At this point it looks very likely that the Bank of Canada will increase interest rates at their next meeting on October 24th. It is expected that this increase will be 1/4%.
If they do increase rates on the 24th this will be the third increase for this year.
So what should you do if you are in a variable rate mortgage? The first thing is don’t panic. Fixed rates mortgages moved a little higher over the past month in anticipation of the Bank of Canada move. Typically fixed rate mortgages to not move higher when the Bank of Canada increase their rates.
If you have any concerns about interest rates continuing to go up maybe now is a good time to have a mortgage review. We can look at your current situation, where you see yourself in the next couple of years and then see if it makes any sense to change your mortgage at this time.
We can complete the review in a quick phone meeting. All you need to do is have a copy of your most recent mortgage statement so that we can go over the details of where you currently are.
If you would like to review your current mortgage please call me at 604-961-2400.
If you have friends, family or co-workers that have any mortgage questions please feel free to pass this on to them.