The Bank of Canada's next rate announcement is March 2nd and the general consensus among industry experts is that the rate will increase. Please note, this increase speaks to the overnight lending rate - which is then reflected in the variable rate. Fixed rates have already been increasing and continue to go up. If you are considering buying, nearing mortgage renewal or borrowing completing a pre-approval now is critical.
While the impact of the pandemic seems to be waning, recent geo-political concerns across the globe will likely drive further uncertainty in the markets. When markets are volatile rates and your mortgage will be impacted. It is so important for homeowners to lock in a rate now for peace of mind. In my signature below you will find a meeting link where you can always book a call to discuss your own mortgage or general market updates so you can be aware of how the current market could impact you as a homeowner.
