

This site continues to evolve because you want to learn more about the mortgage industry, and you have trusted me to offer facts and my true opinions since I started this site in 2009.

I enjoy helping educate Canadians on the value of using a mortgage broker when making among the largest purchases of your lifetime – buying real estate!

Continue reading “Mortgage Awards of Excellence Marketing Campaign of the Year Finalist!”

Bank of Canada suggests rate hikes soon…

The Bank of Canada met on Tuesday for the 3rd of eight scheduled meetings this year to set the Bank of Canada rate.  As expected, no rate change… But there were some language in the meeting that suggests we could start to see rates go up as early as this year…. here’s an article from The Star and reaction from TD’s Economist.

In short, it appears and I stress the word, appears, as though Mr. Carney is warning us that interest rates will be rising sometime soon.   But Economists aren’t buying into that warning just yet.   There is still too much uncertainly about the global, U.S. and domestic economies.    And as long as these concerns persist, then interest rates should remain low.

SOME EXPERTS DON’T BELIEVE ALL THE DOOM AND GLOOM STORIES

It’s true, we have experienced emergency interest rates for over 3 years now…  It’s no secret the govt is concerned about Canadians get into too much debt.  You’ve heard the figures.  The average Canadians owes around 153% of their annual income…. concerns about a housing bubble.   But how does that compare with the rest of the world?  Here’s an interesting article from the Financial Post’s Andrew Coyne, which says there are other countries that carry 200% and 300% of their annual income in personal debt… there doesn’t seem to be the level of concern about their economies.  So why are we in such a panic?

It appears we are at a point where rates could go up but a lot of things would have to fall into place before that happens… it could take 6, 9 months or even a few years before that happens… maybe longer…?   Any rate increase is sure to be slow….  Don’t panic… if you see an opportunity where you can benefit from these low rates, then act on it… don’t let the media scare you into inaction or lack of action…..

And as always, speak with a professional that can discuss and explain the different mortgage products and trends… make an informed choice.

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